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SB Moyo was a Director at Africom & Fernhaven before the NSSA loan

by Staff reporter
14 Aug 2019 at 20:51hrs | Views
There has been lots of talk around the NSSA loan and how Africom was involved as their army boss now minister Sibusiso B Moyo and husband to ZACC chairperson, was both director at Africom and Fernhaven

According to the High Court case HH 357-18, Minister Moyo is/was the board chairperson and director of Africom while Ms Chonaka Hlabangane Ndlovu is also a director of Africom. Kwanayi Kashangura was a major shareholder and director of the Africom while Fernhaven is a company that owns shares in Africom, which also is a company SB Moyo was a director.

The clarification only came out when the military chiefs had a strong tussle over Africom control, forcing the matter to spill into the court as they all were seeking litigation.

In the High court case the matter outline stated:

The events leading to this litigation are as follows.

On the 6th of April 2016, the shareholders moved to remove Minister Sibusiso Moyo and Chonaka Hlabangane Ndlovu as its directors and proposed the appointment of another director. The applicants resisted their removal and the second and third applicants continued to act as directors of Africom.

0n the 11th of January 2017, the second applicant called for an extraordinary general meeting of shareholders of Africom wherein a debt conversion agreement and a rights offer for the repayment of the company's debts was proposed.

On 28 March 2017, the respondents filed an application under HC 494/17 challenging the proposal on the basis that the dilution of shares would result in a reduction of its shares from 41% to 0.41%. They averred that the calling of this meeting was null and void as the second applicant was no longer a director of Africom and was acting in defiance of the resolution of the applicant company. The first and second respondents seek an order declaring that the first and second applicants are no longer directors of Africom and declaring all acts undertaken by them from 6 April 2016 null and void. The applicants continued to defy the resolution and in defiance of a court order held an extra ordinary general meeting of Africom on 22 February 2017. The respondents filed an application under HC 2680\17 seeking an order declaring the Extra–Ordinary General Meeting of Africom held on 22 February 2017 null and void and invalidating any acts which may be done pursuant to such a meeting. The applicants have since filled applications under HC4475/1 and HC4476/17 for the dismissal of the respective applications.

The court then ordered

Accordingly, it is ordered as follows:

1. The application for consolidation of case numbers HC 494/17, HC 2680/17, HC 4475/17 and HC 4476/17 is granted.

2. The Registrar of the High Court is directed to ensure that the court records for the cases mentioned in paragraph one (1) above are consolidated to constitute one record.

3. The parties shall prepare a consolidated index for all cases mentioned in paragraph one (1) above.

4. Costs shall be in the cause

The judge also noted that other shareholders in Africom namely Old Mutual Zimbabwe, Interfin Banking Corporation, First Mutual Limited and National Social Security Authority had not found it worthy to oppose the relief Fernhaven sought.

Source - technomag