NEW: War vets-led company gets green light as court lifts bank account freeze

Malven Mugadzikwa
Prospective home seekers under the Zvimba East Veterans Investment Company (Zevic) housing scheme can now sigh relief after the Harare Magistrate Court lifted a freeze on the company’s bank account last week.
This move comes amid ongoing efforts to restore order within the veterans of the liberation struggle-run company.
Harare magistrate Judith Taruvinga issued a validation order after FBC Building Society froze Zevic’s account in January.
The freeze followed actions by some directors who unlawfully removed five others from the company’s CR6 form and submitted a forged document to the bank, changing the company’s signatory arrangements without authorisation.
The court order reads, “The respondent is ordered to unfreeze the applicant’s account. The respondent is ordered to allow salary payments and withdrawal of funds by the applicant’s signatories already in its database.”

Zevic has spent the past year grappling with corporate governance issues, resulting in a fallout between the directors and shareholders.
One faction is accused of flouting principles of good corporate governance, which led to the company’s bank account being frozen due to unlawful activities, including document tampering and fraudulent transactions involving thousands of dollars.

This impasse has severely hindered the company’s operations, which span property development, tourism and agriculture.
Despite the challenges, under the leadership of chief executive Retired Major Joe Chimonyo and patron Cornelius Muoni, Zevic has experienced consistent and sustainable growth over the past year, aligning with efforts to restore order within the company.

“After the lifting of the bank freeze, we have managed to pay for services, pay workers, and we have continued servicing roads and water maintenance,” said Zevic’s communications director, Mr Leonard Ncube.
“Corporate governance battles have of course caused dissatisfaction among our stakeholders, mainly home seekers under our housing schemes, but we want to assure them that sanity is prevailing in the company.”

Zevic is engaged in an extensive housing programme in Zvimba district aimed at providing decent accommodation for thousands of people.
The housing projects, located at Lumanda, Porta and Penrose, are focused on providing modern housing and social amenities.
Ncube further explained that the company has already engaged physical planning experts who are actively working on the ground while finalizing the regulatory process.
“This past week, the consultant, engineer, and the Local Government ministry team were on the ground doing the topography survey. They managed to cover Lumanda, Penrose, and Chitangazuva sites, and will finish off this week with the Porta Nharire site,” he said.

Meanwhile, Zevic will hold its annual general meeting on Friday, where the directors will present the company’s financial performance, and shareholders will vote on the issues at hand.

“There will be an update on the progress at various sites and financial reporting since the directors’ takeover late last year until November 30, 2024,” Mr Ncube said.