17 January 2018
   
ED takes over Bob's globe-trotting too?
$150m waste: Vic Falls airport shocker
Grace, Bob sanctions review in February
Africa handled Mugabe ouster: Namibia Pres
SA: Student fails; kills Zim teacher
Zim family still at Thailand airport
Mnangagwa off to Zambia Friday
Special corruption courts soon: CJ Malaba
MORE NEWS
SMM saga: Letter to RBZ chairperson
Minister sells post-Bob Zimbabwe in Spain
MORE BUSINESS
Racism: Malema party storms H&M stores
Donel Mangena rocks The Voice UK
MORE SHOWBIZ
Mourinho says 'relaxed' about Sanchez
Bangladesh easily beat Zimbabwe
MORE SPORTS
'Shit-hole': Just Take moral high ground
ZHUWAO BRIEF: ED-iots and election delay
MORE OPINION
 
Trump rage ignores truth: A response
ED govt legitimacy & the church’s role
MORE COLUMNISTS
 
 
Meikles in $50m suit against stock exchange
02/03/2015 00:00:00
by Reuters
 
 
RELATED STORIES

HOTEL group Meikles Limited wants $50 million in damages from the stock exchange for suspending its shares over claims it overstated a debt owed by the central bank, court papers showed.

Meikles suspension was lifted on Feb. 23 after the group, which owns two hotels in the capital Harare and the resort town of Victoria Falls, filed a court challenge.

In papers filed at the High Court dated Feb. 26 and seen by Reuters on Monday, Meikles said its reputation suffered and the firm's share price had fallen as a result of the suspension.

Shares in Meikles were unchanged at 13 cents on Monday.

In court papers seen by Reuters, Meikles is seeking $50 million, including interest, for what it cited as "potentially irreparable" consequences of its suspension.

Alban Chirume, the stock exchange chief executive did not respond to emailed questions from Reuters, but an official from the bourse confirmed receiving the court papers on Monday.

The exchange had said Meikles reported in its 2014 full year results that it was owed $90.8 million by the Reserve Bank of Zimbabwe, compared with $40.51 million owed by the bank in 2013, without giving an explanation for the sharp increase.

Meikles has insisted that the figures were accurate.

The central bank has declined to comment on the matter.

Last week Meikles said its suspension had put uncertainty into expansion plans by the company, which also runs the biggest supermarket chain by branches, TM Supermarkets. South Africa's Pik'n Pay Stores Ltd has a 49 percent stake in the supermarket chain.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker