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Underfire Cassava Smartech speaks out

Cassava company secretary, Charmaine Daniels

Underfire Cassava Smartech speaks out

By Wellington Zimbowa

ECOCASH Zimbabwe Holdings, which was recently suspended from the national bourse- on failure to timely publish its trading results has assured its stakeholders of guaranteed business continuity, stating that it is a good corporate citizen.

In a recent public notice, the company blamed an accounting technicality in the financial publications while distancing itself from wrongdoing, announcing plans to publish the results almost in two weeks’ time.

“Cassava Smartech Zimbabwe Limited trading as EcoCash Holdings Zimbabwe (“the Company”) wishes to advise its shareholders and the investing public that following the halt in trading in the Company’s shares and the application by the Zimbabwe Stock Exchange (“ZSE”) to the Securities Exchange Commission (“SEC”) for suspension, SEC has approved the ZSE Application. As explained in the Notice issued by the Company published on the 2nd of October 2021, the suspension is due to the delay in publishing the Company’s Audited Financial Statements for the year ended 28th February 2021. The delay in publication was due to certain technical accounting matters which required additional time to resolve. These technical accounting matters have now been satisfactorily resolved and the company expects to publish its audited results by 18th October 2021,” company secretary Charmaine Daniels said in a statement. “

She further added: “The company would like to assure its shareholders and the investing public that the delay in publishing its accounts is purely due to technical accounting matters and is not because of any fraud or other financial misconduct. The company continues to operate normally as a going concern as per the trading update issued on 6th September 2021. The Company regrets any inconvenience caused to its shareholders and the investing public.”

ZSE suspended Cassava Smartech Zimbabwe Limited from trading on the national bourse following an application by the Securities and Exchange Commission of Zimbabwe for the diversified technology group to be suspended.

Earlier on, ZSE chief executive Justin Bgoni had revealed in a statement that application for Cassava’s suspension was based on non-adherence to section 40(1)(d) of the Listing Requirements, Statutory Instrument 134 of 2019, regarding the company’s failure to publish financial statements for the year ended February 28, 2021.

“The Zimbabwe Stock Exchange Limited (“ZSE”) notifies the investing public that trading in the securities of Cassava Smartech Zimbabwe Limited will be halted with effect from October 1, 2021,” Bgoni was quoted as saying.

“The halt in trading of the issuer’s securities has been effected pending the outcome of an application for the suspension of trading in the issuer’s securities which was filed for consideration by the Securities and Exchange Commission of Zimbabwe.

“Cassava Smartech Zimbabwe Limited failed to publish audited financial statements for the financial year ended February 28, 2021, and remains in default.”

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