Blow To WestProp's Plans To Build Pomona City

WestProp’s plans to build Pomona City have suffered a major blow after the High Court in Harare ordered the Registrar of Deeds to cancel the transfer of Stand 654 Pomona Township to West Properties Holdings due to a debt dispute. 

The stand was attached over a US$4.8 million debt owed by Augur Investments to Fairclot Investments. The attachment had been uplifted by the sheriff after Augur paid Z$4.8 million and another Z$1.1 million as interest and claimed that it had fully repaid its debt at the rate of US$1 to Z$1. Fairclot, however, challenged the upliftment and won the case yesterday.

The cancellation of the transfer of the stand comes after WestProp had excluded the case from its prospectus when it sought to list on the Victoria Falls Stock Exchange, and the listing was postponed until WestProp complied by publishing a supplementary prospectus. In money markets, a prospectus is a legal document that companies must file before offering securities to the public. The prospectus provides detailed information about the company, the securities being offered, and the terms and conditions of the offering for investors to make informed investment decisions.