The Real Estate Investment Trust (REIT) Tigere Property Fund has forecasted a tight liquidity environment as the Reserve Bank of Zimbabwe continues to implement the Zimbabwe Gold (ZiG) currency.

On April 5, the Reserve Bank of Zimbabwe introduced the new ZiG currency, a structured currency backed by gold and other precious minerals, in an effort to address the country’s ongoing economic crisis. The ZiG currency is intended to circulate alongside other foreign currencies and is currently trading at a rate of 13:56 against the US dollar, with a stable and less volatile exchange rate.

In its trading update for the three months ending March 31, 2024, Tigere Property Fund anticipated a significant tightening of liquidity.

“The official exchange rate depreciated by a noteworthy 256% during the period under review, largely due to the continued closure of the auction system and depressed prices of platinum group metals (PGMs). Going forward, we estimate a tightened liquidity environment as the new central bank Governor works to ensure stability in the recently issued Zimbabwe Gold (ZiG) currency,” stated the company.

Tigere’s projections align with current observations of limited availability of the new ZiG currency in its initial month of circulation. Experts attribute this scarcity to the structured nature of the currency, arguing that an expansion in gold reserves will be necessary for further issuance.

Despite these challenges, Tigere reported sustained demand for quality retail infrastructure, though the supply has been constrained by unattractive financing options.

“Notwithstanding, the development of clusters, student accommodation facilities, corporate housing, and warehouse space has continued on an upward trajectory. Ongoing infrastructure projects will provide opportunities as road networks expand to new areas and shorten travel distances,” Tigere noted.

The introduction of the new currency has affected tenant receipts for the first quarter. In line with its growth strategy, the REIT has undertaken strategic capital expenditure projects. New tenants are expected to enhance long-term net income and improve the tenant mix within the portfolio. Highland Park Phase 1 continued to benefit from record customer visits, along with the opening of Phase 2.

As Tigere navigates this evolving financial landscape, its focus remains on adapting to the new currency environment and capitalizing on infrastructure developments to sustain growth and profitability.

LOS ANGELES — A newly surfaced video appears to show Sean “Diddy” Combs physically assaulting his former protégé and girlfriend Cassie in a Los Angeles hotel in 2016. The footage, aired by CNN on Friday, comes six months after the R&B singer filed a lawsuit alleging years of abuse by one of the music industry’s most influential figures.

Timeline of Key Events Since the Lawsuit:

November 16, 2023: Cassie, whose legal name is Cassandra Ventura, filed a lawsuit against Combs, accusing him of years of physical abuse, including beatings and rape. Cassie, who signed to Combs’ label in 2005, had an on-again-off-again relationship with him starting in 2007. The lawsuit, filed in federal court, describes Combs as prone to “uncontrollable rage” and accuses him of “savage” beatings, forced drug use, and sexual violence, including an alleged rape in 2018 when she tried to end their relationship. Combs, through his attorney, vehemently denied the allegations.

November 17, 2023: The lawsuit was settled a day after it was filed, with the terms kept confidential. Combs released a statement saying, “We have decided to resolve this matter amicably. I wish Cassie and her family all the best. Love.”

November 23, 2023: Two more women accused Combs of sexual abuse in lawsuits filed just before the expiration of the Adult Survivors Act, a New York law allowing victims of sexual abuse a one-year window to file civil actions regardless of the statute of limitations. Joi Dickerson and another unnamed woman alleged sexual assault, beatings, and forced drugging by Combs in the early 1990s. Combs’ attorneys denied these allegations.

November 28, 2023: Amid the mounting allegations, Combs temporarily stepped down as chairman of his cable television network, Revolt, marking one of several business setbacks triggered by the lawsuits.

December 6, 2023: Another lawsuit was filed by a woman who alleged that Combs and two other men raped her in 2003 when she was 17. The suit claimed she was given drugs and alcohol, rendering her incapable of consenting. Combs denied the allegations, stating, “I did not do any of the awful things being alleged. I will fight for my name, my family, and for the truth.”

February 26, 2024: A music producer filed a lawsuit accusing Combs of sexual assault and forcing him to have sex with prostitutes. The lawsuit detailed numerous alleged illegal activities involving drugs and sex. Combs’ lawyer dismissed the allegations as “pure fiction.”

March 25, 2024: Homeland Security Investigations conducted early morning raids on Combs’ homes in Los Angeles and Miami as part of a sex-trafficking investigation. Combs was present at his Miami home, while his two sons were handcuffed during the Los Angeles search. Officials did not confirm if the raids were linked to the civil lawsuits, but Combs’ attorneys suspected they were.

March 26, 2024: Combs’ lawyer criticized the raids as “a gross use of military-level force” and asserted Combs’ innocence, promising to fight the allegations.

April 4, 2024: A lawsuit filed in Los Angeles Superior Court accused Combs’ son, Christian “King” Combs, of sexually assaulting a woman on a yacht chartered by his father. The suit claimed Sean Combs facilitated the circumstances leading to the assault and covered it up. Attorneys for both men called the allegations “outrageous.”

April 26, 2024: Combs’ legal team filed a motion to dismiss parts of Dickerson’s lawsuit, arguing that the alleged incidents were not illegal in 1991. The filing also condemned the allegations as “false, offensive, and salacious.”

May 10, 2024: Combs requested a federal judge to dismiss the December 6 lawsuit, arguing it was filed too late under the law. The court documents described the claims as “false and hideous.”

May 17, 2024: CNN aired a video that appears to show Combs attacking Ventura in a hotel hallway in 2016. The video depicts a man resembling Diddy, dressed in a towel, punching, kicking, and throwing Ventura to the floor, mirroring an incident described in her lawsuit. The lawsuit claims Combs paid $50,000 to suppress the video at the time. Combs’ representatives have not commented on the video.

Source: AP

Russel Goreraza, the son of Zimbabwe’s former first lady, Grace Mugabe, is embroiled in legal issues for failing to make court-ordered maintenance payments for his child.

Goreraza, 40, is currently three months behind on the payments, which total US$7,500. The National Prosecuting Authority of Zimbabwe (NPAZ) reported that Goreraza appeared before the Concession Magistrates’ Court facing charges under Section 23 of the Maintenance Act Chapter 05:09, for non-compliance with a maintenance order.

During the court session, Goreraza requested additional time to secure legal representation and did not enter a plea. The legal matter dates back to January this year, when the mother of his child, with whom he shares with his ex-husband Stanley Goreraza, secured a maintenance order against him.

The court mandated Goreraza to pay US$2,500 monthly, or the equivalent in Zimbabwean dollars, according to the prevailing inter-bank rate.

Goreraza allegedly failed to make payments from January to March 2024, leading to an arrears accumulation of US$7,500 by March 31, 2024. Appearing in court without legal counsel, Goreraza was remanded to May 28 for trial.