Chivayo braces for bruising wrangle

Chivayo braces for bruising wrangle
Published: 16 February 2018 (502 Views)
A potentially bruising legal wrangle is brewing between Intratrek Zimbabwe managing director Wicknell Chivayo and fellow shareholder, Yusuf Ahmed, over ownership of the company, with the latter claiming Chivayo ceded his shares to him in 2014.

Chivayo told the Parliamentary Portfolio Committee on Energy and Mines this week he was still a 50 percent shareholder in the firm he founded and one which went on to win two multi-million dollar tenders to build power plants for the Zimbabwe Power Company.

Following revelations he ceded his stake in the firm, and asked if the there was a dispute over ownership of Intratrek, Chivayo admitted, saying there was fallout, which potentially "could go to court".

Yusuf's lawyer Bruce Tokwe had lifted the lid on the boardroom wrangle in Intratrek, which won tenders for the $174 million Gwanda solar project and $128 million Gairezi hydro power scheme, when he appeared before the same committee on Monday.

This comes as Tokwe also revealed Yusuf, whom he claimed was now the sole shareholder of Intratrek and Chivayo being a mere MD, was planning major board and management changes at the firm.

The lawyer indicated efforts had been made previously to ring changes at Intratrek, but it was always difficult back then; an insinuation the Harare businessman enjoyed protection from powers above.

On why they now wanted to act on the mess at Intratrek Zimbabwe, Tokwe said that "It is because the dynamics have changed. Like anywhere else, the new dispensation has given everyone hope."

Tokwe claimed Chivayo signed off his 50 percent interest in the company to Yusuf in 2014, as settlement for a loan he received from his business partner.

But when asked to respond, the Harare businessman refuted the claim saying he remained a 50 percent shareholder in the company.

Ostensibly, it does make sense Chivayo will not agree or consent to having lost his stake in Intratrek. For a man known for his abrasive arrogance, lavish lifestyle, projecting the image of a millionaire and regards the multi-million tenders his treasure trove, the snobbish ‘tender-prenuer' will not throw in the towel just like that.

This is despite the fact that Tokwe claimed to have proof of the true ownership of Intratrek Zimbabwe on his person at Parliament. Verification was, however, not done in full view of the public.

Chivayo, while agreeing that he signed off his stake in the company, claimed he eventually regained full ownership of his 50 percent shareholding in the company when he repaid the loan in question.

Well-placed sources said, after the events at Parliament, that Chivayo even boasted that the company remained registered in his name.

But Tokwe told the parliamentary committee that if the ownership of Intratrek did not reflect Yusuf as 100 percent shareholder, changes thereof must have been done 'clandestinely'.

- Business Weekly

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