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Around the World

Why Court wants company owned by Israeli billionaire liquidated immediately

A court in Zambia has ordered the immediate and compulsory liquidation of Frango Finance Ltd, which is owned by Israeli diamond billionaire Lev Leviev.

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Lev Leviev

A court in Zambia has given orders for the immediate and compulsory liquidation of Frango Finance Ltd, which is owned by Israeli diamond billionaire Lev Leviev.

The order comes as a protracted legal dispute between the diamond magnate and his Zambian business partner continues over an emerald mine.

According to reports, the immediate liquidation order was given after the court received a petition against the company on February 18th. It is unclear what that petition stated. But apparently, it was serious enough to prompt action from the Zambian court.

In the meantime, however, the billionaire’s lawyer, Dickson Jere, has made known his client’s readiness to contest the liquidation attempt.

“We have been served with an order which was issued without hearing my client. We will be going to challenge it in court as Frango is not even a Zambian-registered company.”

A business relationship that went awry

Mr Leviev’s legal tussle with Abdoulaye Ndiaye, the local business partner, began almost immediately after the billionaire acquired half of Gemcanton Investments Holdings Limited in 2015.

Gemcanton Investments Holdings Limited, which was formerly known as Grizzly Emerald Mine until its June 2017 rebranding, was bought from Mr Ndiaye. The company was incorporated in in 1997 and is based in Kitwe which is located in the country’s mining region.

About Lev Leviev

Once again, information about the nature of the legal contest between the disputing business partners is not readily available.

What is, however, known is the fact that Mr Leviev is an Israeli citizen and businessman. He created his wealth mainly by undercutting the DeBeers diamond cartel and striking his own deals with diamond-producing countries.

According to Forbes Magazine, the 63-year’s net worth as at 2018 stands at $1 billion. This makes him the number 2124 wealthiest person in the world last year.

Mr Leviev’s business interests cuts across continents, with stakes in both the Russian and Angolan diamond industries.

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He owns controlling shares in the real estate and contruction company — Africa Israel Investments, which is also listed on the Tel Aviv Stock Exchange.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Around the World

Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

The President had visited the frontlines to share his election victory with the soldiers before the unfortunate incident.

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President Idriss Deby of Chad has died of injuries suffered on the frontlines when some terrorists attacked the army. The President had visited the frontlines to share his election victory with the soldiers before the unfortunate incident.

The departure of the newly re-elected President was disclosed by the AFP News Agency on Tuesday through its Twitter handle.

It tweeted, “#UPDATE Chad’s newly re-elected President Idriss Deby Itno, in power for three decades, died Tuesday of injuries while fighting rebels in the north of the Sahel country, the army says.”

Meanwhile, a four-star general who is a son of Chad’s slain president Idriss Deby Itno will replace him at the head of a military council, the army announced Tuesday.

“A military council has been set up headed by his son, General Mahamat Idriss Deby Itno,” the army’s spokesman, General Azem Bermandoa Agouna, said on state radio, shortly after the announcement that the newly re-elected president had died of wounds while fighting rebels in the north of Chad.

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Around the World

Elon Musk loses an estimated $6bn after a Tesla car accident killed two people

Elon Musk’s net worth dipped by $6 billion following a tragic Tesla car accident that killed two people.

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Elon Musk, Tesla, SEC, Stock, Twitter, COVID-19: Tesla’s Elon Musk to produce ventilators as fast-spread of disease lingers

The second richest man in the world, Elon Musk, witnessed his wealth shed an estimated $6bn after a Tesla car was involved in an accident that led to the death of two people.

Tesla stocks dropped by 3.8% after the news of the crash went mainstream. The resultant effect on Elon Musk’s wealth was a $5.71bn loss in a single day.

READ: Google threatens to remove its search engine from Australia due to media code

The Accident

Two men lost their lives on Saturday night in Houston when their 2019 Tesla model car slammed into a tree. Police authorities on sight claimed the car might have been on autopilot due to the sitting position of the corpses.

They also struggled to put out the fire from the Tesla car and even called Tesla for help. The death of the two men has sparked a heated argument between Tesla and its critics. Autopilot or not?

Although police officers’ assertion that the car may have been on autopilot remains unconfirmed, it has raised serious uncertainty about the safety of Tesla’s autopilot feature and Tesla’s critics are not backing down on this.

READ: Dealers explain why ‘Tokunbo’ Cars are expensive

Elon Musk reacts

Elon Musk has reacted to the news, insisting that the autopilot feature in the crashed vehicle was not enabled. According to him, the Wall Street Journal’s coverage of the accident was not professional.

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READ: Meet the 39 years old Chinese billionaire electric car maker 

 

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What you should know

Elon Musk is now worth $183bn following the recent drop. He closed the gap on Amazon’s Jeff Bezos to $4bn early last week. The gap has widened to $14bn today.

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