Complaint against Meikles Chairman Farai Rwodzi on CFX/Interfin Bank Zimbabwe

Complaint against Meikles Chairman Farai Rwodzi on CFX/Interfin Bank Zimbabwe


The Board of Directors

Meikles Africa Limited

Business Address and Registered Office

P.O. Box 3598, Harare, Zimbabwe
99 Jason Moyo Avenue, Harare, Zimbabwe

Telephone +263-4-252068-78

Telefax +263-4-252067

Dear Gentlemen

RE - Letter of Complaint against Meikles Africa Chairman Mr Farai Rwodzi on CFX/Interfin Banking Corporation Zimbabwe

I write this letter to respectfully bring to your attention, and to seek your timely arbitration in a serious matter involving the Meikles Board Chairman, Mr Farai Rwodzi, Interfin, CFX/Century Bank, and myself.

It is my submission that Mr Rwodzi has been engaged in unfair business and trade practises that include business conspiracy and tortious interference with the CFX/Interfin merger.This is a well documented my 309 million shares I owned in Century Bank were fraudulently,illegally and irregularly converted into CFX Bank then into Interfin Banking Corporation which is chaired by Meikles Africa Chairman Mr Farai Rwodzi.

I therefore humbly implore the Meikles Board of Directors and audit committees as part of their fiduciary duties to conduct confidential internal investigations in the range of the matters I have raised, including financial and accounting irregularities affecting the Interfin/CFX/Century transaction and business conduct of Mr Rwodzi.

It is my further submission that Mr Rwodzi erroneously, or deliberately omitted to notify the Meikles board of improper actions regarding Interfin’s acquisition of CFX banking assets that belong to me and my company ENG Capital.On 25 Mr Rwodzi willingly and misleadingly caused the Newsday Newspaper to falsely write that Interfin Bank had paid me US $5.3 million for my equity in CFX Bank. The website link is here http://www.newsday.co.zw/article/2010-08-25-interfin-acquires-13-of-starafrica "The company last month paid Gilbert Muponda $5,3 million for equity allegedly transferred to the acquirer irregularly during the merger, but is still to reach common ground with former CFX employees, who have sued over wage arrears and severance packages."


This was misleading to regulators,shareholders,investing public creating an inaccurate impression I had received money which I was refusing to acknowledge.It is unbecoming for Chairman of a leading Firm such as Meikles Africa Limited to seek to mislead the regulators and investors by making such fabricated public statements .
Interfin Holdings in fact owes me more than the US$ 5.3 million which Mr Rwodzi claims to have paid .The exact amount which is outstanding is US $ 15,450,000.00 ( Fifteen million Four hundred and fifty thousand dollars) .This is made up of 309 million shares multiplied by the value of each share which was $ 0.05 ( 5 us cents per share).This amount of US $ 15.45 million remains outstanding and due to me and ENG Capital.

This is a well documented case of 309 million shares I owned in Century Bank were fraudulently ,corruptly ,illegally and irregularly converted into CFX Bank then into Interfin Banking Corporation. An attempt was made to sell and transfer the same 309 million shares on or about 4 May 2004.


Meikles may have inadvertently exposed itself to reputational, legal, and commercial risks by having inadequate policies and procedures that prevent and detect corrupt and fraudulent practises elsewhere by its Chairman.

I do not have any ill feeling towards Mr Rwodzi or Interfin Bank Zimbabwe.All I have asked them is to seek an amicable conclusion to the matter.I have personally called Mr Rwodzi and my lawyers have officially written to Interfin seeking an amicable solution but all these efforts have been spurned forcing us to publicise what should otherwise be a private and confidential matter.

My intentions are to recapture my shares in Century / CFX Bank or to amicably compel Mr Rwodzi to pay me for my 309 million shares in Century/CFX Bank, which he has converted to Interfin Bank. Failure to which I shall have no choice but bring to bear on Mr Rwodzi ,Interfin Bank Zimbabwe and all other associated business entities all forensic accountants, attorneys, investigative journalists, regulators, domestic and international law enforcers.

We await your urgent response to this matter.

Regards,

Gilbert Muponda