By Business Reporter-The Supreme Court has cleared the country’s top property investment company, West Property Holdings’ long-standing financial property legal challenge.
In the now cleared case, the High Court had initially ordered the attachment of the property investment company’s land to counterbalance the debt with Fairclot Investments over funding a dual carriageway in Harare leading to Robert Gabriel Mugabe International Airport.
The legal battle came after Augur had appealed to the Supreme Court to overturn the High Court’s decision to settle its debt with Fairclot in the United States dollars instead of the local currency.
But last Friday, the Supreme Court judges Justices Chinembiri Bhunu, George Chiweshe, and Hlekani Mwayera squashed the appeal. The trio unanimously agreed that the debt was executable in local currency in terms of Zimbabwe’s financial laws.
In a statement after the landmark ruling, West Property Holdings assured its stakeholders of the security of their properties.
Below is the statement
We are pleased to advise our stakeholders and valued customers of the outcome of the appeal filed under SC271/23.
The ruling, which was delivered today, cements and confirms that, indeed Stand Number 654 Pomona Township belongs to WestProp Holdings Ltd
We have thus put to rest any legal impediments and challenges to our title, and the dispute between Augur Investments, Doorex Properties and Fairclot Investments has finally been determined in our favour by the Apex Court, which has confirmed the full discharge of the liability.
We take this opportunity to reassure our esteemed stakeholders and clients that the Pomona Dream will undoubtedly be delivered.
With all the legal battles now behind us, our focus is now on delivering the Pomona Dream and satisfying the imagination of our stakeholders and clients.