HARARE – Businessman Ken Sharpe owned West Properties Private Limited has backed off and withdrawn a lawsuit it filed against Fairclot Investments Private Limited challenging the erection of a billboard which warned home-seekers against buying stands at one of its development sites in Pomona.

West Properties had sued Fairclot Investments and it’s directors, Alan Russell and Grant Russell for US$20 million citing damages for loss of business and profit.

Fairclot Investments erected a billboard along Borrowdale road to warn prospecting buyers and home seekers against acquiring residential stands at stand 654 Pomona Township.

Fairclot Investments and Sharpe previously entered into a contract with another company owned by Sharpe for the construction of Harare Airport Road before clashing over the latter’s failure to pay for work done.

Fairclot Investments took the matter to court demanding payment but were reportedly surprised when Sharpe took advantage of an earlier High Court ruling that declared the US dollar and Zimbabwe dollar 1:1.

After Sharpe failed to pay Fairclot, he gave away stand number 654 Pomona as security with the title deed for the land held in escrow by Coghlan, Welsh and Guest.

West Property has withdrew its lawsuit against Fairclot Investments with cost.