Meikles rescues assets from auctioning

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    HARARE -Meikles said it has rescued its assets from auctioning after reaching a deal with the other party, who had been granted leave to auction the company’s assets.

    The company’s assets were earmarked for auctioning by Core Solutions after it received court’s nod to auction the former’s assets in form of shares in order to recover an outstanding overdue amount.

    In December 2013, Core Solutions was contracted as consultancies to assist in the recovery of funds owed to Meikles by the RBZ, against which a $1.4 million service fees accrued.

    Core Solution executed its mandated but was not remunerated as per contract leading to a over 3 year battle for payments recovery.

    On approaching the courts, Core Solutions was late in 2018 given a writ of execution in favour of Meikles’ assets through shares which included hotel properties and tea fields in the Eastern Highlands.

    Meikles approached the courts in a bid to reverse the move but however an outside court agreement has been reached.

    It is likely that Meikles has agreed to settle the outstanding amount with interest to Core Solutions.

    Meikles has historically suffered corporate governance weaknesses over the years as most decisions taken at the conglomerate are managed by Chairman Moxon without much consent from other members.

    – Equity Axis News

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