A storm is brewing amongst shareholders of Zimbabwe Ex-Combatants (ZEXCOM) Foundation Investment Fund Limited following the reappointment of Mrs Barbra Lunga as the provisional liquidator.
The ZEXCOM Foundation Investment Fund Limited shareholders, who held a meeting at Stanley Hall in Bulawayo where they were appraising each other on the operations of the company, accuse Mrs Lunga of squandering ZEXCOM funds in the period 2001-2007 when she was the judicial manager.
The company’s Co-ordinator, Mr Shelter Mpofu, who is also the Bulawayo Chairperson, told the ZBC News that Mrs Lunga stands accused of illegally selling eight pick up trucks, eight lorries, 18 milling engines, 20 tonnes of seed and fertiliser and also embezzled 550 000 Zimbabwean dollars in 2006.
She said on that basis they will not allow Mrs Lunga to take charge of the company as she will destroy it and as ex-combatants they are now ready to own their company.
ZEXCOM Secretary, Mr Patrick Saruwaka said the company was formed in 1998 and acquired various properties which include equity house in Harare, four units on Number 120 Jason Moyo Avenue in Bulawayo and Murehwa complex and has over 7 000 members.
He added that they have been quiet for 14 years while their funds were being looted and it is high time they started acting.
However, Mrs Lunga has refuted all the accusations, saying everything was done above board.
Speaking on behalf of Mrs Lunga, one of the shareholders of ZEXCOM, Mr Sofly Mthombeni said all that the other shareholders are saying is not true as they are the ones who are looting the company’s funds and do not want it to be liquidated so that others benefit as well.
He vowed that they will continue supporting Mrs Lunga in her efforts to liquidate the company so that everyone benefits. ZBC
The ZEXCOM Foundation Investment Fund Limited shareholders, who held a meeting at Stanley Hall in Bulawayo where they were appraising each other on the operations of the company, accuse Mrs Lunga of squandering ZEXCOM funds in the period 2001-2007 when she was the judicial manager.
The company’s Co-ordinator, Mr Shelter Mpofu, who is also the Bulawayo Chairperson, told the ZBC News that Mrs Lunga stands accused of illegally selling eight pick up trucks, eight lorries, 18 milling engines, 20 tonnes of seed and fertiliser and also embezzled 550 000 Zimbabwean dollars in 2006.
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| Ex-combatants fight over company |
ZEXCOM Secretary, Mr Patrick Saruwaka said the company was formed in 1998 and acquired various properties which include equity house in Harare, four units on Number 120 Jason Moyo Avenue in Bulawayo and Murehwa complex and has over 7 000 members.
He added that they have been quiet for 14 years while their funds were being looted and it is high time they started acting.
However, Mrs Lunga has refuted all the accusations, saying everything was done above board.
Speaking on behalf of Mrs Lunga, one of the shareholders of ZEXCOM, Mr Sofly Mthombeni said all that the other shareholders are saying is not true as they are the ones who are looting the company’s funds and do not want it to be liquidated so that others benefit as well.
He vowed that they will continue supporting Mrs Lunga in her efforts to liquidate the company so that everyone benefits. ZBC
