CFI boardroom squabbles over as Rudland quits


Hamish Rudland resigned from the CFI board yesterday, a day prior to the agro-industrial group’s extraordinary general meeting (EGM) which was meant to fire him, marking the end of Stalap representation on the CFI board.

Rudland’s resignation follows the exit of four other board members as, Stalap which owns a 41 percent stake in CFI and Messina investments which in concert with other parties holds over 42 percent, battle for control of the agro-industrial concern.

Last month, CFI acting chairperson, Grace Muradzikwa  stepped down and was followed  this month by acting chief executive Timothy Nyika.

Stalap nominated directors Douglas Mamvura and Ephraim Chawoneka also resigned from CFI holdings board last week ahead of an EGM called to dismiss them on allegations surrounding the sale of langford estate to Fidelity.

The EGM, which was held today, sought the removal of two directors, Hamish Rudland (on requisition by Willoughby’s) and Shingirai Chibanguza (on requisition by Stalap) from the CFI board on different allegations.

Rudland was accused of having used his authority on the board to let Unifreight, a company he has an interest in, to use Farm and City properties for free, costing the CFI subsidiary $100 000 in rental income.

He was also accused of suppressing an audit report where thousands of dollars allegedly went missing from Glenara Estates, a CFI unit, after being collected by Tefco, a company in which Rudland is a director.

Shingirayi Zinyemba who chaired the meeting said Rudland resigned on December 12.

“After having been advised by the secretaries on the proxy votes submitted indicating of voting an excess of 52 percent in favor of the removal of Mr Hamish Rudland from the board of CFI Holdings, the above mentioned tendered his resignation further to this EGM notice,” Zinyemba said.

Chibhanguza however survived the axe after 52.1 percent of shareholders voted against his removal from the CFI board.

Chibanguza is accused of setting up an unsanctioned parallel cash collection system in his capacity as managing director of Farm and City in violation of corporate governance tenets.

“With regards to the removal of Shingirai Chibanguza as director of the company, 52.1 percent of the votes were against this motion, so it did not pass,” Zinyemba said.

He said a new board will be announced in due course following the exit of Stalap directors from the CFI board. –The Source


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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.


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