HomeBusiness DigestMuponda Bids to Halt Interfin’s CFX Interest

Muponda Bids to Halt Interfin’s CFX Interest

FORMER ENG  director and exiled businessman Gilbert Muponda this week launched a fresh bid to dash Interfin Holdings Limited’s plans to acquire CFX Financial Services, citing his proprietary interest in the shareholding of CFX FS.

Lawyers representing the specified businessman on Monday wrote to Interfin advising about Muponda’s interests in the CFX FS shareholding, which could again throw spanners in CFX’s other rescue plan.
“We are of the humble view that your company should formally be made aware of our client’s proprietary interest in the shareholding of CFX Financial Services Ltd.
“For your convenience, therefore, we forward herewith copies of the following documents,” wrote Obert Gutu of Gutu and Chikowero Attorneys. The letter was also copied to CFX Financial Services’ managing director Emmanuel Tagarira as well as the Minister of Finance Tendai Biti.
The latest developments have arisen just after the specified businessman blocked acquisition of the local financial institution by the Finance Bank of Zambia. Interfin Holdings is poised to acquire a 51% controlling stake in CFX FS and has been enlisted as underwriter and technical equity partner for CFX’s proposed US$10 million rights offer.
Muponda is contesting CFX Financial Services’ takeover of Century Bank, which the businessman claims belonged to his now defunct ENG Capital Limited. Muponda is demanding an audit on how the troubled financial institution acquired Century Bank when CFX FS merged with Century Holdings in 2004. The exiled businessman claims 309 million shares belonging to Century Bank were fraudulently sold at the time of the merger. — Staff Writer.

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