Business / Companies
Telecel boss Dr Makamba faces axe
22 Oct 2014 at 05:33hrs | Views
CURRENT Telecel Zimbabwe chairman James Makamba faces an ouster from his chairperson position after one of the company's shareholders - Zimbabwe National Miners Association - filed a High Court application seeking fresh leadership election.
ZNMA argued that it has never received any money from Telecel Zimbabwe since its establishment and that the company has never declared any dividend.
ZNMA also contends that Telecel Zimbabwe has never published its financial statements in the press as required by the law.
In the summons filed at the High Court recently, ZNMA wants an order compelling the Empowerment Corporation to convene an urgent extra-ordinary meeting to choose a new chairman to replace Makamba.
ZNMA also wants an order compelling Telecel Zimbabwe to disclose and pay the dividends due to it within 48 hours of the granting of the court order. Harare lawyer Advent Tavenhave of Tavenhave and Machingauta law firm is representing ZNMA.
Responding to the application, Makamba deposed an affidavit emphasising that he was still the managing director and chairman of Telecel Zimbabwe. He indicated that he was also the director of Kestrel, which was a major shareholder in the Empowerment Corporation.
Makamba dismissed as false, allegations that he was running the Empowerment Corporation single-handedly. He dismissed allegations that he was a fugitive from justice.
The case is yet to be set down for hearing at the High Court.
ZNMA argued that it has never received any money from Telecel Zimbabwe since its establishment and that the company has never declared any dividend.
ZNMA also contends that Telecel Zimbabwe has never published its financial statements in the press as required by the law.
In the summons filed at the High Court recently, ZNMA wants an order compelling the Empowerment Corporation to convene an urgent extra-ordinary meeting to choose a new chairman to replace Makamba.
Responding to the application, Makamba deposed an affidavit emphasising that he was still the managing director and chairman of Telecel Zimbabwe. He indicated that he was also the director of Kestrel, which was a major shareholder in the Empowerment Corporation.
Makamba dismissed as false, allegations that he was running the Empowerment Corporation single-handedly. He dismissed allegations that he was a fugitive from justice.
The case is yet to be set down for hearing at the High Court.
Source - Herald
