Dande Holdings Boardroom Wrangle Intensifies

THE boardroom wrangle at Dande Capital Holdings (Dande) this week took a new twist with chief executive officer Danisa Mhlanga writing to axed chairman David Butau questioning his authority to convene an extraordinary general meeting of shareholders on April 20.

In a letter dated April 14, Mhlanga wants the former Guruve North lawmaker to provide share certificates to prove that together with other “convening shareholders” of the meeting, they hold 55% equity in Dande.

Mhlanga also said Butau in his notice of the extraordinary general meeting did not list the names of the other convening shareholders and their equity in the firm.

The chief executive officer said this omission “accidental or not” was unfortunate considering the importance of the meeting.

“We kindly request copies of the share certificates which substantiate the conveners’ purported shareholding of 55%,” Mhlanga said in the letter. “We request in advance the list of the convening shareholders and their respective shareholding in the company, which you ‘accidentally’ omitted from the text of your notice.”

The boardroom wrangle at Dande erupted when High Court judge Justice Lavender Makoni on February 4 granted an application by Mhlanga directors, Evison Musanjeya, Wilfred Hlanguyo and Decent Chitsungo for Butau’s ouster from the company’s board of directors for absenting himself from its meetings in excess of six months without permission.

Butau’s brother, Grey, was barred from interfering in the running of the company.

The ruling also confirmed that Mhlanga, Musanjeya,  Hlanguyo and  Chitsungo were the legitimate directors of the company.

Butau fled Zimbabwe in December 2007 when police said they intended to question him in connection with dealings in foreign currency on the black market.

He only returned to the country last month to launch a legal fight to regain control of Dande.

He is currently on bail on allegations of attempted fraud, fraud and violation of the Exchange Control Act and Exchange Control Regulations.

In a notice convening the extraordinary general meeting, Butau said the current board of Dande must be reconstituted by firing Mhlanga, Musanjeya, Chitsungo and Hlanguyo.

A reconstituted board made up of Butau as chairman and Tapera Mavura and George Chikupo would be appointed during the meeting, wrote the former Guruve North MP.

Butau said he put up the notice on behalf of shareholders holding 55,2% of the issued share capital of the company.

He said the convening shareholders were of the view that there was general plundering of company assets and an attempt to take over the ownership of the firm by members of the board of directors in manner that was inconsistent with their mandate. — Staff Writer.

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