‘Makamba re­mains in charge of Tele­cel’

Chronicle (Zimbabwe) - - Front Page - Busi­ness Reporter

AS the Tele­cel Zim­babwe own­er­ship wran­gle rages on co-founder, Dr James Makamba, has re­futed me­dia re­ports that he has ex­ited the coun­try’s third largest mo­bile net­work op­er­a­tor, say­ing he re­mains in charge.

Dr Makamba has dom­i­nated me­dia head­lines since his re­turn home this year from a 12-year self-im­posed ex­ile. Nu­mer­ous re­ports in­di­cated he was due to re­ceive $11 mil­lion for his Tele­cel Zim­babwe shares with some claim­ing he had sold off a re­main­der of 30,25 per­cent eq­uity in hold­ing com­pany, Kestrel Cor­po­ra­tion to MHMK Group, which is con­trolled by Messrs Ger­ald Mlotshwa and Ge­orge Manyere.

In a state­ment through his lawyers — Chinyama & Part­ners Le­gal Prac­ti­tion­ers — Dr Makamba, as the owner of Ket­srel Cor­po­ra­tion (Pri­vate) Lim­ited, sought to cor­rect “cer­tain fac­tual in­ac­cu­ra­cies”.

He said me­dia re­ports that an Ex­tra-Or­di­nary Gen­eral Meet­ing was held on the 7th of June 2018 at 8:30AM at Tele­cel Zim­babwe (Pri­vate) Lim­ited board­room and that he had al­legedly sold his Eq­uity in Tele­cel Zim­babwe were in­ac­cu­rate. He also said he has not agreed to step down as Tele­cel Zim­babwe board chair­man and direc­tor.

“Our in­struc­tions are that our client has never re­signed as direc­tor or chair­man of the board of di­rec­tors of Tele­cel Zim­babwe (Pri­vate) Lim­ited. Fur­ther to that, no Ex­tra Or­di­nary Gen­eral Meet­ing of Tele­cel Zim­babwe (Pri­vate) Lim­ited took place on the 7th of June 2018 and, our client de­nies dis­pos­ing of any of his Tele­cel Zim­babwe (Pri­vate) Lim­ited shares to any­one nei­ther has he re­ceived any con­sid­er­a­tion in ex­change of such pur­ported trans­ac­tion,” said the law firm.

Chinyama and Part­ners fur­ther stressed that their client at one stage wanted to sell his eq­uity to cer­tain con­sor­tium, which failed to ful­fil the terms of their con­di­tional pur­chase and sale agree­ment. This saw Dr Makamba writ­ing a con­di­tional let­ter of res­ig­na­tion, which could only have been ef­fec­tive upon meet­ing of con­di­tions in the con­di­tional agree­ment of sale.

“The per­son pur­port­ing to have signed the res­o­lu­tion is not the com­pany sec­re­tary of Tele­cel Zim­babwe (Pri­vate) Lim­ited nei­ther does the per­son have author­ity to act in the man­ner he did,” said Chinyama & Part­ners Le­gal Prac­ti­tion­ers. Cal­ton Con­sul­tants, which is the com­pany sec­re­tary of Em­pow­er­ment Cor­po­ra­tion of Zim­babwe through which Dr Makamba holds a 40 per­cent stake in Tele­cel Zim­babwe, also said there had been no changes to the com­pany’s di­rec­tors. “Fur­ther, we con­firm that at no point dur­ing the pe­riod rang­ing from June 6 to the 8th of June 2018 has there been any meet­ing in the board­room of Tele­cel Zim­babwe (Pri­vate) Lim­ited called by us and con­vened by mem­bers. “That to the best of our knowl­edge we have not been in­formed by res­o­lu­tion of Kestrel Cor­po­ra­tion (Pri­vate) Lim­ited of dis­posal of its share­hold­ing in Em­pow­er­ment Cor­po­ra­tion (Pri­vate) Lim­ited to any­one nei­ther are we privy to any pur­ported res­ig­na­tion by James Makamba as direc­tor and chair­man in Em­pow­er­ment Cor­po­ra­tion (Pri­vate) Lim­ited and Tele­cel Zim­babwe (Pri­vate) Lim­ited. “In view of this, ac­cord­ing to our records, the sta­tus quo re­mains,” said Cal­ton Con­sul­tants.

Dr James Makamba

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