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Mnangagwa goes after Mphoko

by Mandla Ndlovu
26 Nov 2018 at 16:48hrs | Views
President Emmerson Mnangagwa has instructed Minister of Industry and Commerce, Mr Mangaliso Ndlovu to enforce a takeover of Former Vice President Phelekezela Mphoko's Choppies retail business, it has emerged.

In a recorded  audio conversation between Siqokoqela Mphoko who is a director of  Nanavac Investments Private Limited and an unnamed Botswana person, it surfaces how the plot to takeover Choppies from Mphoko has been done.

The unidentified man says, "I saw emails of Minister Ndlovu telling the Botswana Partners that the government  is going to assist them to deal with Mphoko. Ndlovu is working with his deputy Raj Modi to deal with you."

When Mphoko asked whether Mnangagwa was aware, the man said, " Yes Mnangagwa spoke in a public platform tell the guys that the reason why they are not doing well is because they have a wrong partner in Zimbabwe."

Recently Mphoko's daughter Siduduzo reported that their family has been victimised by war veterans who wants to deal with the former Vice President. Nanavac is, according to a shareholders' agreement a 51% shareholder in 32 outlets across Zimbabwe.

This arrangement is in line with Zimbabwe's indigenisation law.

The shareholders agreement was apparently signed on July 24 2013 and thereafter, Zimbabwe's ministry of youth development, indigenisation and empowerment gave the 51%:49% shareholding arrangement its stamp of approval.

However, Choppies Enterprises, which has Botswana's former president Festus Mogae as its chairperson, claims Nanavac's interest in the business is a mere 7%.
Choppies' claims about the shareholding split has sparked a fracas since June 1, when Mogae wrote a letter to the Mphokos, claiming they were given the 7% shareholding free of charge.

Source - Byo24News