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Fidelis Munyoro
Assistant News Editor
RENAISSANCE Financial Holdings Limited founder Mr Patterson Timba has threatened to sue the group’s former acting chief executive Mr Bart Mswaka to recover critical documents.
Mr Timba, who is battling to regain control of RFHL, threatened the legal action after attempts to recover the information from Mr Mswaka on Thursday failed.
He demanded all the necessary documents pertaining to the financial institution following the recent High Court judgment barring former RFHL board members — Professor Christopher Chetsanga, Mr Collin Kuhuni and Ms Monica Mukonoweshuro, Ms Caroline Masuku and Mr James Mabasha — from convening meetings on behalf of the firm.
Through his lawyer, Mr Vote Muza of Muza and Nyapadi, Mr Timba wrote to Mr Mswaka on Friday demanding that the latter surrenders the documents by end of day tomorrow.
In the event that he fails to comply with the ultimatum, the lawyers were instructed to approach the High Court for a vindicatory order.
The documents requested include all RFHL statutory and financial records, creditors’ files, correspondences to and from the Reserve Bank of Zimbabwe, reports from the curator of Renaissance Merchant Bank, agreement signed between the curator, National Social Security Authority and Econet and the fixed assets register for RFHL among others.
“We have been advised by our client that as acting group chief executive officer (Mr Mswaka), you were the custodian of various company documents and information.
“Attempts have been made to recover the information from you before and since the date of your resignation, but for reasons best known to you, you have refused to co-operate.
“Kindly note that all documentation in your custody is rightfully our client’s and there is absolutely no basis at law why you must refuse to immediately surrender the said documents,” read part of the letter.
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The Prof Chetsanga led board was fired by RFHL shareholders in January this year but continued to run the affairs of the troubled financial institution until the shareholders approached the High Court for an injunction against them, which was granted without opposition.
Having been dismissed the Prof Chetsanga led board resigned after being served with the urgent chamber application. Mr Mswaka also resigned from his position as the group’s acting chief executive.
Members of the new board demanded important company documents and information from Mr Mswaka but reportedly refused to co-operate.
He claimed that he needed authority from the Reserve Bank of Zimbabwe to release the documents.
Mr Muza confirmed that he has been instructed to demand the documents from Mr Mswaka and that if he fails to surrender the information by Tuesday, he will file for a vindicatory order at the High Court.
“What boggles the mind is how does the central bank get itself involved in simple RFHL internal matters,” said Mr Muza.
“The documents belong to the bank not RBZ. There is no basis why Mswaka should refuse to surrender them and if he continues with his intransigence RFHL might be compelled to approach the court to vindicate their property that is unlawfully being held by Mswaka.”
Mr Mswaka could not be reached for comment on Friday.
The High Court ruling barring the Prof Chetsanga-led board from conducting the firm’s business paves way for Mr Timba and other shareholders to reclaim control of the firm.
However, Prof Chetsanga and his colleagues still contend that the legal wrangle is far from over.
Apart from the court’s ruling last week, the Prof Chetsanga board, argues that there were two other cases pending at the higher court.
Their lawyer Mr Addington Chinake of Kantor and Immerman on Wednesday said his clients were denying the allegations of improper conduct and that the two cases pending at the High Court might exonerate them.
Mr Chinake further said the resignation of the five did not impact on the deal in which NSSA bought RMB.
He also indicated that RFHL and RMB were separate entities.
He added that Mr Timba and other shareholders in RFHL had no direct shareholding in RMB.
Online Reporter