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Tadious Manyepo
Sports Reporter
DYNAMOS are putting final touches to their ownership structure with their legal team wrapping up the registration of trusts for all families of the 20 founding members of the Premiership football club.
The process, which kicked-off in December last year, seeks to put the Glamour Boys under the ownership of the 20 founder members.
Only one out of those 20 founder members, the current board Chairman Bernard Marriot Lusengo, is still alive.
And it is Marriot Lusengo himself who mooted the idea of forming trustees for the families of the deceased members who he believes should also benefit from the team.
Marriot sold that idea to the club’s principal sponsors, Sakunda Holdings, who agreed to help out in seeing the arrangement coming to fruition. And after the December 10 initial meeting from which logistical issues were agreed, the club gathered over the weekend to update the families on the progress that has been made so far.
Club lawyer, Herbert Mutasa, has already finished drafting the Notarial Deeds of trust with the families’ chosen trustees appending their signatures to the necessary documents.
DeMbare is owned by Dynamos Private Limited, a company which operates under the Companies Act since the abolition of their Constitution some 23 years ago.
Dynamos Board secretary, Farai Nyamayaro, told The Herald the legal process pertaining the trusts is as good as done.
“Dynamos Private Limited has put into effect some plans that were mooted some time ago. Through the initiative of our Board Chairman, Bernard Marriot Lusengo, we are in the process of registering trusts for all families of the 19 departed founders of Dynamos Football Club,” said Nyamayaro.
“The trusts will derive direct benefits from Dynamos Private Limited for the benefit of the families of the departed founders of Dynamos Football Club.” “The club lawyer Mutasa (Herbert) has already finished drafting the Notarial Deeds of trust and the families chose trustees for their respective trusts and the trustees have already signed the documents.
“The arrangement that we made as Dynamos was to register a trust for each family of the departed founders.
“The trustees will be administering the trust on behalf of the beneficiaries.
“Dynamos Private Limited will be channeling whatever the benefits through the trust. A trust was formed for each family, the families chose their own beneficiaries and trustees and forwarded the same to Dynamos (Pvt Ltd) for the legal process of registration of the trust. This process is being supported by our sponsor (Sakunda Holdings) as well.
“The initial meeting was held on 10 December 2021.That was an introductory meeting which marked the beginning of the process of setting trusts for each founder member, both still living and departed. At that meeting all the invited families of the founder members were taken through the concept and the intended benefits of doing so. This was done with the assistance of legal counsel for the club. The families were also taken through the background to all of this. They were all excited and applauded the noble idea and actually agreed to be part of the full exercise.
“From that day, various engagements were made, including each family nominating trustees and beneficiaries of their respective trusts. It also involved the legal experts sitting with each family to explain and educate the members on the full concept of the trust.”
This development comes at a time when some former Dynamos players have grouped themselves to wrestle the club from Dynamos Private Limited, citing some irregularities pertaining the current arrangement.
That grouping has already held elections from which they appointed Ernest Kamba as the club chairman with former Warriors coach Sunday “Mhofu” Chidzambwa coming in as his deputy.
Other former players in the shadow grouping include Moses Chunga, Erick Aisam, Cremio Mapfumo, David George, Clayton Munemo, Makwinji Soma-Phiri and Ignatius Kapfunde.
But the club has since disowned the grouping which still remains determined to unseat the current board in a latest fight, for the umpteenth tussle for leadership, at the team.
Online Reporter