Econet Wireless Private Ltd is demanding about US$2 billion from The
Herald for damages it claims have been suffered by the company and its
directors following an article published by the paper, according to a report in The Herald.

Herald Business published an article, which gave an account of what happened at the company's extraordinary general meeting held last week on Friday.

The article among other issues disclosed how Econet directors attempted to disenfranchise Old Mutual through poll irregularities.

The company's lawyer Beatrice Mtetwa of Mtetwa and Nyambirai said as a result of damages, following payments needed to be effected to Econet (US$1 billion), its chairman Mr Tawanda Nyambirai, (US$250 million) and each of their current directors (US$100 million).

The money being demanded by Econet and its directors is almost equal to the combines average value of 79 Zimbabwe Stock Exchange trading shares.

Econet's market value is around US$75,5 million. Its instalment sale agreement with Econet Wireless Global, the centre of controversy is just below US$40 million.

It is also way above the country's 2009 national budget and above the US$1 billion Zimbabwe urgently needs to start rebuilding the economy.

In the story, Herald Business also revealed how its auditors attempted to inflate the ballots, disregarded Old Mutual proxies, boosted voting numbers in favour of the resolutions and reduced those voting against.

Click here to read the full report, posted on