The Sunday Mail
The Supreme Court has dismissed with costs an appeal by Douglas Warriors Football Club owner Douglas Tanyanyiwa against a High Court ruling ordering him to reimburse LED Travel and Tours a sum of US$77 000 invested by Lawrence Bernard Gwarada in a failed partnership deal.
Sitting in Harare, Justices Vernanda Ziyambi, Anne-Marie Gowora and Antonia Guvava upheld an earlier ruling by the High Court which awarded US$72 000 plus interest thereon at the prescribed rate from the date of summons to the date of payment in full as well as costs of the lawsuit after a deal between the two business partners.
According to agreed facts, Tanyanyiwa in 2008 found it difficult to run the football club due to financial constraints and sought a partnership with Gwarada in order to lessen the financial burden.
The two subsequently concluded a partnership agreement whereby Gwarada was to purchase 49 000 shares valued at US$49 000 representing a 49 percent stake in which the first defendant would retain the balance.
Gwarada , who is the Zifa board member (finance), paid for a 40 percent stake in 2009 and was to pay for the remaining 9 percent share stake in 2010.
During 2009, both parties were to each contribute towards the running costs of the club in the ratios of 40 percent and 60 percent respectively, based on their respective “shareholding”.
As per the agreement, as at October 10, 2009, Gwarada had paid to Tanyanyiwa US$36 807 for the purchase of shares and a further US$35 533 being his pro rata contribution towards the running costs of the second defendant.
In about November 2009, the partnership deal collapsed.
What caused its collapse is the bone of contention between the parties.
Gwarada alleges that Tanyanyiwa caused the collapse when he, contrary to the agreement, started claiming that the partnership was for the 2009 football season only.
By a unanimous decision, the bench dismissed the application by Tanyanyiwa with costs and upheld an earlier High Court decision, adding that the reasons would follow in due course. — ZBC.
