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Fidelis Munyoro Chief Court Reporter
Alpha Media Holdings, publishers of NewsDay, The Zimbabwe Independent and The Standard is battling to recover $247 000 owed by former Reserve Bank of Zimbabwe Governor Dr Gideon Gono’s company Globeflour in a printing press deal that went sour. The High Court commenced hearing the dispute yesterday in which Globeflour is also seeking a refund to the deal.

However, Globeflour’s bid to bring the claim against AHM was thrown out after Justice Amy Tsanga ruled that it had expired. She ruled that the claim should have been brought up within the stipulated time frame in terms of the Prescription Act. The dispute arose around 2008-9, after Globeflour bought 100 percent shareholding in a company called Pitrace Investments, which had 25 percent stake in another company Tunatermore.

Tunatermore owned a printing press. Globeflour wanted to control Pitrace, but ultimately controlled Tunatermore. After making a payment of $428 000 that was part of the purchase price of $675 000, Globeflour allegedly discovered that there was a dispute between the shareholders in Tunatermore and the other shareholders that Pitrace did not own 25 percent in Tunatermore.

Thus, what Globeflour thought it was buying was allegedly much less than what was represented in the agreement between the parties. This allegedly resulted in Globeflour stopping payments and it has been sued for the $247 000 balance of the purchase price.

In return, Globeflour argues that instead of paying the balance, AMH should refund it arguing they were sold a dummy. But AMH argued that Globeflour claim was being instituted three years after it became aware of the matter.

AMH moved for the court to throw out the claim saying it has expired by operation of the Prescription Act.

Justice Tsanga accepted AMH’s submission and dismissed Globeflour’s bid to stop payment.

Globeflour hinted that it would approach the Supreme Court on appeal, insisting the claim has not prescribed.

Advocate Thabani Mpofu appeared for AMH while Adv Thembinkosi Magwaliba acted for Globeflour.