New chair for Hwange

a special board meeting held in Hwange.
The new board takes over from the one led by businessman Mr Tendai Savanhu.
But Mr Savanhu insists he remains the “legitimate” chairman for Hwange, as the meeting used to remove him and nine other directors was improperly constituted.

He said all meetings the new board will hold to deliberate issues on Hwange will always be illegal and he awaited a directive from Government on the way forward.
Mines and Mining Development Minister Obert Mpofu, who met the new board, said the board was legitimate as it derived its mandate from the Hwange AGM.
In addition, Minister Mpofu said as he was in charge of Government shareholding in Hwange, anything that did not come from him was not official and should not be given credit.

“The new board is ready to go and I have given them tasks that need to be addressed given the strategic nature of Hwange to the economy. I have confidence in the new board that is useful and has got technocrats,” said Minister Mpofu.

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The new board comprises Shingirayi Chibhanguza, Jemister Chininga, Ian Haruperi, Nkosilathi Jiyane, Siphiwe Maphuwa, Johnson Mawere, Lucas Nkomo and Valentine Vera.
He said the board would work on the recapitalisation of the company that has been using antiquated machinery.
He added that the company needs to raise about US$100 million for this purpose.

Shareholders have not been putting money into the operations of the company.
Hwange is strategic to the operations of such critical companies as Zesa Holdings and New Zimbabwe Steel formerly Ziscosteel.
It remains to be seen how Mr Savanhu will go about ensuring he retains his position as Hwange chairman having withdrawn his High Court case challenging the legality of the August 3 AGM that elected the new board.

Mr Savanhu reportedly withdrew the case on the advice of Deputy Prime Minister Arthur Mutambara whom he said was tasked by Government to address the bickering at Hwange.
The ousted Hwange chairman claimed certain provisions of the Companies Act, dealing with convening of AGMs, were violated and on the basis of such deficiencies the meeting held to boot them out was of no force or consequence to them.

“My position is very clear in that we are still saying the outcome of that AGM on August 3 was illegal. As chairman of the aborted meeting whatever resolutions of the meeting called by (Nick) van Hoogstraten was illegal and the position is that whatever meetings or elections they held, to me are null and void.

“There is no way a wrong can ever become right. All we are saying is that even if they hold 800 meetings that will never authenticate the new members elected illegally.
“We are waiting for the Deputy Prime Minister to conclude on this matter. We are currently in mourning (over Gen Mujuru’s death) and it is sad while we are mourning other people are busy holding illegal meetings. That is disrespectful to the Politburo that declared Retired General Mujuru a national hero,” said Mr Savanhu.

Nonetheless, in terms of the AGM resolutions passed early this month Mr Savanhu and fellow board members, namely Fortune Chasi, Thandiwe Mlobane, Shingi Mutumbwa, Alpheus Ngapo, James Nqindi and Rosemary Sibanda are no longer directors.