ACR pays lawyer with shares

HARARE - British-based African Consolidated Resources (ACR) has paid its lawyers in shares rather than cash. The firm, which owes more than US$500 000 to Venturas and Samkange in legal fees, issued 500 000 shares of 1p each to Jonathan Samkange for a cash sum of 50 000.

The long-drawn out legal battle against the government over control of the controversial Marange fields, has drained the companys resources.

The subscription proceeds have been used to satisfy fees payable to the firm in which Jonathan Samukange is a partner in respect of legal fees which arise as a result of the company’s dispute in relation to its diamond claims at Marange, ACR said in a statement last week.

This gives Samkange more than one million shares in ACR after the British firm announced last December that it was issuing another 600 000 shares valued at 60 000 to the lawyer. ACR is locked in a long-running legal battle to regain control of the Marange diamond fields from the Zimbabwe Mining Development Corporation, which has already parcelled out ACR claims to South African and Chinese companies.

Zimbabwes Mines Minister Obert Mpofu last year declared that the London-based mining firm controlled by one white man would never mine diamonds at Marange as long as he was in charge of the ministry.

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