MEIKLES Limited chair John Moxon has indicated that his group could delist from the Zimbabwe Stock Exchange (ZSE), accusing the bourse of operating unprofessionally.
BATANAI MUTASA OWN CORRESPONDENT
In a statement responding to Meikles’ suspension from trading on the ZSE, which has been temporarily lifted until next Monday, Moxon said it was unfortunate the bourse had erroneously based its decision on the views of two people.
“There is now uncertainty as to whether the group’s planned strategy will be feasible and if so, when,” Moxon said. Meikles’ suspension came after Bikita West MP Munyaradzi Kereke queried its published financial statements for the half-year ended March 31 2014 and interim results to September 30 2014 in which it stated that RBZ (Reserve Bank of Zimbabwe)owed it $90 million.
Kereke challenged the figure arguing that it was different from $31,4 million stated by the group in December 2008.
However, Moxon said a calculation of the sum together with documentation from the chairman Sternford Moyo (company lawyer) and Gideon Gono (former RBZ governor), had been served to satisfy directors and external auditors, who were all involved in the finalisation of the groups financials.
“Kereke, a man unknown to Meikles and who has never had any interaction with Meikles, saw it fit to publicly accuse Meikles and, by default, all those mentioned above as guilty of fraud due to his personal, but uninformed opinion of the group financials,”Moxon said.
He said another MP and Meikles shareholder, Eddie Cross, had said the government — with his participation — was not going to pay the full sum it owed the group as agreed in negotiations.
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“We know that the Securities and Exchange Commission initiated a process which culminated in the ZSE suspending trading in Meikles shares, presumably because they placed credibility in the statements of the two individuals referred to above.
“This being of more importance to these two institutions than the discussions held with the ZSE and Meikles towards the end of 2014 which were positive in their entirety,” Moxon added.
In light of the situation, Moxon blamed the ZSE plus known and unknown detractors for putting the entire investment strategy of the group in question.
“Meikles will be addressing the implications of the suspension, the manner in which it has been implemented and whether there is any purpose to a listing on the ZSE.
“Much debate will be necessitated with potential investors to determine their attitude to these matters. There are now too many bees swarming around the Meikles honey pot. Some of them have negative agendas, which in the end will only damage Meikles, the Securities and Exchange Commission, the ZSE, certain individuals and above all Zimbabwe as a nation in its search for further investment,” Moxon said.
