Econet kicks Van Hoog in the teeth

Business tycoon Nicholas van Hoogstraten’s efforts to have proxies on the Rainbow Tourism Group board hit a brick wall on Wednesday after shareholders swung the vote in favour of Econet and National Social Security Authority (NSSA) appointees at a tense annual general meeting (AGM) in Harare on Wednesday.

Van Hoogstraten, the single largest individual shareholder with 36%, had prior to the AGM threatened to expose leading telecommunications company Econet Wireless, a fellow shareholder in the company, if his board appointees were not approved.

According to the results published at the end of the AGM, all appointees by Van Hoogstraten garnered 42,8% of the vote which were not sufficient to carry them onto the board.

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