HomeBusiness DigestMasholds take legal action against Intermarket

Masholds take legal action against Intermarket

Staff writer

THE flirtation between Mashonaland Holdings and Intermarket Holdings Ltd seems to have taken a nasty turn with Masholds taking the once flamboyant insurance giant to court.

Tables turned on March 19 when the Reserve Bank of Zimbabwe (RBZ) placed Intermarket Discount House and Intermarket Banking Corporation under curatorship.

Intermarket boss Nicholas Vingirai however fled the country before his empire was put under the noose by the RBZ. He is understood to be in the United Kingdom.

Vingirai and Masholds chairman Godfrey Gomwe were the chief architects of the Mash/Intermarket marriage, which had the market whispering as it placed the two on a sound property investment path.

“Appropriate legal action is at hand to recover the $18 billion owed and meetings have been held with the curator,” Justin Dowa, Mashonaland chief executive officer, said. “The directors are hopeful of a satisfactory outcome.”

Following the successful demergers of Willdale and Powerspeed, Mashonaland Holdings decided to revert to a diversified property and development company, which was how it began in 1966.

Intermarket is the second largest shareholder in the group with 42 137 000 shares out of a total issued share capital of 166 304 000.

Mashonaland Holdings was supposed to manage the various Intermarket properties, which include such prestige buildings as Intermarket Life Towers, Charter House, Intermarket Centres in Harare and Bulawayo, Chiyedza House in Harare and several other industrial and residential properties.

Dowa said so far a total of four properties with a combined value of $4,5 billion had been acquired.

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