The AGM has to confirm the appointment of Tracy Mpofu as RTG board chairperson as well as Krison Chirairo, John Gould and SC Vera as non-executive directors.
British tycoon, Nicholas van Hoogstraten who is the single largest shareholder in the hospitality group “has proposed that Messrs S Chibanguza, AS Hamilton, MR Hamilton and I Haruperi be appointed as directors of the company by a single resolution”.
If the shareholders do not agree prior to the meeting, Wednesday’s AGM is set to be explosive after van Hoogstraten “threatened war” if his nominees are not voted into the board.
The business magnate has also said that he would call for an extra ordinary general meeting of shareholders to expose the rot he alleged had been going on at the hospitality group.
The tycoon told Standardbusiness there had been contact with shareholders and he would be meeting with the other major shareholders in an attempt to resolve matters prior to the AGM.
His representatives have met the National Social Security Authority (NSSA) officials and another meeting is set for Monday.
NSSA has a 12,7% stake in the hospitality group and van Hoogstraten wants to leverage on its support so that his directors are appointed on the board. James Matiza, NSSA general manager said on Friday there had been contact between the authority and van Hoogstraten and they have another meeting tomorrow (Monday) to find common ground.
“Yes, van Hoogstraten came and spoke to us. We still have a meeting on Monday.
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“There are issues which have to be ironed out among shareholders,” Matiza said.
“Consultations are about who is coming in as a director, are you happy about people in the board and are you going to vote for them?”
Van Hoogstraten said he would also meet Econet to try and thrash out issues.
He said he had agreed with Econet chairman Tawanda Nyambirai on the basis that “neither party would take any action until our meeting”.
He said the mobile operator had not consulted anyone when it made appointments to the RTG board.
Econet recently appointed Mpofu, Chirairo, Gould and Vera as non-executive directors of the hospitality group.
“Of course it was not — this was why we are complaining,” van Hoogstraten said.
“Also over 15% of the RTG shares are nominally held by the bankrupt Afre group and we believe that Econet were attempting to use those shares to influence events at RTG.”
The business magnate said it was to the “support” of Econet that Patterson Timba and Dunmore Kundishora were able to call the shots at Afre Corporation.
In the process the duo abused such support.
The Timba, Kundishora factor
Timba and Kundishora were named by a Reserve report as having masterminded the problems at ReNaissance Merchant Bank (RMB) through disregarding corporate governance rules.
RMB is now under curatorship and its problems sucked in Afre.
“If left unchecked the same would happen at RTG,” van Hoogstraten said.
Nyambirai said on Thursday: “We are not aware of that meeting.”
Wednesday’s AGM would also explore how RTG would recover US$5, 1 million in RMB.
Early this month the hospitality group said it would recover the money which came via the bank from the African Export Import Bank. RTG borrowed US$7, 5 million from the regional bank to undertake major refurbishments at its properties. Of that amount, RTG withdrew US$2, 4 million.
