‘Ghost’ shareholders unearthed at Zexcom

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Bulawayo province coordinator for Zexcom Foundation Investment Fund Limited Shelter Muchechesi Mpofu yesterday claimed the organisation had unearthed “ghost shareholders” after they failed to produce share certificates, stoking fears of an ulterior motive behind the liquidation of the company.

Zexcom is an entity owned by ex-freedom fighters.
Mpofu, who is leading a campaign against the liquidation of the company, said there was need to investigate the “shareholders”.

Mpofu’s remarks come after the group lodged an official complaint last week with Judge President Justice George Chiweshe against the manner in which Bulawayo High Court judge Justice Lawrence Kamocha dealt with their civil matter.

Justice Kamocha recently ruled Zexcom Foundation Investment Fund could be liquidated following allegations its directors embezzled company funds.

“A lot of evidence where people claim to be shareholders and fail to produce share certificates has surfaced. If it can be necessary for the company to be sold, who is selling it and what are those people’s shares so that after selling it they get the money worth their shares?” Mpofu queried.

She said the court had so far thrown away a number of joinders (the joining of two or more legal issues together to be heard in one hearing or trial) with affidavits of people who were not members while a number of dead people had also “signed” supporting the company’s liquidation.

She said there were 4 392 shareholders with 360 000 shares in Zexcom.

Mpofu said the share value of the company recently declared by the liquidator, Victor Muzenda, put each share at $5,05 meaning a person with 66 shares, for example, was entitled to $333,33.

“We are sad that some colleagues claim to be shareholders by presenting affidavits. You cannot secure or sell shares using affidavits.

“We want people to present their share certificates then we have no reason to refuse with their portion,” said Mpofu

She said the court had thrown away about three joinders presented by the pro-liquidation group after it was discovered that some affidavits had forged signatures.

“A joinder of 600 members, another one of 1 025 and the last one of 1 200 were thrown away after it was established they were forged signatures in the affidavits,” said Mpofu.

Mpofu listed Zexcom properties as Equity House in Harare worth $1 120 000, Number 163 Jason Moyo Street in Bulawayo worth $300 000 and Number 240 Murewa Township worth $130 000 as declared by the liquidator and evaluated by property experts.

The final hearing of the matter is set for September 13.

Around 4 000 applicants are said to be clamouring for the liquidation of the company on the grounds they have not benefited during the 13 years of its existence.