AfrAsia finally pays Chanakira

Mauritian group, AfrAsia Holdings Limited has finally paid for Nigel Chanakira's 30 percent stake in financial services group, AfrAsia Zimbabwe Limited.

Chanakira was paid about $2.5 million in line with a shareholder resolution for his forced exit from the banking group.

Last November AZI shareholders approved the purchase of Crustmoon's 30 percent stake in the company paving way for its recapitalisation.

Shareholders resolved that although Chanakira was entitled to US$12,5 million for his stake, he was only to receive US$2.5 million in cash.

The balance was to be used for cessation of certain claims against loan debtors and related security assets held by AZI's banking unit, Kingdom Bank Limited now AfrAsia Bank Limited.