Monday, June 01

Former Defence Minister Sydney Sekeramayi Owes $311k Electricity Debt

The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) has petitioned the High Court seeking to register a deed of settlement signed by former Defence minister Sydney Sekeramayi, who is said to have failed to settle a $311 000 electricity debt.
The power utility recently filed a court application seeking an order to have the deed of settlement registered to recover its money.According to the court papers, Sekeramayi owns Ulva Farm, which accumulated the debt that he has allegedly failed to settle.
Through its lawyers Chihambakwe, Mutizwa and Partners, the power utility initially issued the summons to the former minister on September 13, 2018 following which he acknowledged the debt and offered a payment plan.


“On September 28, 2019 and at Harare, the applicant (ZETDC) and the respondent (Sekeramayi) signed a deed of settlement in terms of which it was agreed that the respondent would pay the applicant a total of $319 000, being charges for electricity supplied by the latter to the former,” ZETDC’s company secretary Judith Tsamba said in an affidavit.


“It was also agreed that in the event of the respondent’s failure to pay any instalment due in terms of the deed of settlement, then the whole amount outstanding would become due and payable.”
Tsamba further said in breach of the deed of settlement, Sekeramayi has, since the signing of the agreement, only managed to pay a total of $7 500, which he also paid in “dribs and drabs”.
“By reason of the respondent’s breach, the whole amount in the sum of $311 500 is now due and payable … this has necessitated the making of this application to enable the applicant to recover the outstanding sum,” she said.
The matter is yet to be set down for hearing.

FORMER president Robert Mugabe’s project to appoint former defence minister Sydney Sekeramayi as his successor failed due to an array of reasons: his lack of gravitas, weak support from the deposed veteran leader as well as from the Zanu PF commissariat and critical party structures.
Insiders said this week Sekeramayi proved to be a reluctant and weak candidate, as he appeared timid to provide leadership to the G40 faction which had coalesced around Mugabe and his wife Grace at the zenith of the Zanu PF succession battle.
After the May 2017 “Mexico Declaration”, which heightened Mugabe’s succession war within the splintered Zanu PF, the G40 faction hastily formed a special committee led by the then party’s political commissar Saviour Kasukuwere to introduce Sekeramayi across the country’s 10 provinces as the veteran leader’s preferred heir apparent.
While on a visit to Mexico to attend the United Nations World Conference on Disaster Risk Reduction, Mugabe finally decided to take a decisive step to resolve the Zanu PF succession squabbles by assigning Kasukuwere to lead the process to promote Sekeramayi as his successor ahead of his long-time ally and the then co-vice-president Emmerson Mnangagwa.
Insiders say Mugabe had given Kasukuwere the task because he was the national commissar, energetic but also to contain his own raw power ambitions. At the time, Kasukuwere was fighting for political survival after being bruised by internal infighting and demonstrations against him, which Grace initially supported to checkmate him.


Despite this development, insiders say Sekeramayi did not seize the initiative to assertively thrust himself in the public domain and at the forefront of Zanu PF’s politics as Mugabe’s successor, except for two or three rallies where he languidly appeared to do so, was largely invisible and ineffective.
 

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Best Credit Cards For Balance Transfers

A balance transfer credit card can help you pay down high-interest credit card debt faster. These cards often offer a low or 0% introductory APR for a limited time, allowing more of your payment to go toward the balance instead of interest.

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The best balance transfer credit card depends on the length of the intro APR period, transfer fee, regular APR, credit limit, and your payoff plan.

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Avoid using the new card for extra purchases. New spending can make it harder to pay down the balance and may not qualify for the same promotional terms.

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Your credit score matters. The best balance transfer cards usually require good or excellent credit. If your credit is limited or damaged, you may not qualify for the longest promotional offers.

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A balance transfer card can save money, but only if you stay disciplined. If you miss payments, your promotional APR could end, and fees may apply.

