Govt takes Meikles Ltd to Court, demands refund of $27M overcharged debt
The Zimbabwean Govt. has taken Meikles Limited, a Zimbabwean registered Company to court after alleging that the company overcharged it for debt and interest payments.
The govt. is demanding a refund of $27 million after it claimed Meikles ltd company was paid $76.1 million in Treasury Bills when it was in fact owed only $49 million.
The government which was represented by former finance minister Patrick Chinamasa claimed that the company had charged interest rates at an inflated rate.
Presiding Judge over the case,Justice Mary Zimba-Dube in Harare High Court last year had asked the government to provide expert evidence to prove that Meikles had indeed overcharged but the government is yet to provide the evidence
Meikles Limited was originally founded in 1892 and is listed on the Zimbabwe Stock Exchange.