Return Remo shares, Interfin told

HARARE - Zimbabwe's High Court has ordered Interfin Securities (Private) Limited (Interfin) to return $3 million-plus worth of Remo Investment Brokers (Private) Limited (Remo) shares, it emerged yesterday.

This comes as the parties have been locked in a two-year long dispute and in which the former was accused of disposing of the applicant’s shares — lodged as security for a $600 000 borrowing — yet Mahomed Mahmed’s firm had fully repaid its loans.

“Respondent (Interfin)’s argument that it sold the property because applicant had defaulted defies logic in that it has not been explained why respondent accepted repayment of a loan when it had liquidated the shares,” Justice Maxwell Takuva said, adding Interfin had “no bona fide defence for its actions.”

“The respondent be compelled to return … (share certificates) within three days of this order, failing which the Deputy Sheriff is authorised to seize the share certificates and shares… from respondent or whomever may be in possession of the said share certificates and shares,” he added.

With the parcel of shares comprising CBZ Holdings Limited, Dairiboard Zimbabwe, Old Mutual and TA Holdings Limited shares, Remo’s lawyer Jonathan Samukange argued that the respondent had no legal basis — whatsoever — to hold onto the scrip.

“The respondent does not have the justification to keep the shares, shares are like cows, not ordinary rural cows but branded cows, one can follow them wherever they will be and recover them. We pray that we get the order to have our shares back and we know how to get them,” he told the High Court.

Earlier, Interfin had told the same court that it was no longer in possession of the shares, but they had been lodged with the Deputy Sherriff following an earlier court order.

“The respondent is not in physical possession of the shares. The shares were sold and bought by third parties,” the company said, adding Samukange must seek an amendment to the order sought.

On the other hand, Interfin had insisted there was no need for the order to be granted since the shares were no longer in its possession.

In response, the feisty Harare lawyer said Interfin — once a member of the flourishing Interfin Financial Services Limited — must not be allowed “to benefit twice from the same shares after receiving full payment of the loan from Remo” and when it had in turn sold them to third parties.

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