Harare Business Partners Approach Courts Over US$320,000 Residential Properties Dispute

2 months agoSat, 23 Sep 2023 17:19:39 GMT
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Harare Business Partners Approach Courts Over US$320,000 Residential Properties Dispute

Harare businessmen Singathini Raymond Chigogwana and Senziwani Sikhosana, former partners, are in a dispute over residential properties valued at US$ 320,000.

Sikhosana has taken Chigogwana to court, demanding three townhouses worth US$320,000 as part of a shares purchase deal, The Herald reported. The disagreement arose from a previous shareholding fight, leading to the court action. Sikhosana seeks the transfer of properties or cash settlement, along with payment of taxes and costs.

The battle over equity and properties has caused turmoil in their businesses, with both shareholders leaving in separate deals. Chigogwana owned 54% shareholding, Sikhosana 20% and their chairman Isau Bwerinofa 26%.

Mr. Chigogwana and Mr. Sikhosana were business partners running multiple companies, including Access Forex (Pvt) Ltd, Access Finance (Pvt) Ltd, Tara Capital (Pvt) Ltd, Thirty-Six Mountbatten (Pvt) Ltd, and Access Forex SA (Pty) Ltd. However, a dispute arose last year regarding shareholding, leading to a court case. As a result of the ongoing battle over equity and properties, the business is now on the verge of collapsing. Both Mr. Sikhosana and Mr. Chigogwana have exited the business in separate deals, with Mr. Sikhosana leaving last year and Mr. Chigogwana departing this week.

What Sikhosana wants:

  1. In the court papers, Sikhosana is seeking a declaration from the court regarding the transfer of certain properties.
  2. He wants the court to order Chigogwana, Bwerinofa, and 36 Mountbatten (the respondents) to sign transfer papers, pay taxes, and fulfil necessary obligations to transfer the properties to Ferden, Rock Drill, and Seanmart (the applicants) within 14 days.
  3. If the respondents fail to comply, Sikhosana requests that Access Finance be authorised to sell their property to cover the costs of the transfer.
  4. Alternatively, Sikhosana asks that the respondents jointly or severally pay the applicants a sum of US$320,000 for the properties. If they fail to do so, the Sheriff of the High Court would be authorised to attach their property and realize the payment. 

The applicants are Mr Sikhosana and his entities Ferden Investments, Rock Drill Mining and Seanmart Investments, while the respondents are Mr Chigogwana, Mr Bwerinofa, Thirty-Six Mountbatten, Access Finance, Access Forex, Tara Capital, The Sheriff of the High Court and the Registrar of Deeds and Companies.

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Sikhosana and Chigogwana had a business dispute when Chigogwana reneged on selling shares to Sikhosana. They settled on a buyout deal of US$600,000, including cash and three townhouse units. While the cash payment was made, the transfer of properties and title deeds is pending. Chigogwana sold his shares before Sikhosana received full payment and title deeds. After Chigogwana’s resignation, Sikhosana took legal action to demand the outstanding payment, arguing that his properties should not be part of the takeover deal.

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