Masimirembwa summoned

13 Feb, 2020 - 13:02 0 Views
Masimirembwa summoned

H-Metro

Mathew Masinge, Court Reporter

Politician and businessman, Godwills Masimirembwa has been summoned to court over his disputed stake in New Century Productions (Pvt) Ltd.

Trustees of the September Family Trust who are Plaintiffs in the matter have approached the High Court seeking a declaratory order after Masimirembwa allegedly breached his end to a sell of shares agreement.

According to the papers, The Trustees of the September Family Trust and Masimirembwa entered into a written sale of shares agreement in 2017 with the politician selling 22.4 percent of shares.

The 22.4 percent consisted of 7 168,34 shares all valued at US$11 298 039,14.

Parties went on to agree that a deposit of US$515 290 was to be paid whilst the balance of US$10 737 039, 14 was further divided into US$100 000 and 18 installments of US$50 000.

The agreement also allowed payments in form of cash, motor vehicles and immovable properties at agreed values.

However, the balance was to be paid to Masimirembwa after the obtainment of a subdivision permit and sale of stands at Boronia Farm which also belonged to New Century Productions.

When the permit was obtained in August 2018, parties had to agree on a transition from paying monthly installments of US$50 000 shifting to settle the balance after selling farm.

“This is a claim in contract brought by the Plaintiffs (Trustees) seeking declaratory and ancillary relief from 1st Defendant (Masimirembwa) herein based on the terms and provisions of a written agreement of sale of shares entered by the Plaintiff and the 1st defendant.

“The 1st Defendant was enjoined to transfer shares in New Century Productions (Pvt) Ltd to the Plaintiffs on a pro rata basis in tandem with the payments made by the Plaintiffs towards the purchase price.

“The 1st defendant, in breach of the parties’ sale of shares agreement, refused to comply with and trigger the provisions of the clause,” reads the summons.

Despite notice, Masimirembwa has allegedly refused to appoint a firm of chartered accountants to deal with the matter and has neglected to comply with the sale of shares agreement.

Trustees of Petros Magejo Shitto Trust, Innocent Shitto, Thomas Shitto, Tonderai Masimirembwa and New Century Productions are cited are Defendants.

The matter is still pending.

 

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