Didymus Mutasa accuses Mliswa of lying about having shares in Muungwe

HARARE – Didymus Mutasa, a former State Security Minister, has accused his nephew, Temba Mliswa, of lying about having shares in Muungwe Investments Private Limited.

Mliswa claims to have 10% shares in the company, but Mutasa says he owns 100% of the shares.

Mliswa addressed a press conference in Harare on Tuesday, where he accused Mutasa’s lawyers and Brobondo Private Limited, a land developer contracted by Muungwe Investments, of misrepresenting his resignation from the company.

Mliswa’s press conference came after he posted a series of tweets saying that the permit granted by the Ministry of Local Government and Public Works for the Muungwe Royal Estate project was fraudulent.

“I wish to advise members of the public that there has neither been a company’s shareholders nor a directors’ resolution authorising the development and/ or sale of stands to the public.

“In the absence of such approval, it is my reasonable suspicion and conclusion that the development is a fraud. To this end I have instituted legal proceedings under HCHC42/24 against the said Brobondo and all those working in cahoots with it.

“Further, I shall approach law enforcement agents to investigate possible criminal conduct,” Mliswa said.

Mutasa however said that Mliswa and Mabel Dete were once board members of Muungwe Investments, but Dete resigned in 2017 and Mliswa resigned in 2021.

Mutasa said he removed Mliswa from the directorship structure in February 2021 and sent him a letter to that effect. He said that Mliswa did not challenge this removal and did not participate in any business of Muungwe Investments or attend any meetings of the company.

Mutasa said that he owns 100% of the issued share capital of Muungwe Investments. He said that he agreed with Mliswa and Dete in 2015 that they would get up to 30% of the shares in exchange for what they were supposed to contribute towards the development of the land of the company.

However, he said that this agreement did not come into effect as the project had not started. He said that the project only started when Muungwe Investments engaged Brobondo Private Limited in 2022, after Mliswa and Dete were no longer part of the board of directors.

“The current directors of Muungwe Investments Private Limited are myself and Maivada Chikomba Mutasa. Removal of Temba Mliswa from directorship structure; I removed him in February 2021,” Mutasa said.

“I wrote him a letter to that effect. It was sent by email and also delivered to his Borrowdale address. He did not challenge this removal then. He did not participate in any business of Muungwe Investments Private Limited or attend any meetings of the company, be it AGM or EGM.”

Mutasa said that Mliswa is not entitled to any shares and that if he has them, he would like to see his share certificate.

“I own 100% of its issued share capital. At some point in 2015, I agreed with fellow directors that I would give up to 30% of the shares to them in exchange for what they were supposed to contribute towards development of the land of the Company.

“An agreement to that effect was signed, but it did not come into effect as the project had not started.

“The project only started when Muungwe Investments Private Limited lawfully engaged with Brobondo Private Limited in 2022, way after Mable Dete and Temba Mliswa were no longer part of the board directors.

“Mr Mliswa is not entitled to any shares. If he has them, then I’m interested to see his share certificate, and when I transferred shares to him,” he said.