Harare businessman Farai Matsika has lost a crucial Constitutional Court (ConCourt) bid to appeal a Supreme Court ruling that favored his cousin and business rival, Moses Chingwena, along with Chingwena’s companies.
The conflict between Matsika and Chingwena centers around the ownership and management of Croco Motors and its subsidiaries.
While Chingwena manages Croco Motors and other businesses, Matsika now oversees Faramatsi Motors and Doves Holdings.
Matsika asserted he owned 30% of the conglomerate, a claim Chingwena disputed. The cousins, who grew up together, built the US$100 million empire before their fallout.
Matsika argued that his substantial contribution to the business entitled him to a 30% ownership, which Chingwena later denied, effectively removing Matsika from the companies without compensation.
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Chingwena countered that Matsika’s legal claims were based on false information and a fraudulent shareholders’ agreement, contending that Matsika lacked the legal standing to bring the case to court.