Fight for emeralds continue

Fight for emeralds continue

Emeralds auction was legal-Grizzly mining

GRIZZLY Mining Limited has insisted that its recent auction of Emeralds in Lusaka was legal.

The company also says that the worldwide asset freezing order against Grizzly owners from the London court did not have a legal effect.
Grizzly chief executive officer, Abdoul Ba said at a press briefing in Lusaka yesterday that there was no legal impediment or order from any court in Zambia that prevented the mining company from completing transactions of the auction with the buyers.

Mr Ba said that the entire auction process had the blessing of the law adding that whatever was bought from the auction rightfully belonged to the buyers.
He reiterated that such rights could not be taken away or interfered with by the London court order.

Mr Ba said that the approval by the Zambian Government for the auction to go ahead was testimony that it was legal.

“This in itself is testimony as to the legality of the auction sale as the government could not have allowed something illegal to proceed,” he said.
Mr Ba also emphasised that a court order from the United Kingdom had no effect in Zambia, “unless further steps are taken”.

He reiterated that the orders of the United Kingdom courts only had effect in that country.

“Even the worldwide order that was reffered to in some publications has no legal effect in Zambia. As far as we are concerned, there is no order from any court in Zambia that has been made against Grizzly Mining Limited or indeed Mr Abdoulaye Ndiaye,” said Mr Ba.
Meanwhile another Consent Judgment in the amount of US$60 million dollars against Israeli billionaire Lev Leviev who is at the centre of the Gemacanton ownership crisis has been executed.

Palan and George Advocates signed a Consent Judgment on behalf of Frango Finance Limited, a company that claims to own 50 percent shares in Gemcanton Investment Holdings Limited.
The Consent Judgment, was endorsed by Judge Chembe of Ndola who also signed the other disputed Consent Judgment in the same disputes involving mining magnate Abdoulaye Ndiaye and his Israeli partners.
“The Respondent admits owing the Applicant in the sum of USD60,000,000 (sixty million United States dollars)” the Consent Judgment read and signed by J Kayula of Palan and George Advocates on behalf of the Israeli company.

According to court documents, Frango was sued by Gemcanton Investment Holdings Limited in Ndola in new case commenced this year. A similar cases with same the same facts is ongoing before the Court of Appeal and Ndola.
“The Judgment of USD60,000,000 shall attract interest until final settlement,” the judgment read.
However Frango Finance Limited has stated that “Our lawyers were never served with this process. We just learnt of this Consent Judgment on Friday when we were alerted by an officer of court in the registry in Ndola.”
Meanwhile in a related development, newly appointed Judge Muma has issued a Charging Order on the assets of Frango and its associated companies following commencement of new matter in Lusaka by Ndiaye.
Judge Muma gave the order ex-parte against Frango which is similar to the same order given by Kitwe High Court Judge Timothy Katenekwa last week.

There are about eight cases involving Gemcanton Investment Holdings Limited that are before the Lusaka, Ndola and Kitwe High Courts being handled by different judges.
Lawyers representing Frango have since applied to court to have the matters consolidated as they amount to abuse of court process and multiplicity of actions.

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