News / Local
Access finance businessmen's legal battle takes new twist
12 Oct 2023 at 06:33hrs | Views
Isau Bwerinofa, the chairman of the Access Finance board, has argued that the High Court does not have jurisdiction to handle the case brought against him and seven others by former director Senziwani Sikhosana, involving a dispute over three townhouse properties valued at US$320,000.
In the lawsuit, Sikhosana, along with his companies Ferden Investments, Rock Drill Mining, and Seanmart Investments, has named former Access CEO Singathini Raymond Chigogwana, Bwerinofa, Thirty-Six Mountabatten, Access Finance, Access Forex, Tara Capital, Sheriff of the High Court, and the Registrar of Deeds and Companies as respondents.
Sikhosana is seeking the transfer of the properties to him in either real estate or cash, along with payment of all transfer taxes, imposts, and related costs by Chigogwana, as stipulated in their agreement of sale and share purchase agreement.
Bwerinofa has contested the case, representing himself and other respondents, challenging the court's jurisdiction on the grounds that the Share Purchase Agreement (SPA) specifies that any dispute should be referred to arbitration.
He further claimed that the SPA has not yet been fully implemented, and all associated agreements are subject to the SPA's successful implementation. Bwerinofa argued that Sikhosana did not have the authority to initiate court proceedings against the firms named as respondents and that the resolution proceedings of the applicant companies, Ferden Investments, Rock Drill Mining, and Seanmart Investments, did not authorize the commencement of legal action against the respondents.
Bwerinofa also alleged that while they were incarcerated, Sikhosana, who was in South Africa at the time, withdrew over US$60,000 without disclosing the reason. Sikhosana reportedly claimed that he intended to use the money to buy his freedom in Zimbabwe so he could return.
Chigogwana expressed his support for Bwerinofa's opposing affidavit.
In the lawsuit, Sikhosana, along with his companies Ferden Investments, Rock Drill Mining, and Seanmart Investments, has named former Access CEO Singathini Raymond Chigogwana, Bwerinofa, Thirty-Six Mountabatten, Access Finance, Access Forex, Tara Capital, Sheriff of the High Court, and the Registrar of Deeds and Companies as respondents.
Sikhosana is seeking the transfer of the properties to him in either real estate or cash, along with payment of all transfer taxes, imposts, and related costs by Chigogwana, as stipulated in their agreement of sale and share purchase agreement.
He further claimed that the SPA has not yet been fully implemented, and all associated agreements are subject to the SPA's successful implementation. Bwerinofa argued that Sikhosana did not have the authority to initiate court proceedings against the firms named as respondents and that the resolution proceedings of the applicant companies, Ferden Investments, Rock Drill Mining, and Seanmart Investments, did not authorize the commencement of legal action against the respondents.
Bwerinofa also alleged that while they were incarcerated, Sikhosana, who was in South Africa at the time, withdrew over US$60,000 without disclosing the reason. Sikhosana reportedly claimed that he intended to use the money to buy his freedom in Zimbabwe so he could return.
Chigogwana expressed his support for Bwerinofa's opposing affidavit.
Source - newsday
