Chanakira saved by riot police

ZIMBABWE’S High Court on Thursday blocked a Kingdom Meikles Holding Limited extraordinary general meeting that was expected to oust incumbent chief executive Nigel Chanakira.\r\n

The court postponed the EGM following an urgent chamber application filed by BCA Consulting, who were appointed by the government to investigate externalisation charges against Meikles following the company’s specification a fortnight ago.

The court postponed the EGM by another two weeks, shelving Thursday’s meeting at which Chanakira, and board members Calisto Jokonya and Busi Bango were expected to be shown the exit door following the demerger of Meikles and Kingdom Holdings in June.

Riot police prevented shareholders from gathering for the EGM. Dozens of executives in business suits had to disperse.

Meikles executives are demanding the ouster of chief executive Chanakira, who has refused to quit. An ally of President Robert Mugabe, Chanakira was given the job to comply with a 2005 law that white-owned businesses must have 51 percent shareholding by indigenous blacks.

The weekly Financial Gazette reported on Thursday that Chanakira has been hospitalised in South Africa with an undisclosed ailment.

The latest EGM was aimed at enforcing five resolutions passed at the group’s indaba in June which included splitting from Chanakira’s Kingdom Bank which would result in him stepping down.

Meikles has banking, investment, supermarket, agricultural and retail interests, and owns a leading Harare hotel. (Newzimbabwe.com)