ZSE lifts Meikles suspension

HARARE,– The Zimbabwe Stock Exchange on Monday lifted the suspension of hotel group Meikles with immediate effect, the ZSE chief executive said on Monday. He did not give reasons but the ZSE is expected to release a statement later.

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“We have lifted the suspension but at the moment I cannot say much because we are still working on the issue,” Alban Chirume told The Source

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Meikles was temporarily suspended from trading last Monday on allegations of overstating the debt it is owed by the Reserve Bank with the intention of manipulating its price on the stock market.

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It its half-year results released on September 30 last year, it said it was owed about $90 million by the central bank, a debt that was accrued as way back as 1998 from transactions related to the group’s dual listing on the Zimbabwe Stock Exchange and the London Stock Exchange.

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Latest data from Parliament showed that it was owed $47 million by the central bank as at the end of December 2013.