Storm at Telecel over ownership

A STORM has rocked Telecel Zimbabwe over its ownership structure, as two directors James Makamba and Gerald Mlotshwa, are both claiming chairmanship of the country’s third largest telecoms group.

Makamba, through Empowerment Corporation (EC), a 40% shareholder in Telecel, has held the chairmanship since inception in 1998, but it has since emerged that he lost his shareholding in the company after defaulting on a debt owed to a local investment company and a South African institution.

EC is a local consortium of businesses and individuals that was put together for the establishment of Telecel Zimbabwe in 1998.

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