RSS 2.0 FeedJuly 2010 Vol 19, Business , Financial and Property Indaba
Zimbabwe Investment Fund Seeks to Replace Telecel Chairman
The fight over control of Zimbabwe's Telecel intensified after the Empowerment Corporation (EC) pushed for the cancellation of its operating license and the removal of the company chairman, James Makamba and his deputy, Jane Mutasa.
The fight over control of Zimbabwe's Telecel intensified after the Empowerment Corporation (EC) pushed for the cancellation of its operating license and the removal of the company chairman, James Makamba and his deputy, Jane Mutasa.
EC is an empowerment group wholly owned by the Zimbabwe Wealth Creation and Empowerment Council (ZWCEC) and controlled by President Robert Mugabe's nephew, Leo Mugabe. It owns 40% of the shares in Telecel Zimbabwe.
The ZWCEC has been trying for some time to have the operating license granted to Telecel transferred to itself so that it can take control of the company.
The company said that Mutasa, who has been acting in Makamba's absence is to be replaced by Leo Mugabe. Makamba has been out of the country for several months following allegedly trumped up charges of foreign currency fraud.
