Nicholas Vingirai fights on

Transnational Holdings Limited (THL) founder, Nicholas Vingirai and his allies, will have to wait a little longer before their fresh bid to reclaim their assets merged into ZB Financial Holdings (ZBFHL) is decided after the Supreme Court postponed the case to a later date.

Vingirai and Econet Wireless Limited are challenging the takeover of the Intermarket group of companies by ZB, a decade ago. They are suing ZB and the Reserve Bank of Zimbabwe.

Also cited in the appeal as respondents are Intermarket Holdings Limited, Mashonaland Holdings Limited, TelOne, Mast Investments and Mining Industry Pension Fund, all of whom are parties with an interest in the litigation.

THL and Econet want to quash the High Court decision in June 2008 that upheld ZB's takeover of the Intermarket group.

The two companies also argue that other shareholders were not given an opportunity to exercise their pre-emptive rights when the central bank sold 52 percent of the shareholding in Intermarket group to ZB.