Online Reporter
Zimpapers Correspondent
THE High Court is being asked to resolve a protracted ownership and valuation battle over Forit Contracting, a heavy industry conglomerate estimated to be worth US$50 million.
The case, registered as HCHC65-24, pits three children of the late Juliet Mable Ziki-Kangai against their stepfather, Mr Itayi Madziyire, who currently runs the company.
The applicants — Raphael, Takarwisa and Tirivanhu Kangai — are requesting a court-ordered forensic audit to establish the true value of the business and determine their rightful shares.
According to court documents, the late Juliet Mable Ziki-Kangai allegedly injected capital into Forit Contracting around 1994.
The children claim the company was originally founded as a 50-50 partnership between their mother and Mr Madziyire.
Following her death in November 1998, the children say they have been shut out of the company, receiving neither remuneration nor dividends from the estate’s purported stake.
The applicants insist that documents exist proving an equal shareholding split.
However, the company’s current management disputes this, maintaining a different position regarding sole proprietorship.
Represented by Dube, Manikai and Hwacha, the children are asking the court to authorise a forensic audit of the share register and all relevant financial records, ensure independent verification of the company’s management protocols and asset base, as well as order the release of accrued dividends to the rightful beneficiaries, citing equitable principles
“We seek the court to authorise a comprehensive forensic audit of the share register and all pertinent financial records,” states the application.
“Furthermore, the petition seeks to compel the State to facilitate an independent verification of the company’s management protocols and underlying asset base. Concurrently, the applicants demand the immediate disbursement of accrued dividends to the rightful beneficiaries, an entitlement they assert is strictly necessitated by the principle of equity.”
However, Mr Madziyire, represented by Professor Lovemore Madhuku, is opposing the application.
The eldest son, Raphael Kangai, is concerned over the slow pace of litigation.
Through his lawyers, he appealed for a transparent resolution within the Commercial Court Division of the High Court to protect the interests of all potential shareholders.
“We are appealing to the relevant authorities to look into this case and assist in ensuring justice prevails, considering the pace at which the case is moving,” Kangai said.
The applicants also fear possible asset stripping while the case remains pending.
