ZVIMBA East Veterans Investment Company (Zevic), a company wholly owned by veterans of the liberation struggle, will next month hold an annual general meeting (AGM) amid shareholder squabbles.
The company, which is involved in property development, tourism and agriculture, has been battling corporate governance issues that have resulted in a fallout between the directors and shareholders.
One faction is accused of flouting principles of good corporate governance, which has seen the company’s bank account being frozen due to unlawful activities, including document tampering and fraudulent transactions involving thousands of dollars.
Amid the chaos, Zevic directors will convene an AGM as outlined by the company’s constitution.
“There shall be an annual general meeting on December 20, 2024 to be held at Parkview Restaurant, Harare Gardens,” said Zevic communications director Leonard Ncube.
“We are inviting the following stakeholders: directors, shareholders, board members and executives. We are also inviting stakeholders’ representatives for our projects at Lumanda, Porta and Penrose, Zevic workers, management and all interested parties are invited.”
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Ncube said Zevic directors would present the company’s financial performance and shareholders would vote on the issues at hand.
“There will be an update on the progress at various sites and financial reporting since the directors’ takeover late last year until November 30, 2024,” he said.
“There will be reports and updates on court cases and impact on the performance of the company. The directors will also share updates on agriculture and tourism.”
Zivec had to restructure following looting of company funds allegedly by directors and employees late last year.
This resulted in Retired Major Joe Chimonyo taking over as the chief executive officer in a new set-up that saw Mashonaland West war veterans chairperson Cornelius Muoni retaining his post as patron of the war veterans company.
Three former directors and shareholders, namely Douglas Mandaza, Clifford Rutsate and Jowel Samuel Muzhamba, as well as an employee Michael Changadzo were arrested on January 31 this year and appeared in court on fraud charges.
On Tuesday, they appeared at the Harare Magistrates Courts facing allegations of defrauding the entity of US$13 000 through forgery.
The accused persons were being represented by Leon Muringani when they appeared before Harare magistrate Lisa Mutendereki.
Circumstances are that in 2023, Zevic was formed comprising 14 directors, including the accused persons.
The court heard that bank withdrawals were only authorised by the chairperson or vice-chairperson and any other two signatories.
On January 2 this year, the accused persons unlawfully removed five directors from the CR6 form of Zivec, leaving nine.
They then submitted the forged CR6 form to the bank and successfully changed the signing arrangement.
The trial continues in January next year.