Duo quits CFI ahead of EGM

TWO CFI Holdings directors, Douglas Mamvura and Ephraim Chawoneka, quit the board on Tuesday ahead of yesterday’s extraordinary general meeting (EGM) of shareholders, which was supposed to oust them.
The EGM was eventually cancelled.

BY TATIRA ZWINOIRA

Addressing those present at the EGM yesterday in Harare, CFI Holdings Ltd non-executive director, Shingirai Zinyemba said the purpose of EGM was to fire the last remaining board members connected to the National Social Security Authority (NSSA).

“Most of the previous NSSA/Zimre-led board of CFI Holdings was dismissed and the remnants of that tarnished group had to be dealt with. Today’s proposed EGM was to fire the remaining NSSA/Zimre-related board members. Ephraim Chawoneka and Douglas Mamvura were asked to resign from their directorships in CFI Holdings Ltd by shareholders and when they refused to do so, this EGM was called on November 8,” he said.

“These two conflicted directors sent in their letters of resignation last night [Tuesday]. In any event, shareholders were asked to attend the meeting and vote in favour of firing these two directors. Over 52% of proxies submitted as of Monday December 4, 2017 were in favour of this motion to fire the two directors from the board.”

Zinyemba said the voting reflected the sentiment of the majority shareholders, who feel aggrieved and will continue to pursue legal action on the alleged fraudulent activities that destroyed shareholder value.

“Next week’s proposed EGM to remove Hamish Rudland from the board will carry the same fate for him,” he said.

Zinyemba said CFI would be making necessary announcements on a new board and qualified management team in the near future.

“Be in no doubt that this group of shareholders is the controlling and major shareholder bloc of CFI Holdings Ltd and will deliver on its promise to all shareholders a successful future for the company,” Zinyemba said.

Present at the meeting was Messina Investments owner British tycoon, Nicholas van Hoogstraten who was the architect behind the ouster of board members linked to NSSA.

Van Hoogstraten through Messina owns a 20% stake in CFI Holdings and got support from a substantial number of CFI Holdings Ltd shareholders to control over 50% to push out NSSA-linked board members.