Muradzikwa quits CFI board ahead of EGM

Grace Muradzikwa
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HARARE,-  CFI Holdings acting Chairperson Grace Muradzikwa has resigned ahead of the agro-industrial group’s extraordinary general meeting (EGM) meant to fire her and two other directors.

Muradzikwa has been on the board since 2004, she served as the acting chairman since April 2016.

Last month, Willoughby’s Investments, with support from other shareholders, called for an extraordinary general meeting (EGM), to be held on  December 6, 2017,  to reverse the disposal of an 81 percent shareholding in Langford Estates to Fidelity Life Assurance. Willoughby’s holds a 5,5 percent stake in CFI.

The EGM also calls for the removal of directors Douglas Mamvura and Ephraim Chawoneka, whose appointments were announced on May 30 this year.

“The Board of Directors of CFI Holdings Limited announces the resignation of Dr Grace Muradzikwa from the CFI Board with effect from the 6th of November 2017,” CFI said in a statement last Friday.

Willoughby’s accuses the directors for failing to carry out a forensic land audit and stop the Langford Estates transaction, which it argues is illegal.

CFI sold off Langford in 2015 to Fidelity to pay off combined debts of $18 million, owed to FBC Bank, Agribank, CBZ, the Infrastructure Development Bank of Zimbabwe, NMB and Standard Chartered.

Messina Investments, which holds 42 percent in CFI, is also contesting the Langford Estates transaction. According to Messina the land was undervalued at $2,20 per square metre far below the ‘true value’ of around $6 per square metre.