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Chris Muronzi
NATIONAL Social Security Authority (NSSA) has acquired a controlling stake in ReNaissance Merchant Bank (RMB), businessdigest has established.
Sources close to the deal said on Wednesday NSSA had signed an agreement that would see it emerge with a 60% stake in RMB, a merchant bank formerly owned by Patterson Timba, Dunmore Kundishora and Clementine Sibve.
“The issue is RFHL owed RMB around US$13 million, which they were failing to pay,” a source close to the deal said. “The curator then said to RFHL give us assets that can offset the debt and they pledged Afre shares and the bank.”
Now, according to the source, the RMB curator has restructured the bank’s assets to include the Afre shares.
The pension fund will also go for a debt-to-equity swap that will see NSSA’s shareholding in RMB going above 60%.
After the deal is completed, NSSA has committed to help RMB meet the central bank’s minimum capital requirements and to settle with depositors and creditors.
As part of the same deal, NSSA will also buy Econet Wireless’ 19% stake in Afre Corporation.
NSSA is also poised to take over Afre Corporation after it emerged this week that the deal between Timba and NSSA would see NSSA emerging with a combined shareholding of 52% in Afre Corporation.
A market source said a deal was reached last year, adding regulatory approval had been obtained from various government departments, including the Reserve Bank of Zimbabwe.
…as Chetsanga pushes for Nyazema’s ouster
RENAISSANCE Financial Holdings Limited (RFHL) chairman Prof Christopher Chetsanga has moved to remove Prof Norman Nyazema from the board of the financial services group in the wake of allegations that he is working against the lawful board.
“We submit that it is no longer feasible for the Board to properly implement the terms of the RBZ directive with a member in its midst who has openly aligned himself to a cause that is contrary to the said directive,” Chetsanga wrote in a letter to the RBZ.
“We are accordingly recommending the removal of Professor N Nyazema from the board of RFHL and in his place we are requesting the appointment of one non-executive ReNaissance Merchant Bank board member Mrs Caroline Masuku. We also request the addition of a bank executive, Mr James Mabasha to the board to ensure the company maintains the minimum number of directors in terms of its articles of association.”
Nyazema also stands accused of trying to withdraw the services of RFHL’S attorneys –– Kantor & Immerman –– after he gave notice to change the lawyers of the company without a board resolution.
In a letter to Kantor & Immerman, Chetsanga said: “None of the lawful directors of RFHL are aware of any resolution or decision to withdraw its mandate for the company. We accordingly instruct you not to hand over any of the company files to any person without the express written instructions of the undersigned in his capacity as company chairman.”
This comes after Nyazema sent a letter to Addington Chinake of Kantor & Immerman instructing him RFHL would not be needing his services on January 26.
The letter was printed on an RFHL letterhead and signed by Nyazema, who claimed to be deputy chairman of the group. Documents seen by businessdigest show that after Chinake received the letter, he dismissed the e-mail directive, which had no salutations or the name of the sender.
“Chinake replied to the email saying : “Please note that I don’t know who you are. Therefore I am not able to deal with you or take instructions from you.”
To which the sender replied: “It’s Prof ABC.”
Chinake then told the “Prof” to provide an original resolution signed by all board members of RFHL and the minutes of the meeting where the resolution was passed.
He said this would allow him to “validate” the letter.
“Until then, I must ignore this phantom “instruction,” Chinake said. –– Staff Writer.
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