The move comes amid reports that British-based business tycoon Nick Van Hoogstraten inserted advertisements in major local newspapers calling for an AGM in Harare during which he intended to boot Savanhu and several other board members out of the struggling mining concern.
In his advertisements, Van Hoogstraten claimed that the government had "finally" agreed to kick Savanhu and several other directors out of the mining firm for alleged abuse of office.
Savanhu this week inserted his own advertisment in the daily press informing worried shareholders that the proposed AGM was "illegal" and had been done without his "Board's approval".
Van Hoogstraten has regularly accused Savanhu of, among other things, abusing his office and failing to carry out his duties as company Chairman.He also points out that the WCCL Board is "top-heavy".
Savanhu, however, in the counter adverts informed shareholders that the AGM had been cancelled and said the ads had "not been approved" and should, therefore, be ignored.
"The advertisement was not approved by the Board," Savanhu said in an advert he signed on behalf of the WCCL Board of Directors. He said he would soon give a notice to shareholders informing them about "the way forward".
Last month at an Extraordinary General Meeting, Savanhu and Van Hoogstraten had clashed about the position of Chairman and his duties.
The UK-based tycoon wants Savanhu and “his many Board members" immediately removed from WCCL and replaced by his own nominated directors who include Mr Chibhanguza, a prominent hotelier operating in Harare.
Eye-brows have, however, been raised because the directors nominated by Van Hoogstraten are the same ones that he also wants to join the Rainbow Tourism Group Board.
The RTG Chief Executive is Chipo Mutasa, a chartered accountant.
Van Hoogtsraten is a major shareholder in both the RTG and WCCL – both of which are listed on the Zimbabwe Stock Exchange.
Savanhu, a major businessman in Zimbabwe, is currently eyeing the Mbare Constituency as a Member of Parliament for the former ruling party, Zanu (PF) .
He has lost this constituency on several occasions because it is an MDC-T stronghold.
Van Hoogstaten is based in London in the United Kingdom (UK) and regularly jets into Harare for AGMs and EGMs of ZSE-listed firms in which he is the major single shareholder.
Post published in: Business