RFHL, Econet settle out of court

In a letter to the Registrar of the Supreme Court, dated February 1 2012, RFHL lawyer Addington Chinake of Kantor & Immerman said: “We are pleased to advise that the parties have settled this matter and, accordingly, Econet Wireless (Private) Limited has withdrawn its application in the High Court under 521311 and also abandoned the Provisional Order, which is the subject matter of the Appeal.

“We are separately filing a Notice of Withdrawal of the Appeal and, out of courtesy, have written to advise you of this development. Please be guided accordingly.”

A notice of withdrawal of the appeal reads: “Take notice that appellant (RFHL) hereby withdraws its Appeal on this matter. The withdrawal follows the abandonment by Econet Wireless (Private) Limited of the Provisional Order and the withdrawal of the Application under HC5213/11 as a consequence of the dispute amongst the parties.”

RFHL dragged Econet Wireless Zimbabwe Ltd to court to stop the mobile phone operator from selling its Afre shares to the National Social Security Authority (NSSA) or any other investor citing its pre-emptive rights on the shares.

Sources close to the developments told businessdigest this week that the decision to withdraw the appeal in the Supreme Court was part of a deal between NSSA, Econet and RFHL.

Businesssdigest two weeks ago exclusively revealed that NSSA had acquired ReNaissance Merchant Bank and that Econet would exit Afre.

This week Econet Wireless Zimbabwe disposed of its 19,7% stake in Afre Corporation Ltd in a special bargain at a 514% premium.

The special bargain saw 42 798 497 shares sold at 18,42 cents changing hands in a deal worth US$7,8 million. The transaction further lends credence to businessdigest’s revelations two weeks ago that Econet would exit the insurance conglomerate as part of the deal. — Staff Writer.

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