Moxon had initially tried to convene a shareholder meeting to oust Chanakira and other board members aligned to Strive Masiyiwa, also a significant shareholder in KMAL, but a minority shareholder, Renaissance Securities, in which Masiyiwa has a controlling stake, sought a court order that nullified the planned meeting.
Chanakira then rallied “comrades” in the ruling party, including Reserve Bank of Zimbabwe governor Gideon Gono, and Affirmative Action Group president Supa Mandiwandira, in his fight against Moxon, resulting in his specification.
But other minority shareholders have come out fighting, arguing Chanakira and his colleagues were undermining the company. They are planning to summon Chanakira and other KMAL board members to substantiate allegations against Moxon.
Moxon has meanwhile written to the Complaints Commission of the London Stock Exchange, where KMAL has a dual listing, saying his specification was part of a scheme by minority shareholders or persons acting in support of Chanakira and Econet Wireless to achieve a takeover in the event that an urgent extra-ordinary meeting is called.
“On several occasions I made serious and sincere attempts to negotiate a solution to this dispute to avoid the negative consequences of irretrievable adversity. Regrettably these appeals for mediation and arbitration were rebuffed by the parties in opposition to the position I was promoting,” Moxon said.
The Meikles brand encompasses the Meikles Hotel, as well as upmarket departmental chains like Meikles Stores, Greatermans and Barbours. The group also jointly owns TM Supermarkets with South Africa's Pick n Pay.
