West Properties, the Victoria Falls Stock Exchange (VFEX)-listed firm owned by controversial land baron, Kenneth Raydon Sharpe continues to bite dust on the premium bourse amid mounting legal battles, persistent governance concerns, and dwindling investor confidence.
The company, which trades under the name Pokugara Properties for some of its residential developments, has been struggling to regain traction on the VFEX, with its share price under pressure due to what regulators describe as a litany of challenges.
Sharpe, widely known for his contentious land dealings, has been repeatedly cited in court cases and investigative reports.
These issues, according to market updates from the VFEX and the Securities and Exchange Commission of Zimbabwe, have weighed heavily on West Properties’ performance and investor sentiment.
Listed in 2023, West Properties markets itself as a luxury property developer with projects such as Pomona City, Millennium Heights and Pokugara Estate, claiming ambitions to introduce Dubai-style developments to Zimbabwe.
The company failed to disclose legal status of its land to the Victoria Falls Stock Exchange.
In May 2023 High Court judge ordered the attachment of land belonging to West Property Holdings (WestPro) to offset a longstanding debt with a contractor.
Justice Nyaradzo Munanganti-Munongwa ordered that WestPro’s land in Harare’s Pomona area worth US$105 million should be sold to recover money owed to Fairclot Investments.
The ruling followed a case by Fairclot, which was challenging a move by Augur Investments, which gave birth to WestProp, to pay for the payment of a US$4.8 million debt for the construction of the Harare Airport Road in local currency using a 1:1 rate to the US dollar after the introduction of Statutory Instrument 33 of 2019.
The matter is still pending before the Courts.
However, one of its flagship estates, Pokugara in Borrowdale, is now at the centre of a storm, with residents demanding urgent clarification amid fears that their homes could face demolition.
Concern among homeowners escalated following media reports alleging that the estate was established without proper approval. A letter dated 28 October 2025 from the Pokugara Residents Association chairperson, Ian Ginio Tafireyi, to Sharpe and the company sought immediate assurances.
“I am writing in my capacity as the Residents Chairperson of Pokugara Estate, a development that was marketed and sold to us as a premium gated community,” Tafireyi wrote. “Our attention has been drawn to a disturbing publication by the *Harare Times*, which alleges that our homes are under threat of demolition due to the irregular and illegal establishment of the estate.”
He added that residents were “shocked and alarmed” to learn that West Properties “may have failed to comply with the requisite legal requirements” in setting up the development.
The concerns were amplified by a Facebook video titled ‘Land baron Kenneth Raydon Sharpe’s houses face demolition’ , which circulated widely on a page with 68,000 followers. Tafireyi said this had intensified panic among homeowners.
“The widespread dissemination of this information has only added to the anxiety and uncertainty among homeowners,” he wrote.
“As homeowners, we have invested millions of United States dollars in our properties. The anxiety and uncertainty created by these allegations are unacceptable, and we demand immediate action.”
In their letter, the residents gave Sharpe 48 hours to provide a detailed report outlining the steps it will take to address the allegations and guarantee the security of their investments.
The residents threatened unspecified collective action should Sharpe fail to respond satisfactorily.
Sharpe’s name has long been associated with controversial land grabs around Harare.
The Special Investigations Committee Report on City of Harare land sales, leases and exchanges (2004–2009), chaired by former Ward 7 councillor Worship Dumba, cited him as a “land baron” who benefited from several parcels of land under irregular circumstances.
Ken Sharpe and his business associates has used Harare City Council (HCC) land as collateral to secure a loan from NMB
On June 22, 2015, City of Harare and Augur Investments a briefcase company owned by Sharpe, entered into an agreement for the development of the Hopley Commercial area (Mbudzi Project), the development of middle-income project, construction of a hotel in Mabelreign and the upgrading of the airport road.
Sharpe, Olexander Sheremet and Michael Van Blerk represented Augur in the joint venture agreement.
Under the agreement, council was supposed to provide land while Augur would have provided the capital as an investor.
In February 2015, and April 2016, at NMB Bank, Van Blerk, acting in connivance with Sharpe, who was said to be at large, “unlawfully and with the intent to deceive, misrepresented that they were the sole owners of stand 33 Tariro Township, measuring about 61160 hectares, which they offered as surety against a loan of US$1.5 million.
The land was owned by Sunshine, a joint venture between the Harare City Council and Sharpe’s Augur Investments which is domiciled in Ukraine.
Augur controlled a 70% stake while the 30 remaining shares belonged to council.
The three, however, decided not to provide working capital for the joint venture agreement and borrowed money from NMB using Sunshine land as collateral without the knowledge of council.
They were allowed by NMB to acquire up to US$2.5 million as a mortgage.
Coincil reported them to the police, leading to the arrest of Van Blerk while Sharpe and Sheremet went into hiding, only to appear after the case was controversially withdrawn.
