HARARE – Despite a recent High Court ruling compelling the sale of a piece of land owned by controversial businessman Kenneth Raydon Sharpe, the development on the disputed property in Harare’s Pomona area continues unabated.
Sharpe, known for his controversial business dealings, recently unveiled a gatehouse at the property, which has been named “Pomona City.”
The land in question, valued at a staggering US$105 million, is owned by West Property Zimbabwe (WestProp), a company listed on the Victoria Falls Stock Exchange (VFEX).
The High Court ruling, issued by Justice Nyaradzo Munanganti-Munongwa, stated that the land must be attached and sold to resolve a debt dispute with Fairclot Investments.
Fairclot had been subcontracted by Sharpe’s Augur Investments to construct the Harare Airport Road.
The dispute between Fairclot and Augur arose when Sharpe’s company attempted to pay Fairclot in local currency for their work on the project with the latter contesting the move, arguing that they should be paid in US dollars, as per their agreement.
The introduction of Statutory Instrument 33 of 2019, which pegged the local currency at a 1:1 rate with the US dollar, prompted Augur’s decision to pay the debt in local currency.
Justice Munanganti-Munongwa sided with Fairclot, ruling that the debt must be settled in US dollars.
Despite this legal setback, Sharpe appears undeterred and continues to push forward with the development of the Pomona property.
The recent unveiling of the gatehouse at Pomona City serves as a brazen display of his defiance in the face of the High Court order.
The development raises concerns over the effectiveness of the court’s ruling and the ability to enforce it.
The controversy surrounding Kenneth Raydon Sharpe has been well-documented over the years. His business practices have drawn significant scrutiny, and he has been embroiled in numerous legal disputes
Source: Harare Times