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BREAKING: Mphoko's bank account exposes he owns only 7% of Choppies

by Mandla Ndlovu
11 Dec 2018 at 17:05hrs | Views
The fight for the control of Choppies Zimbabwe between Former Vice President Phelekezela Mphoko and his Botswana counterparts has once again taken a  twist like a movie script with the Botswana business partners furnishing the media with copies of letters confirming deposit of  dividends worth 7% of their shareholding.

The documents seem to confirm the assertion from Choppies Entreprises that all along the Mphokos while they own 51% on paper, they have been getting dividends worth 7% which is the proper shareholding that was signed by both parties on the onset.

The cover letter from the Botswana based Choppies Enterprise said, "Further to our message sent out on Sunday regards issues at Choppies, we hereby send you proof that we have been depositing funds to the Mphokos through their bank accounts. Attached to this e-mail is one of the deposit statements for the dividends that we paid out to them."

Chopies Entreprises also emphasised that the Zimbabwe Investment Authority certificates that Mphoko's daughter Siduduzo availed to the public are simply as merely paper shareholding that was done to comply with the Zimbabwean laws of indigenisation.

"We take note that they have, through one of Mr. Mphoko's daughters, Siduduzile, sent you what you have described as V11s, simply put, evidence that the Zimbabwe Investment Authority (ZIA) did register the shareholding arrangement that was entered into between Choppies Enterprises and the Mphokos.

"It is this shareholding arrangement that we have tried to clarify and we hope that we have done justice to the query as to the best of our knowledge."

Find Below Letter to Hon. Phelekezela Mphoko

In a letter written to on Sunday by the  CEO of Choppies Enterprises Ramachandran Ottapathu, he  alleged that the Mphoko Family own  only 7% of the shareholding and the rest of the 44% was given to them so a fulfill the indigenisation laws of the country.

"Mphokos were given the 51% shares in an agreement which allows us to buy back the shares as and whenever we want as part of efforts to comply with the law. We gave them the shares on paper. Their 7% free carry shares was a way of thanking them for facilitating that we set up business in Zimbabwe." Ottapathu said.

He further reiterated that the agreement they said with the Mphokos allow them to withdraw the 44% allotted to the Mphokos at any time they want to and that the other 7% shares can be bought back at US$1 per share.

Source - Byo24News