LONDON COURT FREEZES ASSETS
…controversy mounts over Gemcanton
A LONDON court has issued a worldwide asset freeze against Zambia’s Gemstone magnate Abdoulaye Ndiaye, who has been ordered to pay over US$ 50 million in an arbitration settlement.
ALONDON court has issued a worldwide asset freeze against Zambia’s Gemstone magnate Abdoulaye Ndiaye, who has been ordered to pay over US$ 50 million in an arbitration settlement.
The court has also frozen his Swiss account number 206198058.
This follows a protracted dispute with an Israeli partner of Namibian origin, Eli Neaffusy who was captured and deported from Zambia last year. Mr Ndiaye, the owner of Grizzly Mining which was renamed Gemcanton after a merger with an Isreali company has been ordered not to sell assets valued at US$ 50, 700, 000.
The ruling was passed by Justice Andrew Baker in the High Court of Justice, Business and Property Courts of England and Wales.
A penal notice, states that if Mr Ndiaye disobeys the order, he may be held in contempt of court and may be imprisoned, fined or have his assets seized.
The notice also warns that any other person who knows of this order and does anything which helps or permits Mr Ndiaye to breach the terms of the order may also be held to be in contempt of court and may be imprisoned, fined or have their assets seized.
“If you, Mr Abdoulaye Ndiaye, disobey this order you may be held in contempt of court and may be imprisoned, fined or have your assets seized. Any other person who knows of this order and does anything which helps or permits Mr Abdoulaye Ndiaye to breach the terms of this order may also be held to be in contempt of court and may be imprisoned, fined or have their assets seized,” the order reads in part.
In his judgement, Justice states that Mr Ndiaye should not remove from England and Wales any of his assets which were in those countries to the value of US$ 50, 700, 000.
It states that Mr Ndiaye should not in any way dispose of, deal with or diminish the value of any of his assets whether they were in or outside England and Wales up to the same value.
The judgement indicates that the order applied to all the respondents’ assets whether or not they were in his name.
The order includes assets solely or jointly owned by Mr Ndiaye and whether he was interested in them legally, beneficially or otherwise.
A company search at the Patents and Companies Registration Agency indicates that Mr Ndiaye no longer owned shares in Gemcanton and Wolle Mining, but that the shares were owned by his son.