Makamba was eased out of the bank amid suspicion the executive could have been siding with a camp controlled by then majority shareholder in the banking group, John Moxon, at the height of a shareholder dispute in the merged Kingdom Meikles Ltd.
He was sent on forced leave in July in a move the market believed to be a plan by KFHL founder Nigel Chanakira to pave way for a smoother landing ahead of a de-merger.
According to sources, Makamba’s problems with Chanakira emerged after KMAL announced it would convene an Extraordinary General Meeting (EGM) after another shareholder — Econet Wireless — requested a meeting.
Chanakira is said to have accused Makamba of concealing “material information” from him about the de-merger and had to recall him from the negotiating process. Further allegations appeared when the KFHL board sent a team headed by Makamba to South Africa in July to negotiate with Moxon, who stands accused of smuggling US$22,5 million and millions in rands, to repatriate the funds back home.
But market analysts feel that Makamba would have been axed anyhow after Chanakira got a 49% stake, the highest the banker has ever owned in KFHL as part of the settlement with Moxon.
With Makamba out of the picture, Chanakira is calling the shots again.
The board, according to sources, felt that the matter should be settled “quickly and fairly”.
Ironically, the settlement was reached on October 13, the same day KML was meant to hold an EGM to consider de-merging and the removal of directors from both KFHL and Meikles boards.
The EGM was, however, eclipsed by a settlement between Moxon and Chanakira.
The board, according to the same sources, felt that negotiations had taken “considerable” time and needed a “quicker” settlement.
As part of the separation settlement, Makamba will also get the official company vehicle at no cost.
Although the US$200 000 is a given net cash payment, sources say the gross payment would be finalised by KFHL.
But market sources say there could be a management exodus at the group after several managers indicated an intention to leave the growing financial services group.
Chanakira faces an uphill task to steer the bank back to its former status and shake off market perception linking him to Zanu PF and the state amid accusations he sought the services of politicians to settle a shareholder dispute.
Moxon was specified earlier this year and is waiting for government to revoke the order. He believes Chanakira got him specified.
Ironically, Chanakira accused his then lawyer and go-between with Moxon, Tawanda Nyambirai of negotiating in bad faith in a draft affidavit before he fell ill a month ago. –– Staff Writer.