Harare — MEIKLES Limited board which is now being controlled by the Farai Rwodzi-Mujuru –Interfin Bank money laundering syndicate has recommended for the demerger of Kingdom Financial Holdings Limited from the group ahead of a crucial extraordinary general meeting scheduled for next month.
An informed source confirmed that the Farai Rwodzi-Mujuru-Interfin Bank Zimbabwe syndicate sneaked into the Kingdom Meikles Africa demerger saga by offering John Moxon political protection in exchange for partial control of Meikles Africa
The Rwodzi-Mujuru-Interfin Bank Zimbabwe controlled board requisitioned for an EGM on October 4, to ask for shareholder consent to implement the demerger processing which they are preparing to kick out Kingdom Meikles founder Nigel Chanakira and merge Kingdom Bank with Interfin Bank which also include the controversially acquired CFX Bank which was seized from Gilbert Muponda of ENG Capital.
According to a report in the Herald Business in the event that an offer acceptable to the board is received prior to the date of the EGM shareholders would be notified and asked to vote. The Rwodzi-Mujuru-Interfin Bank Zimbabwe however does not expect Chanakira to come up with the money ,this has forced Chanakira to rope in President Mugabe to come in a declare that Kingdom will not be allowed to be taken over by Meikles as this is against the”country’s indeginization rules and regulations”
Interfin Bank Chairman who is also Kingdom Meikles Africa Chairman, Mr Farai Rwodzi is also understood to be in South Africa meeting anchor shareholder Mr John Moxon on demerger issues.The powerful General Solomon Mujuru and his wife Vice President Joice Mujuru are believed to the the political force now protecting John Moxon’s interest.Moxon returned the favour by appointing Mujuru’s sidekick and business front Farai Rwodzi as Chairman of Meikles Africa Limited.
Failure by Mr Nigel Chanakira to come up with a firm proposal will see Mr Moxon and the Farai Rwodzi –Mujuru and Interfin Bank Zimbabwe syndicate maintaining a controlling shareholding in Kingdom.
Apparently, Mr Chanakira has on four occasions failed to meet demands made by Farai Rwodzi,the Mujurus and Mr Moxon to pay for the entire Meikles stake in KFHL.
There are also reports that Mr Chanakira is courting BancABC to advance him US$15 million to pay for his stake.
At an EGM held on June 22, Meikles shareholders authorised directors to demerge Kingdom from Meikles.
However, the demerger process is yet to be implemented due to non-fulfillment of demerger conditions precedent.
The demerger is part of the solutions to end the contentious dispute between Mr Moxon and Mr Chanakira.
Meikles Limited formerly (Kingdom Meikles Limited) -- a merger of Kingdom and Meikles, Tanganda, and Cotton Printers in 2007 touted the biggest deal on ZSE only lasted for about eight months.
Irreconcilable difference between Mr Chanakira and Mr Moxon lead to the proposed demerger -- ending eight months of acrimonious fighting this has resulted in John Moxon joining the Farai Rwodzi Mujuru- Interfin Bank Zimbabwe syndicate whilst Chanakira has sided with Mugabe in one of the biggest corporate fights in post independence Zimbabwe.
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