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Mutasa rejects Mliswa claims in ownership row over Muungwe Investments

Ex-minister challenges Mliswa to produce evidence of share certificate and transfer of shares

HARARE – Former state security minister, Didymus Mutasa has rejected claims by his nephew and business colleague, Temba Mliswa that he (Mliswa) holds 10 percent stake in Muungwe Investments Private Limited as the land ownership row among directors of the Rusape property escalates.

Mliswa on Tuesday held a press conference accusing Mutasa’s lawyers and Brobondo Private Limited, a land developer contracted by Muungwe, of misrepresenting his resignation and subsequent shares in the company.

Mliswa took to Twitter prior to the press conference, claiming that the permit issued by the Ministry of Local Government and Public Works for the Muungwe Royal Estate project was fraudulently granted.

“I wish to advise members of the public that there has neither been a company’s shareholders nor a directors’ resolution authorising the development and/ or sale of stands to the public.

“In the absence of such approval, it is my reasonable suspicion and conclusion that the development is a fraud.

“To this end I have instituted legal proceedings under HCHC42/24 against the said Brobondo and all those working in cahoots with it.

“Further, I shall approach law enforcement agents to investigate possible criminal conduct,” said Mliswa.

Mutasa dismissed Mliswa’s assertions, emphasising that he holds 100 percent of the shares in Muungwe Investments Private Limited.

According to Mutasa, Mliswa was removed from the company’s directorship structure in February 2021, a decision he said was communicated to the former Norton MP in writing.

Mliswa did not contest his removal or participate in any company meetings, according to Mutasa who added that he had an agreement with the former and Mabel Dete in 2015, in which they were promised up to 30 percent of the company’s shares in exchange for their contributions to land development.

However, this agreement never came into effect as the project had not commenced at that time.

The project only began in 2022 when Muungwe Investments engaged Brobondo Private Limited, after Mliswa and Dete were no longer part of the board of directors.

“The current directors of Muungwe Investments Private Limited are myself and Maivada Chikomba Mutasa.

“(Concerning) the removal of Temba Mliswa from directorship structure; I removed him in February 2021,” Mutasa said.

“I wrote him a letter to that effect. It was sent by email and also delivered to his Borrowdale address.

“He did not challenge this removal then. He did not participate in any business of Muungwe Investments Private Limited or attend any meetings of the company, be it AGM or EGM,” the former Zanu PF secretary for administration.

Mutasa insisted Mliswa has no entitlement to any shares, challenging him to produce a share certificate if he claims otherwise.

“I own 100% of its issued share capital. At some point in 2015, I agreed with fellow directors that I would give up to 30% of the shares to them in exchange for what they were supposed to contribute towards development of the land of the company.

“An agreement to that effect was signed, but it did not come into effect as the project had not started.

“The project only started when Muungwe Investments Private Limited lawfully engaged with Brobondo Private Limited in 2022, way after Mable Dete and Temba Mliswa were no longer part of the board directors,” said Mutasa.

Mutasa was adamant Mliswa’s claims would be baseless until he provided evidence of a share certificate and the transfer of shares.

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