Pula Group seeks expedited ruling in R3.8bn lawsuit against ARC

TANZANIAN company Pula Group has approached the High Court in that country for a ruling to speed up its R3.195 billion (R3.874 billion) damages legal suit against Patrice Motsepe-owned African Rainbow Capital Investments (ARC).

- EDWARD WEST

Pula Group chairman Charles Sitti and Pula President Dr. Mary Stith said in a statement Tuesday that following ARC's announcement to delist on March 18, they had advised their attorneys to file Certificate of Urgency in the High Court to have the merits of its suit against ARC forward into April; it was originally scheduled for May.

Sitti said of the plan to delist: "This move clearly changes the status quo relative to our suit against ARC. I find it a probably interesting coincidence that this announcement was made within days of the announcement of the calendar for proceeding with our suit against ARC.

"The timing is interesting because the delisting would happen on or around June 2, which would be during the Court-required mediation period that would conclude sometime in mid or late June, if we stick to the original timeline announced by the Court in March," he said.