‘Chiyangwa not Zeco owner’

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THE troubled Zimbabwe Engineering Company (Zeco) says flamboyant businessman Philip Chiyangwa does not own the firm.

STAFF REPORTER

“Mr Chiyangwa is not the owner of Zeco. He is just one of the many shareholders in the company,” company’s lawyers said in a letter to NewsDay after the newspaper published a story last month that the company had not paid its workers since 2010.

“To cite him and associate him with the issue of Zeco is wrong and misleading,” the lawyers said. “Zeco is a public-listed company.
“Its activities and issues cannot be associated with an individual.”

The lawyers also dismissed reports that Zeco workers had gone for three years without getting full salaries.

But they admitted workers were owed undisclosed amounts in unpaid salaries.

However, documents from the National Engineering Workers’ Union indicated that between February 2010 and August 2011, Zeco owed its workers a total of $59 985, 76 in unpaid salaries.

9 COMMENTS

  1. What happened to the anti-Devolution noise? All is now quiet?

    Typical Shona Gukurahundi followers. Follow, follow follow – follow the leader – no brains!!

  2. I think the lawyers are just trying to hide behind a technicality here. We all know Zeco is a listed public company and thus has many shareholders. The question is what is the percentage of Phillips shareholding? Doesnt he hold a controlling stake directly or indirectly? Clearly the company has run into serious operational and financial problems and as a result the once very proud owner is no longer happy to be associated with it. If Zeco was performing as well as Econet, then our usual loud mouthed Phillip would have climbed on top of the RBZ to shout to everyone that he is the owner of Zeco. Indeed grapes have become sour!!!

  3. he is not a businessman that one, he comes to join a company and left it on it’s knees always,trace him backwards you will realise what am saying is true, he is worlds away from being a businessman.
    ……………CROOK…………….

  4. And you award such people honorary degree in Business Leadership. Leading companies to the abyss? Shame on the warding institution!!!!!!!!!!. Shame on the one who accepted the award!!!!!!!!!!!!!!!

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