Emerald buyers who may participate in an auction planned by Grizzly mining scheduled for next week may face imprisonment or seizure of property because of the world wide freezing order against Abdoulaye Ndiaye, the assumed owner of the mine
CHAOS has characterised the planned emerald auction by Grizzly Mine, which was supposed to be under the Gemcanton Investment Holdings brand but has suddenly been changed without explanation.
A notice for the auction planned for next week has been sent out to buyers under the name of Grizzly Mine Limited instead of the usual Gemcanton Investment Holdings Limited, prompting protest by Israeli shareholders who have demanded to know the basis of the changes.
“As a selected sharehold er in the gemstone industry, Grizzly is pleased to invite you to attend and participate in our upcoming auction of low-mid-High quality rough emerald,” reads a notice to buyers issued by Grizzly Mine.
And international lawyers representing the Israeli billionaire Lev Leviev, who through his companies own 50 percent shares in Gemcanton Investment Holdings Limited and Grizzly Mining Limited have warned the buyers to be careful with the planned auction especially that there is a worldwide freezing order against principal beneficiary of Grizzly Mr. Abdoulaye Ndiaye.
“We are writing to you as we understand that you may be participating in an auction of certain emeralds at the Intercontinental Hotel, Haile Selassie Avenue, Zambia between 25-28 March 2019, the notice by Messrs Quinn Emmanuel to buyers reads in part.
“We write to notify you that a worldwide freezing order up to a value of USD50,700,00 was made against Abdoulaye Ndiaye by the English High Court on 26 October 2018.
The Order prevents Mr. Ndiaye from seeking to dispose of, or deal with or diminish his asset up to the value of USD50, 700, 000.”
The lawyers warned the buyers that they risk arrest or imprisonment if they assist in avoiding this order during the planned auction unless they disclose the account details of Ndiaye.
The auction is slated for March 25 to 28th at Lusaka intercontinental hotel.
However, the Israelis partners, who also bought 50 percent shares in Grizzly Mine under a company called Valden Business Limited, have demanded to know why they have not been informed of the developments.
With the ongoing shareholder disputes, all vehicles and billboards at the mine have also suddenly been changed from Gemcanton Investment Holdings Limited to Grizzly Mine and workers say the mine has reverted to the old ownership.