CFI Holdings Limited board member, Shingirai Chibanguza survived an ouster bid, while Hamish Rudland resigned from the company’s board on Tuesday ahead of yesterday extraordinary general meeting (EGM).
BY TATIRA ZWINOIRA
CFI shareholders met yesterday to deliberate whether Rudland and Chibanguza should stay on the company’s board, following allegations of financial impropriety.
Shareholders voted 52,17% to 47,82% against removing Chibanguza.
Rudland’s removal was not tabled, as the businessman had resigned earlier.
Speaking to shareholders at the EGM, CFI Holdings Ltd non-executive director, Shingirai Zinyemba said both Rudland and Chibanguza’s removals were brought due to a series of fraudulent cases allegedly involving them.
“After having been advised by the transfers’ secretary of proxy votes indicating an excess of 52% in favour of the removal of Hamish Rudland from the board of CFI Holdings, the above mentioned tendered in his resignation,” he said.
Allegations against Rudland were that he had used agro micro financier Tefco, a company he is said to be a director, to fraudulently register a bond of more than $5 million, among a host of other alleged corrupt activities.
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Among these corrupt activities, Rudland is alleged to have cost the company hundreds of thousands of dollars by abusing company properties and his position on the CFI board to interfere with the contentious Langford transaction.
In Chibanguza’s case, he stood accused of developing unsanctioned parallel cash collection systems in violation of good corporate governance tenants, while he served as managing director over CFI Holding subsidiary Farm & City.
However, Chibanguza, at the EGM, denied any wrongdoing saying the setting up parallel cash collection systems was in full knowledge of Farm & City management and board.
Rudland was not answering his phone when sought for comment.
