HomeBusiness DigestRFHL directors to step down

Nuke talks: Little progress expected

Sources told this paper this week that Collin Kuhuni, Maitirwa Monica Mukonoweshuro, Caroline Masuku, James Farayi Mabasha and Chetsanga will resign when RFHL holds its extraordinary general meeting later in the month. RFHL is seeking to appoint new board members and ratify the appointments.

Patterson Timba, Dunmore Kundishora and Clementine Sibve attempted to push three directors — Kuhuni, Mukonoweshuro, and Chetsanga — off the board amid allegations the trio attempted to dispose of assets and investments of the business without their consent, and conspired with Reggie Saruchera of Grant Thornton Camelsa, the curator of the group’s merchant bank — ReNaissance Merchant Bank (RMB) -— to steal depositors’ funds.

Sibve, Timba, and Kundishora in January said an EGM should be held 28 days from the day the letter was issued in terms of section 126 of the Companies Act Chapter 24:03.

Chetsanga in January told businessdigest the board wanted to resign after “the mess at RMB” but was advised to hold on by the Reserve Bank until the curatorship was over.

It was not clear who would replace the four directors on the RFHL board but the new directors would need the central bank’s nod before coming on board.

In a related development, Timba this week applied to the High Court to stop the EGM from proceeding. The matter will be heard today in court. Timba feels an earlier EGM to remove the directors from the board has already taken care of the business of the proposed meeting and that there is no need to have another meeting. — Staff Writer.

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