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THE executive director and son of the late property mogul, Edward Nyanyiwa also known as Pfugari, has refuted claims of looting funds from the late businessman’s companies saying all records of transactions and funds were with the company.
Mr Edward Nyanyiwa (Jnr) refuted the allegations in his opposing affidavit filed at the High Court where his brother Stephen Nyanyiwa had made an urgent chamber application seeking an interdiction from the sale and transfer of the company’s immovable properties.
In his application, Mr Steven Nyanyiwa claimed to be a director in E. Pfugari Private Properties.
Clever Mandizvidza, Edward Nyanyiwa (Jnr), E. Pfugari Private Properties, Square Loft (Pvt) Limited and Registrar of Deeds were cited as respondents.
“There is no looting of funds involved. The Whitecliffe stands are owned by the 3rd respondent (E. Pfugari Properties) and not by the deceased estate.
“The records for sale and expenditure of funds are maintained by the company. They are not part of the estate.
“The basis for selling the properties is clearly demonstrated in the minutes of the meeting.
“Accounts will be laid before the Master of High Court showing how funds have been utilised,” he said in an opp.
Opposing the application, Edward Nyanyiwa said his brother Stephen Nyanyiwa was not a director in the company and had no lucus standi in making the application.
“He is neither a director nor shareholder of the 3rd (E. Pfugari Properties) or 4th (Square Loft) responded. The companies are legal entities distinct from their shareholders. Applicant purports to have been appointed director at a meeting of interested parties. That was not a general meeting of the companies as contemplated by the law,” he said.
Edward Nyanyiwa claimed that the said meeting was never held after disagreements emerged and the minutes of the said meeting were not correct.
Edward Nyanyiwa said the beneficiaries of the late Pfugari had no power to appoint directors of the companies.
“No resolutions were made by members of the companies appointing the applicant (Stephen) as director. The CR14 documents for the company do not reflect the applicant as a director.
Edward Nyanyiwa said in his opposing affidavit that transfer of the said property No.137 Kwame Nkuruma Avenue Harare, which Stephen claims to have been sold and capital gains tax obtained, was yet to be done.
“The purchaser has however not been joined yet applicant seeks to interdict the transfer of the immovable property. The honourable court is being invited to affect the rights and interest of a part without affording him a chance to be heard. This is incompetent,” he said.
Edward Nyanyiwa (Jnr) also said the Master of High Court had initially declined to authorise the sale of the said properties since he had no authority to do so.
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