A war veterans’ company Zimbabwe Ex-combatants Foundation Investment Fund Limited (Zexcom) with properties valued at more than $6 million is about to disintegrate and ex-combatants who have shares in the company are descending, like vultures, for a share of the loot.
Bulawayo High Court judge Justice Lawrence Kamocha Friday ordered Zexcom’s board of directors, represented by Shelter Muchechesi Mpofu, to vacate the company premises at number 120 Jason Moyo Street in the city pending liquidation of the war veterans’ company on September 2.
Zexcom is a war veterans’ company with 5 370 shareholders drawn from across the country.
Over 20 shareholders drawn from across the country representing their various provinces thronged the High Court yesterday anticipating an end to the case but expressed their disappointment when the case was further postponed.
The disgruntled members called for all shareholders across the country to come and fill in affidavits to enable them to get their shares.
In 2009, a total of 4 392 company general shareholders represented by three applicants — Andrew Ndlovu and another two, Robert Mlalazi and John Ngwenya who are now deceased — sought liquidation of the company.
Ndlovu and his two colleagues were represented by lawyers from Sansole and Senda legal practitioners at the High Court.
The disgruntled shareholders claimed the company was not benefiting them, but only the board of directors overseeing the company properties, who were getting money from rentals paid by tenants at the premises.
Zexcom company properties listed are Equity House in Harare, Murewa Complex in Murewa, and number 120 Jason Moyo in Bulawayo, with an estimated total value of $6 084 000.
Other properties are yet to be declared before the liquidation date.
In December 2009, High Court judge Justice Nicholas Ndou gave an order that Zexcom Foundation Investment Fund Limited be provisionally wound up.
Following the High Court order, a provisional liquidator Victor Muzenda of Kupute Investment, trading as Victor Business Services, was appointed.
Two estate agents were asked to evaluate the properties before liquidation and after that shareholders would be given their shares.
The board of directors represented by Mpofu, standing for 416 shareholders through lawyers Cheda and Partners, appealed to the High Court against liquidation saying it wanted the company to continue.
Respondents were ordered to pay the shareholders on or before September 18 last year, but they made a chamber application for the postponement of payment.
Yesterday, Judge Kamocha directed the respondents to vacate Zexcom Building along Jason Moyo Street in Bulawayo by Monday.
He also said by end of August respondents must have paid shareholders’ shares to save the company from liquidation.
Kamocha said if that was not done by September 2, the company would be liquidated.
“I am tired of this case, the papers here are piling up and they have become rubbish which we should have cleared long ago. This case must come to an end now,” said Kamocha.