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FMC Finance Boss Rangarirai Mavhunga Up For Theft

FMC Finance Boss Rangarirai Mavhunga Up For Theft

Harare | Founder and Group Chief Executive Officer of FMC Finance Rangarirai Mavhunga is entangled in a legal dispute over his alleged theft of trust property, where he is accused of selling 1020 shares belonging to Kenneth Musanhi in AFGRI Zimbabwe (PVT) Limited.

Mavhunga is said to have colluded to sell the shares to Encampment Investments, in a development that led to his arrest at the airport while en route to Zambia last month.

Legal documents obtained by this publication state that Encampment Investments collaborated with Mavhunga to exceed his mandate and purchase the shares for USD 300,000.00, a transaction allegedly violating the terms of the Sale of Shares, Claims, and Associated Assets.

“You (Encampment Investments) colluded with Mavhunga to act outside his mandate to sell shares to you for a sum of USD300,000.00 in terms of clause 7.1 of the Sale of Shares, Claims and Associated Assets Agreement which you purportedly entered into with him on or about the 30th May 2017.

“Mavhunga’s mandate, which you were aware of and which was set out in a letter dated 27th of March 2017, was for a sale of the one thousand and twenty (1020) Shares for an amount of not less than USD2,500,000.00. You went on, however, to collude with Mavhunga and purported to conclude a sale at a price he was not authorised to accept. The purchase price was, however, not paid to our client.”

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To this regard, Musanhi is demanding for Encampment Investments to pay back any dividends it has been receiving for the 1020 shares.

Meanwhile, Mavhunga, through his legal representatives, Makiya and Partners Legal Practitioners, has expressed willingness for an out-of-court settlement and has consequently been released into the custody of his legal representatives pending further developments in the case.

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