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(NEWZIMBABWE) ENG Capital boss de-specified

ENG Capital boss de-specified
by Business Reporter
09/05/2011 00:00:00

THE government has announced the de-specification exiled ENG Capital director, Gilbert Muponda who is now based in Canada. Co-Home Affairs Ministers Kembo Mohadi and Theresa Makone made the announcement in a recent government gazette.

"It is hereby notified that the joint Ministers of Home Affairs, in terms of section 6 (2) of the Prevention of Corruption Act (Chapter 9:16) have revoked the specification of Gilbert Muponda," read the de-specification notice. Black business lobby group, the AAG welcomed the development.

“We are grateful to the authorities for this dispensation, which gives back Muponda the full legal capacity to act and allow him to carry on with his economic activities in Zimbabwe as an indigenous Zimbabwean.

"Let this be a message to Zimbabweans in the Diaspora that our Government means no harm to them and so they must come home to participate in the indigenisation agenda of Zimbabwe," AAG secretary general, Tafadzwa Musarara said.

Muponda and co-director Nyasha Watyoka were arrested in 2003 after ENG Capital failed to pay creditors.

The firm was placed under voluntary liquidation in 2003 while Muponda – who left the country for Canada – was specified in 2004.

Watyoka has since been set free by the magistrates’ court for lack of evidence.

Meanwhile, ENG’s liquidators have confirmed that the company has since cleared all debts and paid its creditors.

Directors are understood to be now seeking the re-instatement of the company’s banking licence ahead of a planned listing on the Zimbabwe Stock Exchange.

Labels: AAG

posted by MrK @ 4:42 PM