Samukange given shares in ACR for his services


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Harare lawyer Jonathan Samukange has been offered 600 000 shares valued at 60 000 pounds sterling in African Consolidated Resources (ACR), a London-listed company that is locked up in a dispute with the government over the ownership of the Marange diamonds.

A statement from the company says the shares were offered in lieu of payment for legal services his firm provided to ACR in their dispute over the diamond claims in Marange.

ACR was awarded the claims to Marange last year but the same judge, Charles Hungwe, reversed his decision this year saying his judgment had been based on false information that ACR had provided.

ACR is now facing charges of fraudulently acquiring the Marange claims. It denies the charges.

The statement did not say why ACR has chosen to pay Samukange in shares rather than cash because the company is awash with cash.

It had cash resources of $15.4 million at the end of its financial year in March. It was listed on the London Alternative Investment Market in 1976 but has not earned a single cent in revenue since.

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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