CAPS Holdings chairperson Fredrick Charles Mutanda was yesterday granted leave to return to his pharmaceutical company and “save it from collapse” after a year-long banishment from its administration.
Report by Charles Laiton, Senior Court Reporter
Harare magistrate Anita Tshuma ruled that the drug manufacturing company could only be rescued from its woes if Mutanda was involved in its operations and as such cancelled the bail condition barring him from visiting the firm.
Tshuma’s ruling comes at a time when the government had made a decision to take over the company’s debts after concerns were raised by Mutanda that Caps Holdings was headed for collapse as a result of mismanagement.
The Industrial Development Corporation of Zimbabwe (IDCZ), a government institution, has been mandated by the government to investigate the pharmaceutical firm, getting access to all its records and operations, which exercise the magistrate said would best be done in the presence of Mutanda.
“When the Cabinet feels that the government should save Caps from collapse, it becomes an issue of national interest,” Tshuma said
“Clearly from the documentary evidence, the IDCZ’s request to have a meeting with the accused shows that he has been identified as one who can render assistance in the resuscitation of Caps Holdings.”
“This he can only do if he is allowed to go back to Caps Holdings. The State has not explained why the accused should be stopped from going to Caps and without such explanation the court will assume that investigations have been completed in light of the previous ruling,” the magistrate said.
“Wherefore the condition that the accused is not supposed to interfere with directors, employees or day-to-day running of Caps Holdings is hereby removed.”
Mutanda, who was represented by Linda Chipato, is accused of defrauding Caps Holdings of $25 million through deregistration of 50 local drug formulas and subsequently registering them under CAPS International.
IDCZ to investigate Caps
THE Industrial Development Corporation of Zimbabwe (IDCZ) a government institution, has been mandated by the government to investigate the pharmaceutical firm, getting access to all its records and operations, which exercise the magistrate said would best be done in the presence of Mutanda.