Government announced the despecification of John Moxon, Matumwa Mawere and James Makamba in a gazette published on May 27. All had been specified under a law that allows the authorities substantial power over the rights and property of targeted individuals.
Most analysts agree that this law tends to be used for political ends by those with personal agenda and friends in high places.
In Moxons case, his and his companies despecification followed an acrimonious corporate conflict, triggered when Moxon tried to exercise normal corporate governance over the activities of the then chief officer Nigel Chanakira and certain members of the board.
The politically connected Chanakira used his influence to wheel out the full array of state controlled legislative weaponry. He also sought state support for the acquisition of the Moxon family interests as a means of gaining control of the Meikles Group.
Government was fed with information, which now appears to have been false, from Moxons corporate opponents to support the validity of the specifications. Moxon refuted all the allegations and fought back, in part through the South African courts where his Zimbabwean adversaries found that they had no access to political leverage. The truth of his arguments has now been recognised by government and the specifications have been lifted.
I am obviously very happy that this has happened and thank all those individuals who have helped me and my family, and those who have lobbied on our behalf, said John Moxon. It is also pleasing to know that I have satisfied the authorities on all allegations.
However my reputation has been impugned and I have suffered substantial financial prejudice, as indeed have all shareholders, management and staff in the group. It is extraordinary how the group has been abused and the enormity of the financial losses incurred. There will be retribution for these actions.
The group will require restructuring in terms of finance. In terms of skills and the board composition, the company has already been substantially reconstructed and improvements are very noticeable.
The group has also identified some significant expansion opportunities. The company has moved from a dysfunctional board and management structure at corporate level to the present proactive appointees. The restructuring is not complete as yet, but the group is well on its way to restoring shareholder value and appropriate corporate governance.
Post published in: News