James Makamba’s Kestrel Corporation (Private) Limited has been put under provisional judicial management over a US$2,8 million debt. The debt arises from a transaction involving Empowerment Corporation (EC).
George Manyere who owns EC said indicated that the parties signed two agreements of sale for the purchase of 69% of Kestrel shares in EC. He also revealed that Makamba continually avoided completion of the sale of the shares despite fulfilment of all set conditions.
He believes that placing Kestrel under provisional judicial management allows proper and objective consideration of all of its affairs, its management, liabilities and obligations.
It is applicant’s prayer that respondent company be placed under provisional judicial management to that its assets, particularly the shares in EC are protected from other legal action occasioned by Makamba’s mismanagement of the respondent to the prejudice of the applicants.
On March 19, Bulawayo High Court judge, Justice Thompson Mabhikwa placed Kestrel Corporation under provisional judicial management. Mabhikwa said:
…..the respondent, Kestrel Corporation (Private) Limited, be and is hereby placed under provisional judicial management and subject to the supervision of this court, shall be under the management of a provisional judicial manager appointed in terms of 299 of the Companies Act but according to section 300 of this Act.
More: The Standard
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