HomeLocalCrittal Hope mired in ownership wrangle

Crittal Hope mired in ownership wrangle

Shakeman Mugari

THERE is confusion over the ownership of Crittall Hope with Zanu PF chairman for Mashonaland West Philip Chiyangwa and businessman Tendai Savanhu each claiming to hold a cont

rolling stake in the company.

Industry sources this week said Savanhu, who owns T&S Marketing, acquired a controlling stake in Crittall Hope in 2001, hence his appointment as managing director of the company. Crittall Hope manufactures door and window frames.

Savanhu, a Zanu PF activist, told the Zimbabwe Independent on Monday he acquired the company from Chiyangwa in 2001.

“I bought Crittall Hope from Chiyangwa two years ago. Although he still has a stake in the company, he is no longer the majority shareholder,” said Savanhu.

Chiyangwa however maintains that he still has a majority shareholding in the company that he bought from Lonrho in 1999.

“I have not and have no intention of selling my controlling stake in a performing asset like Crittall Hope,” said Chiyangwa.

“Knowing the abilities of Savanhu as a businessman I sold a few shares to give him confidence to run the company profitably but the fact remains that I still control Crittall Hope.

“Even if I dispose of 20% of my stake I will still retain control of the company,” said Chiyangwa.

Chiyangwa said he still made decisions with regard to the company’s operations.

Documents at the Companies Registry, which were last updated in 2001, show Savanhu as one of the directors of the company. Chiyangwa does not appear as one of the directors despite claims that he owns the company.

Savanhu said since he bought the company, he had moved it from debt to credit.

Both businessmen refused to divulge the size of their shareholdings in the company.

“This is a private company and we agreed as shareholders that we cannot have that information published,” said Savanhu.

Sources close to the company have said the company now belongs to Savanhu who also runs personal businesses and is a board member of Air Zimbabwe.

Chiyangwa revealed that he recently bought back the Crittall Hope building from the PTC pension fund. He had earlier sold the building to the pension fund, ostensibly to raise capital.

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