PROPERTY developer, West Properties (WestPro) has dismissed malicious allegations circulating on social media claiming that the company was misleading investors about its Stock Exchange listing.
In a statement, the company’s lawyer Stanford Moyo, said the article by Simba Sithole was misleading in the sense that the case it refers to is irrelevant to the matters stated in the prospectus, in particular WestPro’s land holding.
Moyo said the company also does not seek any relief affecting its title to the land it is developing.
“On the 3rd of April 2023 an article was published by Bulawayo 24 News an online newspaper titled West Properties Misleads Investors In stock Exchange Listing Bid. The article has claimed that West Properties (the company) which announced its plans to list on the Victoria Falls Stock Exchange (VFEX) omitted to mention litigation that has potential to wipe out all of the company’s land holdings.
“It also claimed that Augur Investments curiously does not feature in the prospectus. The article itself is misleading in that the case it refers to is irrelevant to the matters stated in the prospectus in particular West Property’s land holding and does not seek any relief affecting its title to the land it is developing.”
Moyo further noted that the matter mentioned is concerned with the question of prosecutorial powers of the Prosecutor-General.
“It does not cite West Property but its directors and Augur Investments which is neither a holding company nor a subsidiary of West Property.”
The company said the challenge against the land allocation in the deed of settlement in both matters were dismissed in the High Court and appeals against the decisions of the High Court dismissing them were unsuccessful having been struck off the roll by the Supreme Court.
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“The allegations of misrepresentation of facts in the article are therefore denied as untrue and misleading The report is misleading and malicious. Augar Investments is neither a holding company nor a subsidiary of WestPro. In any event, the challenge to the deed of settlement was lost in the High Court. An appeal to the Supreme court was struck out. A third party has a constitutional application which deals with prosecutorial powers not land. Defamation matters between directors and others do not involve Westpro,” Moyo added.
