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Zanu Pf attacks Chin’ono over Covid-19 scandal

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By Bloom Tizora

Zimbabwean journalist, Hopewell Chin’ono is under fire from the ruling party Zanu Pf. In a statement today Zanu Pf spokesperson Patrick Chinamasa said, “ZanuPf, has noted with concern, the systematic, well-choreographed and sponsored attacks on the integrity of First Family by unscrupulous characters such as Hopewell Chin’ono this time targeting the President’s son (Collins Mnangagwa)”.

Collins is linked to Delish Nguwaya of Drax International the company being used to loot the Zimbabwe State through Covid-19 procurements according to Chin’ono.

After the ZanuPf press conference, Chin’ono said, “My life is in danger after ZanuPf attacked me personally through their spokesperson Patrick Chinamasa accusing me of targeting the Mnangagwa family”.
” ZanuPf should not intimidate journalists using fear, I will not be cowed from saying the truth”, he said.

Since taking power from Robert Mugabe, Emmerson Mnangagwa family has been accused of corruption by many people.

#IamUnscrupulousLikeHopewell

Business

The Corporate Laboratory – SMM’s Ruins and The Untold Story of General Beltings

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The role of the Zimbabwe Stock Exchange in promoting and protecting the rights of shareholders of listed companies has oftentimes escaped public scrutiny thus permitting corporate absurdities such as the General Beltings Pty Limited transaction.

General Beltings is a listed company in Zimbabwe and in 2004, it was a subsidiary of SMM Holdings Private Limited (SMM), an entity which was wholly owned by SMM Holdings Limited (SMMH).

SMM on its own was registered and operating in terms of Zimbabwean laws. 

Even though SMM was a company operating in terms of the Companies Act, it is interesting and puzzling to grasp why a decree was promulgated allowing SMM’s shareholder and directors to be divested and deprived of the right to control and direct their company.

For example, an Administrator, Mr Gwaradzimba, was appointed by the then Minister of Justice, Chinamasa, to assume the control and management of SMM on 6 September 2004. 

This law not only offends the constitutional doctrine of the separation of powers but allowed the Minister of Justice to unilaterally and arbitrarily identify companies that he deemed in his sole discretion to be an associate of SMM to be targeted and victimized.

This was the fate of General Beltings which found itself under the control of an Administrator without following any due process of the law. 

Even though there are glaring and flagrant violations of corporate rights in the SMM and General Beltings saga, it boggles the mind to note that both in parliament and in the media, appropriate legal and constitutional questions pertaining to these economic maladies are not being raised.

A case in point is the key legal question on whether one company can be found guilty simply on account of perceived and not tested association. 

With respect to the constitutional muster, can a law that divests and deprives rights pass this test? 

It should not only be those with a keen eye and passion for entrepreneurship who see that that Zimbabwe ‘second dispensation is still legally and politically immoral since it does not allow people to appreciate the centrality of the rule of law in delivering the promise of prosperity. 

For example, the presumed purchase of shares held by the captured SMM is a calculated corporate heist which those that are responsible for protecting the rights of businesses and individuals can be found to be complicity in undermining the rule of law. 

This kind of vulture capitalism exposes the moral bankruptcy in the public when it comes to corporate matters and this in helps to hamper the development of the country since investors are a people with a keen interest on in subtle developments that have an impact of their money.

As such, if they witness corporate heists in a country, they become cautious and hesitant to invest and so under such circumstances, they tend to take their funds somewhere else where the rule of law abides and where investment has a greater probability of using good returns.

Under the Corporate Laboratory, we study and analyze corporate developments with a view to understand business circumstances and their impact to the economy and to the general public.

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