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NewsDay

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Zhuwao still getting unsolicited expression of interest at Telecel

Business
PRESIDENT Robert Mugabe’s nephew Patrick Zhuwao continues receiving unsolicited expression of interest concerning Empowerment Corporation (EC) and its shareholding in Telecel Zimbabwe despite leaving the organisation in June, the empowerment outfit has said.

PRESIDENT Robert Mugabe’s nephew Patrick Zhuwao continues receiving unsolicited expression of interest concerning Empowerment Corporation (EC) and its shareholding in Telecel Zimbabwe despite leaving the organisation in June, the empowerment outfit has said.

BUSINESS REPORTER

EC — whose paid up shareholders are James Makamba’s Kestrel Corporation, Selpon Investments and Indigenous Business Women Organisation represented by Jane Mutasa and National Miners’ Association — has 40% shareholding in Telecel Zimbabwe, the country’s third-largest mobile operator.

EC lawyers Titan Law said in a notice that any interest in the company had to be directed to them.

“It has been brought to the attention of the company that its former managing director (MD) Patrick Zhuwao continues to receive unsolicited expressions of interest and related queries of a general nature concerning Empowerment Corporation, and its shareholding in Telecel Zimbabwe (Private) Limited,” the company lawyers said.

“Stakeholders are kindly informed that Mr Patrick Zhuwao ceased, with effect from June 14 2015, to be a director of Empowerment Corporation (Private) Limited.”

Zhuwao told NewsDay yesterday that he had asked the empowerment outfit to put a notice in the newspapers announcing his departure from the company.

“People have been getting to me with offers and I have been telling them that I am no longer the MD. I asked Empowerment Corporation to issue a statement that I am no longer MD of EC,” the former legislator said.

This is not the first time that Zhuwao has been embroiled in plans to sell the stake.

In March, Mutasa accused Zhuwao of trying to arm twist EC shareholders to sell the stake to private equity firm, Brainworks Capital Management.

Brainworks had offered to buy the stake for $20 million.

Mutasa said Zhuwao had no authority to sell the Telecel stake since he was not a shareholder in the empowerment grouping.