Earlier today we reported that the Telecel power struggle seemed to have come to a halt. The news was initially reported on The Times (a South African publication). James Makamba -through his lawyers- has denied that there have been any changes to the ownership structures.
Makamba’s lawyers sent out an email to media houses disputing the claims that there has been a takeover:
ALL MEDIA HOUSE
PRINT AND ELECTRONIC MEDIAadvertisement
RE: STATEMENT OF FACTUAL POSITION
We have been instructed by Dr. James Makamba our client and owner of investment vehicle known as Kestrel Corporation (Private) Limited to correct certain factual inaccuracies in media reports which claim that an Extra Ordinary General Meeting was held on the 7th of June 2018 at 8:30am at Telecel Zimbabwe (Private) Limited boardroom wherein our client Dr. James Makamba is alleged to have sold his Equity in Telecel Zimbabwe (Private) Limited and that he agreed to step down as Chairman of the Board of Telecel Zimbabwe (Private) Limited and as Director in Telecel Zimbabwe (Private) Limited.
Our instructions are that our client has never resigned a Director or Chairman of the Board of Directors of Telecel Zimbabwe (Private) Limited . Further that, no Extra Ordinary General Meeting of Telecel Zimbabwe (Private) Limited took place on the 7th of June 2018 and, our client denies disposing off any of his Telecel Zimbabwe (Private) Limited Shares to anyone neither has he received any consideration in exchange of such purported transaction.
Lastly, our client instructs that at one stage he wanted to sell his Equity to certain consortium which failed to fulfil the terms of their conditional purchase and sale agreement which saw him 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.
The company secretaries of Empowerment Corporation also sent out a report disputing claims that there had been any change in the ownership structure. Here is a letter they wrote to Telecel management:
We, Calton Consultants (Private) Limited, being the Company Secretary for Empowerment Corporation (Private) Limited in terms of CR14 form filed of record on 14 March 2006 with the Registrar of Companies of Zimbabwe without further changes to date do hereby put on record the position relation to the Directorship of Empowerment Corporation (Private) Limited as follows:
❖ James Makamba
❖ Jane Mutasa
There has been no changes up to the present day.
Further we confirm that at no point during the period ranging from 6 June to the 8th of June 2018 has there been any meeting in the boardroom of Telecel Zimbabwe (Private) Limited, 148 Seke Road, Graniteside, Harare 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.
As lawfully appointed Secretaries we have never received instructions to appoint anyone as Director in Empowerment Corporation (Private) Limited.
Any document purporting to introduce any changes in the said Company, Empowerment Corporation (Private) Limited is not factual and the signature contained in the document headed Telecel Zimbabwe (Private) Limited The Company dated 7 June 2018 purporting to be that of the Company Secretary does not belong to our Mr.C.Chikosi, who is duly authorised to sign as Company Secretary for Empowerment Corporation (Private) Limited.
It seems the Telecel ownership scuffles will die another day…
James Chafungamoyo Makamba is a Zimbabwean entrepreneur, politician and former commercial broadcaster. Makamba established a consultancy business which represented the corporation in various sectors in a number of African countries. Makamba is the current chairman of Telecel Zimbabwe, a telecommunications company in which he has... Read More About James Makamba
Telecel Zimbabwe is a telecommunications services provider with most of its services in the mobile cellular network services. The company is owned jointly by the Empowerment Corporation (40%) and Vimpelcom (60%), one of the largest telecoms companies in the world. In Zimbabwe, Telecel is the... Read More About Telecel
Jane Mutasa is Zimbabwean businesswoman and investor known for founding Indigenous Business Women's Organisation (IBWO) in 1994 and for being involved in a fight with James Makamba for Empowerment Corporation shareholding. Read More About Jane Mutasa