ZEXCOM Foundation Investment Fund Limited, a company formed by former freedom fighters, is facing liquidation after one of the directors allegedly obtained a High Court order through fraudulent means.
MTHANDAZO NYONI OWN CORRESPONDENT
The firm was established in 1998.
It has a membership base of 4 000 and three big properties in Bulawayo (120 Jason Moyo), Harare (Equity House) and Murehwa (Murehwa Complex).
However, Zexcom co-ordinator Shelter Mpofu said one of the shareholders Eliphas Kawa used the order to place the company on voluntarily provisional liquidation in March this year without the consent of other shareholders.
Mpofu said Kawa nominated Babra Lunga of Impact Trust and Executors (Pvt) Ltd, who was once appointed the judiciary manager of Zexcom Foundation, to liquidate the company.
He said a wrong company name was used to mislead the court.
“What is sinister is that when Kawa was making his application, he deliberately cited Zexcom Foundation Investment Fund Ltd as Zexcom (Pvt) Ltd so that shareholders would not challenge him,” Mpofu said.
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“So the court was misled into believing that Zexcom (Pvt) Ltd was his private company.
“Lunga was then given a certificate to liquidate a company known as Zexcom (Pvt) Ltd on July this year.
“However, on July 22 2014 Lunga started writing letters to the tenants of Zexcom Foundation Investment Fund Ltd demanding all rentals to be paid to her company.
“Zexcom Foundation is performing well and there is no way it could be liquidated.”
Southern Eye Business is in possession of the letter which Lunga wrote to the tenants demanding rentals to be paid to her.
Mpofu said after they had discovered the fraud they filed court applications opposing the whole process. He said they discovered that Lunga connived with Kawa to liquidate the company because she was still bitter for being dismissed as Zexcom’s judicial manager in 2007.
Kawa insisted that the company was placed under liquidation because it was underperforming.
“Zexcom Foundation, one and those saying I placed the company on liquidation, is lying because it was given time to respond, but failed,” he said.
