admin
control of the group.
The potentially bruising encounter will pit Econet Wireless Zimbabwe and single largest shareholder Nick van Hoogstraten in the fight for board control.
Today’s AGM will consider board appointees proposed by Econet, namely the new chairperson Mrs Tracy Mpofu, who could take over from Mr Patterson Timba, Mr Krison Chirairo, Mr John Gould and Mr S. C. Vera.
Mr van Hoogstraten recently threatened to expose Econet’s dishonest past if his own nominees to the board are not approved at the AGM.
“If my appointed directors are defrauded again of their rightful positions we will call an EGM and expose their self-serving and dishonesty past back to the 2005 fraud,” he said earlier in what became a cold war ahead of the AGM.
MORE…
Econet has claimed it has nothing to hide and challenged Mr van Hoogstraten to “expose” them if he had anything to disclose on them.
But media reports suggested the shareholders were canvassing among themselves trying to find a common position ahead of the meeting today.
However, there was no indication yesterday whether the shareholders had been able to find unanimity on their differences, but were actually still drifting apart.
“We only heard about the meetings, but do not know if they actually took place as suggested,” said Econet chairman Mr Tawanda Nyambirai yesterday.
Mr van Hoogstraten accused Econet of conniving with the National Social Security Authority and Renaissance to frustrate his proposed appointees to the board.
Econet, NSSA and Renaissance -through Afre Corporation – hold about 54 percent between them.
Mr van Hoogstraten has demanded more representation on the RTG board by virtue of being the single largest shareholder with 36 percent stake.
He proposed “Messrs S Chibanguza, A. S. Hamilton, M. R. Hamilton and I. Haruperi” to sit on the RTG board.
Mr van Hoogstraten is allegedly frustrated at his failure to mobilise support from fellow shareholders to support his demand for more board representation.
There is a feeling among RTG shareholders that Mr van Hoogstraten wants swaying influence in the group yet he is a “minority shareholder” in the group.
“The fact he holds 36 percent in RTG does not mean he owns the company. Surely, all other shareholders cannot be held to ransom by an individual.
“If he fails to get other shareholders’ support he must not blame anyone,” said a source.
Mr van Hoogstraten claimed the RTG board defrauded him of a 19 percent stake in 2005, but the matter went before now retired judge Justice McNally and he lost.
Online Reporter