News / National
Vingirai wins back his shares & assets at Intermarket
21 Jul 2013 at 23:26hrs | Views
Businessman Mr Nicholas Vingirai has regained assets and shares he lost following the takeover of Intermarket Financial Holdings by ZB Financial Holdings through the Reserve Bank of Zimbabwe.
High Court judge Justice Susan Mavangira made the ruling following a successful application by Mr Vingirai through his lawyer, Advocate Isaiah Mureriwa of Scanlen and Holderness, for the removal of a caveat covering most of the properties owned by the businessman.
She ordered that caveat number 368/04 registered under Intermarket Banking Corporation and Intermarket Discount House Limited be lifted.
Mr Vingirai's Transnational Holdings Limited made the application under case number HC4910/13 and cites IBC, IDH, Ngoni Kudenga, ZB Financial Holdings, the Registrar of Deeds and Registrar of Companies as respondents.
"All shares held by the applicant in any company, listed or unlisted in his name or through any legal personae that he has interest in, beneficial or otherwise, is hereby granted," read part of the ruling.
Justice Mavangira also ordered that four other residential properties owned by Mr Vingirai be retained.
These include stand number 555 and 554 in Greystone Park and stand numbers 2280 and 2262 in Sentosa, Mabelreign.
Mr Vingirai won the application after appealing against the High Court judgment in his challenge to the disposal of his 51 percent stake in Intermarket Financial Holdings to ZB Financial Holdings.
THL, a former 72 percent shareholder in IHL sought to invalidate the sale of the shares to ZBFH by the Reserve Bank.
The central bank, which had bailed out IHL subsidiaries IDL and IBC had gained a controlling 51 percent stake in IHL following the conversion of debts into equity through a High Court-approved scheme of arrangement in 2005.
RBZ became the controlling shareholder with 51 percent, THL was diluted to 15,42 percent while ZBFH held 8,88 percent. The remaining 24,71 percent was held by minorities who were former creditors of IDH and IBC.
THL had challenged the disposal of IHL stake to ZBFH arguing that other shareholders including Econet Wireless Ltd had not been given an opportunity to exercise their pre-emptive rights in respect of the 51 percent of the issued share capital in IHL after a scheme of arrangement.
The platform agreement provided for a series of transactions including the cession and assignment by Zimbabwe Banking Corporation to ZBFH, of debts owed by Intermarket Discount House, assumption of IDH debts by IHL and conversion of the debts assumed by IHL into equity.
This was then followed by acquisition of ZBFH shares held by members of IHL in exchange for its own shares, resulting in IHL becoming a 100 percent subsidiary of ZBFH.
The sale of the IHL stake to ZBFH was concluded in November 2006 at a price of Z$5 billion, with the former becoming a controlling shareholder with 60 percent.
High Court judge Justice Susan Mavangira made the ruling following a successful application by Mr Vingirai through his lawyer, Advocate Isaiah Mureriwa of Scanlen and Holderness, for the removal of a caveat covering most of the properties owned by the businessman.
She ordered that caveat number 368/04 registered under Intermarket Banking Corporation and Intermarket Discount House Limited be lifted.
Mr Vingirai's Transnational Holdings Limited made the application under case number HC4910/13 and cites IBC, IDH, Ngoni Kudenga, ZB Financial Holdings, the Registrar of Deeds and Registrar of Companies as respondents.
"All shares held by the applicant in any company, listed or unlisted in his name or through any legal personae that he has interest in, beneficial or otherwise, is hereby granted," read part of the ruling.
Justice Mavangira also ordered that four other residential properties owned by Mr Vingirai be retained.
These include stand number 555 and 554 in Greystone Park and stand numbers 2280 and 2262 in Sentosa, Mabelreign.
THL, a former 72 percent shareholder in IHL sought to invalidate the sale of the shares to ZBFH by the Reserve Bank.
The central bank, which had bailed out IHL subsidiaries IDL and IBC had gained a controlling 51 percent stake in IHL following the conversion of debts into equity through a High Court-approved scheme of arrangement in 2005.
RBZ became the controlling shareholder with 51 percent, THL was diluted to 15,42 percent while ZBFH held 8,88 percent. The remaining 24,71 percent was held by minorities who were former creditors of IDH and IBC.
THL had challenged the disposal of IHL stake to ZBFH arguing that other shareholders including Econet Wireless Ltd had not been given an opportunity to exercise their pre-emptive rights in respect of the 51 percent of the issued share capital in IHL after a scheme of arrangement.
The platform agreement provided for a series of transactions including the cession and assignment by Zimbabwe Banking Corporation to ZBFH, of debts owed by Intermarket Discount House, assumption of IDH debts by IHL and conversion of the debts assumed by IHL into equity.
This was then followed by acquisition of ZBFH shares held by members of IHL in exchange for its own shares, resulting in IHL becoming a 100 percent subsidiary of ZBFH.
The sale of the IHL stake to ZBFH was concluded in November 2006 at a price of Z$5 billion, with the former becoming a controlling shareholder with 60 percent.
Source - herald
