High Court upholds Chetsanga ouster

HARARE - The High Court has upheld the ouster of three former ReNaissance Financial Holdings Limited (RFHL) directors namely Christopher Chetsanga, Monica Mukonoweshuro and Collin Kuhuni, putting an end to a four-year legal wrangle.

In a ruling last week, High Court Judge Owen Tagu declared all actions and decisions executed by the board post January 2012 as null, and void.

“The defendants are declared validly dismissed from their directorship with second plaintiff (RFHL) pursuant to the extraordinary general meeting of January 25, 2012,” he said, adding that the trio were “interdicted from continuing to hold themselves out as directors of the company”.

The latest ruling comes after another High Court judgment about four years ago had barred Chetsanga from conducting any meetings or executing the company’s business in any way.

Following the bio-chemistry professor and his colleagues’ ouster on January 26, 2012, RFHL’s shareholders voted in a caretaker board led by another academic.

They accused the Chetsanga-led board of conniving with ReNaissance Merchant Bank (RMB) curator Reggie Saruchera to “throw away” RFHL’s equity in the closed financial institution to the National Social Security Authority (Nssa).

Meanwhile, lawyers representing RFHL and the three former directors have consented to the setting aside of Justice Joseph Mafusire’s de bonis propii default judgment awarded to the former.

Under the order, the courts had also barred Kantor and Immerman senior partner Addington Chinake from representing any party in cases related to Capital Bank Limited.

“The order of this court in HC10071/15… is hereby set aside by consent in terms of order 49 rule 449 of… this court,” Mafusire said, “the matter shall (now) be referred to the opposed roll”.

The development also comes as Chinake and his clients had approached the Supreme Court over the earlier order, which they felt was done without them having been given an opportunity to defend themselves.

As such, Mafusire has not only halted an earlier decision for the prominent lawyer to reimburse his clients in the form of Nssa, but has also allowed the matter to be heard or argued in an open court.

According to RFHL’s principals, Chinake was using “highly-privileged information” to fight them, among other issues, over their $600 million delectiual damages claim, but Bartholomew Mswaka, Chetsanga say his actions were above board.

Apart from seeking the Supreme Court’s intervention, Chinake had also written to the Law Society of Zimbabwe to notify it of the de bonis propii ruling.

Comments (2)

This Saruchera has killed a lot of companies thru his mediation.he rakes in more money than debtors.he stole the Jaggers money,paying sme debtors as little as 1pc when he took $3m as his charges.sme debtors neva got a coin.

gidza - 8 February 2016

How do yu sell all company assets to pay off creditors ,bt end up wth 40 pc as his fees.he sold Jaggers assets n gt $11m , creditors wr $8m, bt he 1st deducted $3m for his legal fees,then deducts his expenses $4m.creditors lkie delta wr paid quickly to avoid strong lawyers.workers n others nothing.to this day he flatly refuses to hold a final creditors meeting .thi is what is killing our economy.thieves in suits.look at how he has refurbished his offices in newlands,even munhumutapa offices r nowhere near this extravagance.

gidza - 8 February 2016

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