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Makamba in Telecel share wrangle

by Staff reporter
11 Nov 2014 at 07:16hrs | Views

Empowerment Corporation shareholders IBWO and Selpon Investment have approached the High Court seeking nullification of the transfer of 71,2 percent of EC's shareholding in Telecel Zimbabwe to fellow shareholder James Makamba.

The two complainants are seeking the reversal of the alleged illegal transfer of shares to Makamba. Makamba as they cited irregularities in the manner in which shares initially meant for some empowerment groups were fraudulently transferred to Makamba.

Makamba and his investment vehicle Kestrel Corporation.

EC is the second largest shareholder in Telecel, the country's second largest mobile phone company, with a 40 percent stake. Telecel International holds the remaining 60 percent.

Source - The Herald