THE High Court has quashed an interdict brought by Hwange Coal Gasification Company to try and stop the auctioning of its assets after failing to pay damages as previously ruled by the courts.
In his latest judgment, Bulawayo High Court Judge, Justice Martin Makonese said the High Court was convinced that the applicant was entitled to a mandatory interdict compelling the first respondent to tender security costs within the stipulated period failure to which the sale in execution is carried out.
Justice Makonese ordered Hwange Coal Gasification Company to tender a sum of US$2 734 932 and US$608 832 to Philcool Investment within 24 hours of the granting of the order before the second respondent proceeds in terms of Rule 63 of the High Court Rules 2021.
The Judge’s order stipulated that failure to do so gives the 2nd and 3rd respondents the greenlight to proceed with sale execution of the High Court order obtained under HC660/22 within 48 hours of granting the order while also ruling that the respondents pay costs of the suit.
Some of the assets that the company is set to lose include a coke oven battery processing unit plant with 60 fitted ovens, screening plant with four conveyer belts, front end loader and three tipper trucks.