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Africoms’ ‘ghost’ shareholders

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Mystery surrounds the identity of some of the shareholders of converged communications services firm, Africom Holdings as revealed by a draft forensic audit report into the operations of the company.

The draft forensic audit has opened a can of worms at the company where shareholders are at each others’ throat to control the company.

An analysis of the company’s shareholding structure by Ernst & Young revealed some of the companies said to be among shareholders of Africom Holdings could not be traced at the Registrar of Companies.

“We noted from company search results that Beitast Investments limited, Ramallo Investments (Pvt) Limited and Full Wing Investments (Pvt) Limited are not registered with the Registrar of Companies of Zimbabwe,” reads part of the report.

According to the audit Beitast Investments has 2,3 million shares, Ramallo Investments 362 500 and Full Wing Investments 160 000.

Another irony was that of Elevenmoon Investments, a 50-50 partnership between Gilbert Gilbert and Temba Mpofu in which suspended chief executive officer Kwanayi Kashangura is a director. No payments could be found. Neither could transfers be established for Elevenmoon Investments.

The company appointed to handle Africom’s rights issue in March last year, Monchris Investments could not be found on the Ristrar of Companies.

“We conducted company searches and found no results against the name Monchris Investments. We however, found results of a company called Monchris Management, with company registration number 3538/93,” reads part of the report.

“We however, noted the Monchris Management file was missing at the Registrar of Companies of Zimbabwe.”

According to the report, the shareholding of Africom subsidiary Africom Continental is not clear as indicated by correspondence between the holding company and Old Mutual.

“We, however, noted from Africom Continental legal documents, a correspondence by Africom Holdings chairman, B V Mancama, directed to Old Mutual dated August 19 2011, requiring them to schedule a meeting to discuss Africom Holdings’ actual ‘shareholding in Africom Continental and mapping the way forward regarding the shareholding and the operations of Africom Continental’,” reads part of the report.

“We further observed that there were no other documents/information showing Africom Continental’s business dealings during the period February 1 2009 and July 31 2011.”

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