Exiled Zimbabwe businessman James Makamba faces ouster at Telecel


Businessman Dr James Makamba faces an ouster from his position as Telecel Zimbabwe chairman after one of the company’s shareholders — Zimbabwe National Miners Association — filed a High Court application seeking fresh leadership election. ZNMA is one of the three indigenous organisations that formed the Empowerment Corporation for purposes of  partnering Telecel International to form Telecel Zimbabwe.

Mr James Makamba and Wife Mrs Irene Makamba

The Empowerment Corporation owns 40 percent shareholding in Telecel Zimbabwe and Dr Makamba was elected to chair the board on behalf of the three indigenous entities.

ZNMA, Indigenous Business Women’s Organisation and Kestrel Corporation constituted the Empowerment Corporation in 1998. Each organisation chose a member to represent them as directors for the Empowerment Corporation.
Dr Makamba (Kestrel), Dr Jane Mutasa (IBWO) and Mr Giles Munyoro (ZNMA) were appointed directors of Empowerment Corporation.
Mr Munyoro is now late and Shepherd Kapota replaced him.

Empowerment Corporation then elected Dr Makamba as chairperson, who was also seconded to be Telecel Zimbabwe chairman.
Since 1998, Dr Makamba has always been the chairman despite the fact that he was now living outside Zimbabwe. ZNMA argued that it has never received any money from Telecel Zimbabwe since its establishment and that the company has never declared any dividend.
ZNMA also contends that Telecel Zimbabwe has never published its financial statements in the press as required by the law. In the summons filed at the High Court recently, ZNMA wants an order compelling the Empowerment Corporation to convene an urgent extra-ordinary meeting to choose a new chairman to replace Dr Makamba. ZNMA also wants an order compelling Telecel Zimbabwe to disclose and pay the dividends due to it within 48 hours of the granting of the court order.
Harare lawyer Mr Advent Tavenhave of Tavenhave and Machingauta law firm is representing ZNMA. Responding to the application, Dr Makamba deposed an affidavit emphasising that he was still the managing director and chairman of Telecel Zimbabwe.
He indicated that he was also the director of Kestrel, which was a major shareholder in the Empowerment Corporation. Dr Makamba dismissed as false, allegations that he was running the Empowerment Corporation single-handedly.
He dismissed allegations that he was a fugitive from justice.
The case is yet to be set down for hearing at the High Court

Source: Herald