News / National
Gideon Gono loses $240,000 lawsuit
12 Oct 2015 at 20:17hrs | Views
Former Reserve Bank of Zimbabwe (RBZ) Governor, Dr Gideon Gono has lost in his bid to avoid paying a $240 000 debt to Alpha Media Holdings (AMH) for sales of shares of a printing company.
High Court judge, Justice Amie Tsanga dismissed Gono's counter application against AMH on the basis that it had no merit.
The ex-RBZ chief is being sued by AMH for refusing to settle his debt after entering into an agreement to purchase the printing firm called Tunatemore Printers.
The debt arose sometime in 2009 when AMH sold 25 off its shares held in the printing company to Gono's firm, Globe Flowers for $640 000.
Gono allegedly paid $428 000 before backtracking and demanding a refund claiming he was no longer interested in the deal.
After receiving summons from AMH, Gono made a counter-claim, arguing AMH had not in the initial agreement told him the truth as he thought he had bought 100 percent shares, an assertion AMH dismissed as unfounded.
Through his lawyer, Advocate Thembinkosi Magwaliba, Gono insisted that he had a claim for a refund against AMH, but his efforts went up in smoke after AMH lawyer, Advocate Thabani Mpofu, made an application before the court that Gono's claim, if at all it ever existed, had expired in terms of the law.
After hearing submissions from both parties, Justice Tsanga, upheld Mpofu's special plea and ruled that Gono's cross-claim had expired in terms of the law and must defend himself against the AMH claim.
Gono's lawyer, however, indicated that he would appeal to the Supreme Court against Justice Tsanga's judgement.
High Court judge, Justice Amie Tsanga dismissed Gono's counter application against AMH on the basis that it had no merit.
The ex-RBZ chief is being sued by AMH for refusing to settle his debt after entering into an agreement to purchase the printing firm called Tunatemore Printers.
The debt arose sometime in 2009 when AMH sold 25 off its shares held in the printing company to Gono's firm, Globe Flowers for $640 000.
After receiving summons from AMH, Gono made a counter-claim, arguing AMH had not in the initial agreement told him the truth as he thought he had bought 100 percent shares, an assertion AMH dismissed as unfounded.
Through his lawyer, Advocate Thembinkosi Magwaliba, Gono insisted that he had a claim for a refund against AMH, but his efforts went up in smoke after AMH lawyer, Advocate Thabani Mpofu, made an application before the court that Gono's claim, if at all it ever existed, had expired in terms of the law.
After hearing submissions from both parties, Justice Tsanga, upheld Mpofu's special plea and ruled that Gono's cross-claim had expired in terms of the law and must defend himself against the AMH claim.
Gono's lawyer, however, indicated that he would appeal to the Supreme Court against Justice Tsanga's judgement.
Source - zbc
