High Court Interdicts Businessman Shabtai from Adlecraft Investments Amid Fraud Allegations
By Staff Reporter
High Court Judge Justice Manzunzu has issued an interdiction against businessmen Gilad Shabtai and Munyaradzi Gonyora, prohibiting them from representing themselves as part of Adlecraft Investments.
The decision, delivered on November 29, 2021, by Justice Musithu, suspended an illegal and irregular board resolution purportedly executed by previous non-executive directors, Shabtai and Gonyora, on October 1, 2021.
The resolution, aimed at placing Adlecraft Investments under corporate rescue in August 2021, was halted pending further determination of its validity.
Following deliberations, Justice Manzunzu confirmed the suspension of the resolution, citing it as illegal and highly irregular.
The court dismissed claims made by Shabtai regarding Adlecraft Investments’ shareholding, affirming that only 20 shares had been issued since its inception, contrary to Shabtai’s assertion of holding 980 shares through another entity.
Moreover, Justice Manzunzu upheld previous orders by declaring the resolution null and void, emphasizing that Mr. Ofer Sivan legally acquired the entire share capital of Adlecraft Investments in 2012. As a result, Shabtai and Gonyora were directed to cover legal costs associated with the case.
This ruling adds to a series of legal actions against Shabtai and Gonyora. In a separate case involving the unauthorized opening of an account with Getbucks Microfinance Bank, the court found them guilty of fraud and misappropriation of company funds.
They were ordered to repay US$1,300,000 jointly and severally, and were removed from directorship, with Sivan tasked to appoint a new board of Directors immediately. Subsequently, the Getbucks account was frozen following a court order prompted by authorities’ intervention.
