War vets company holds AGM amid squabbles

Zvimba East Veterans Investment Company (Zevic), a company wholly owned by veterans of the liberation struggle, is set to hold its Annual General Meeting (AGM) on December 20, 2024, despite ongoing shareholder conflicts and governance challenges that have plagued the company in recent months.

Zevic, which is involved in various sectors including property development, tourism, and agriculture, has been facing serious internal disputes and corporate governance issues. These tensions have led to a fallout between the directors and shareholders, with one faction accused of breaching corporate governance principles. These issues have resulted in severe consequences, including the freezing of the company's bank account due to unlawful activities, such as document tampering and fraudulent transactions amounting to thousands of dollars.

Despite these challenges, the company's directors, led by Chief Executive Officer Retired Major Joe Chimonyo, are proceeding with the AGM as mandated by the company's constitution. According to Zevic communications director Leonard Ncube, the AGM will be held at Parkview Restaurant, Harare Gardens, and will be open to stakeholders, including directors, shareholders, board members, executives, and representatives from the company's ongoing projects.

"There shall be an annual general meeting on December 20, 2024 to be held at Parkview Restaurant, Harare Gardens," Ncube confirmed. "We are inviting the following stakeholders: directors, shareholders, board members, executives, and stakeholders' representatives for our projects at Lumanda, Porta, and Penrose, as well as Zevic workers, management, and all interested parties."

During the meeting, Zevic directors will provide a detailed update on the company's financial performance and progress at various project sites since the directors took over in late 2023. Shareholders will also have the opportunity to vote on critical issues impacting the company's future, including the results of ongoing court cases and their effect on the company's operations. Updates on Zevic's ventures in agriculture and tourism will also be presented.

Zevic has had to restructure following an alleged incident of financial mismanagement, including looting of company funds by some directors and employees late last year. This led to the appointment of Retired Major Chimonyo as CEO, while Mashonaland West war veterans chairperson Cornelius Muoni retained his post as the company's patron.

In connection with these issues, three former directors and shareholders, Douglas Mandaza, Clifford Rutsate, and Jowel Samuel Muzhamba, along with employee Michael Changadzo, were arrested in January 2024 on fraud charges. The accused are facing allegations of defrauding Zevic of US$13,000 through forgery. The case is ongoing, with the accused having appeared in court earlier this week before Harare Magistrate Lisa Mutendereki.

The court heard that in January, the accused unlawfully removed five directors from the company's CR6 form and submitted a forged document to the bank, changing the company's signatory arrangements without authorization. The trial is set to continue in January 2025.

The Zevic AGM, set against the backdrop of these legal and governance challenges, will serve as a critical platform for the company's future direction, as stakeholders seek to resolve the ongoing disputes and restore confidence in the organization.