'My hands are clean,' says Makamba

Empowerment Corporation controlling shareholder James Makamba has refuted claims he illegally transferred certain members' empowerment shares into his name.

The Indigenous Business Women Organisation and  Jane Mutasa, through Selpon Investments, recently filed papers at the High Court seeking nullification of 72,1 percent of  Makamba's EC shares he allegedly unlawfully transferred into his name.

EC is a 40 percent shareholder in Telecel Zimbabwe and its shareholding composition was supposed to be made up of a number of indigenous empowerment groups.

Telecel International holds the balance of 60 percent in Telecel Zimbabwe. Mutasa and Selpon Investments, her investment vehicle and shareholder in EC, alleged that Makamba transferred into his name shares that members had failed to pay for.

But Makamba has refuted the claims saying "if people failed to pay for shares, what grounds are the same shareholders claiming stake (in Empowerment Corporation".

The exiled businessman said that they were clearly laid-down procedures on how the shares that targeted beneficiary members failed to acquire would be dealt with.