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They said there was a shortfall of M300 million that could not be accounted for.MKM has however appealed against the High Court’s decision that ruled they were conducting insurance business. The High Court will hear the application on the 1 June 2008 should be stayed pending the outcome of the appeal against the said judgment,” read the notice of motion.In his founding affidavit MKM managing director Simon Thebe-ea-khale said his company will suffer harm if the petition is heard before the appeal is dealt with by the Appeal Court.“I aver that there is the potentiality of irreparable harm and prejudice to be sustained by the present applicants (MKM companies) and I included, regard being had to the fact that petitions for liquidating 1 applicants have been filed and they will soon be heard by the court.Then, on August 10, temporary administration was extended until September 12. On April 1, 2014 the bank had no shareholders who held a stake larger than 10%.MASERU – Troubled MKM firm has filed an application at the High Court to stop the Central Bank of Lesotho from liquidating the company arguing that it has already filed an appeal against the High Court decision declaring it insolvent.The central bank filed the petition to liquidate MKM after auditors declared the firm insolvent.
The reason behind the decision is the fact that the bank's owners have not taken measures to restore the bank's operations and register it in Ukrainian-controlled territory.
What is more, in May 2015 the NBU designated the bank as insolvent because it had failed to meet its obligations before its creditors and depositors," the bank said.
As reported, the Individuals' Deposit Guarantee Fund introduced temporary administration at Ukrcomunbank for three months from May 13 to August 12.
“Should this application be refused the applicants will be highly prejudiced and will suffer irreparable harm in their appeal as execution will have taken place as it is already in the process,” said Thebe-ea-khale.
Thebe-ea-khale wants the court to stay judgment pending its appeal in the Appeal Court.
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The Appeal Court is expected to deal with MKM’s appeal in April next year.