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The best card is not just the one with the longest 0% period. It is the one that matches your payoff timeline, fees, and financial discipline.

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Securities Class Action Lawsuit: Investor Rights After Stock Losses

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Securities Class Action Lawsuit: Investor Rights After Stock Losses

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Not every stock loss creates a lawsuit. Markets go up and down. Companies miss earnings. Investors take risks.

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But when investors lose money because a company allegedly misled the market, hid important information, or made false statements, a securities class action lawsuit may follow.

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These cases can help shareholders seek recovery after alleged securities fraud.

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What Is a Securities Class Action?

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A securities class action is a lawsuit brought on behalf of investors who bought or held securities during a specific period and suffered losses tied to alleged misconduct.

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The claims may involve:

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False financial statements
rnMisleading public disclosures
rnHidden risks
rnAccounting fraud
rnInsider misconduct
rnUndisclosed investigations
rnInflated stock price
rnMerger-related misstatements
rnFailure to disclose material information

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The SEC oversees securities exchanges, brokers, dealers, investment advisers, and mutual funds to promote fair dealing and disclosure of important market information.

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Who Can Be Included?

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A securities class may include investors who purchased a company’s stock, bonds, or other securities during a defined class period.

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Eligibility often depends on:

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Security purchased
rnPurchase date
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rnLoss amount
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rnType of claim
rnCourt-approved settlement terms

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Investors should keep trading records.

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What Is a Class Period?

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The class period is the time during which alleged misconduct affected the security price.

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For example, investors who bought stock between certain dates may be included if they suffered losses after corrective information was disclosed.

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The class period is critical because it determines who may be eligible.

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What Must Investors Prove?

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Securities class actions can be legally complex. Plaintiffs may need to show:

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A false or misleading statement
rnA material omission
rnScienter, or wrongful state of mind, in some cases
rnReliance
rnLoss causation
rnDamages

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These cases often require expert economic analysis.

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Common Triggers for Securities Class Actions

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Securities lawsuits may follow:

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Stock price drops
rnRestatements
rnSEC investigations
rnMissed revenue disclosures
rnProduct safety revelations
rnExecutive misconduct
rnAccounting problems
rnCybersecurity failures
rnRegulatory actions
rnMerger disputes
rnBankruptcy-related disclosures

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A stock drop alone is usually not enough. There must be a legal theory connecting the loss to alleged wrongdoing.

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Lead Plaintiff Deadline

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Securities class actions often have lead plaintiff deadlines.

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The lead plaintiff may help represent the class and work with counsel. Investors with larger losses may seek appointment as lead plaintiff.

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If you receive notice of a securities lawsuit, pay attention to deadlines.

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What Can Investors Recover?

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A settlement may provide cash payments to investors who file valid claims.

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Payment amounts may depend on:

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Number of shares
rnPurchase price
rnSale price
rnRecognized loss
rnTotal settlement fund
rnNumber of claims
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Investors often need brokerage statements to prove transactions.

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Why Securities Class Actions Are Difficult

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These cases are heavily litigated. Defendants may argue:

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Statements were not false
rnRisks were disclosed
rnLosses were caused by market forces
rnThe company lacked wrongful intent
rnInvestors cannot prove reliance
rnClass certification requirements are not met

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Recent appellate decisions show that certification disputes in securities class actions can be highly technical and closely scrutinized.

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What Investors Should Do

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If you think you may be part of a securities class action:

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Save brokerage records
rnTrack purchase and sale dates
rnSave notices
rnReview class period
rnFile claim forms on time
rnAvoid fake recovery scams
rnSpeak with an attorney if losses are large

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Final Thoughts

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A securities class action lawsuit may give investors a way to seek recovery after alleged corporate misconduct.

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But these cases are complex. Stock losses alone are not enough. Evidence, timing, disclosures, and expert analysis all matter.

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If you lost significant money after alleged fraud or misleading statements, speak with a qualified securities class action attorney.

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