22 January 2013

Zimbabwe: Administrative Court Dismisses Remo Appeal

THE Administrative Court has dismissed an appeal by Remo Investment Brokers challenging the Securities Exchange Commission's decision to cancel its dealing licence. SecZim board unanimously resolved to cancel Remo's licence after the company was found guilty of breaching the trading rules. Mr Jonathan Samukange of Venturas and Samukange, representing Remo, said they would file an appeal at the Supreme Court.

"I personally think that we have a strong case," said Mr Samukange in an interview yesterday.

"We might have lost the case, but we will certainly lodge an appeal."

Remo was first suspended in March last year for allegedly conducting non-permissible activities. Central to the alleged non-permissible activities included extending to each other, with Interfin Stockbrokers, financial services normally rendered by banking institutions.

Interfin's licence was also revoked. The two firms were suspended in terms of Section 49 of the Securities Act to facilitate investigations.

Meanwhile, the mining index rose yesterday on gains in gold miner Falcon while the industrial index retreated as many investors decided to stay away from the trading session.

Falcon gained US3,3c to US16,01c, lifting the resource shares by 3,36 percent to 75,59 points. Other mining shares, Bindura Nickel Corporation, Hwange Colliery Company and RioZim were unchanged at the previous trading level.

The mainstream industrial index slightly lost 0,01 percent or 0,02 points to 165,38 points.

Daily turnover came in at a modest US$231 788, down from US$2 million last Friday.

Trade was concentrated in Delta, the bourse's biggest company in value, which remains strongly bid at US114,3c while the rest of the market recorded no meaningful activity.

DZLH shed a cent to US21c and Mashonaland Holdings eased US0,14c to US2,45c.

Fidelity Life advanced US1c to US12c, ZBFH rose US0,99c to US9c while African Sun added US0,10c to trade at US1c. Art Corporation was up US0,05c to US0,50c.

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