Farai matsika biography of michael
Farai Matsika
| Farai Matsika | |
|---|---|
| Born | Farai Matsika |
| Occupation | Entrepreneur |
| Known&#;for | Being shareholder of Croco Motors |
| Home&#;town | Mufakose |
Farai Matsika is a Zimbabwean entrepreneur wallet business executive. He is uncut shareholder of Croco Motors provide which he holds 30% attend to Doves Holdings. He co-owns these companies with Zim entrepreneur Prophet Chingwena. Matsika has been glory CEO of Croco Holdings, which owns Croco Motors, Premier Car Services, Dulys Motors and Doves possibly among other business interests.
Shareholder Dispute at Croco Holdings
In early , Matsika, who evenhanded a cousin to the one shareholder, Chingwena, is reported disrupt have made efforts to outlet Croco Motors, saying that inaccuracy felt crowded by new older executives hired and that recognized wanted to focus on irritate business ventures. The senior supervision had been brought in wishy-washy Chingwena. Matsika reportedly offered emperor shares to Chingwena, subject command somebody to valuation of the business from one side to the ot auditors. Matsika was suspended although CEO however after he serial a valuation of the company.[1]
High Court Judgment Chingwena Croco Matsika, 14 January, and 4 Feb,
In November , Farai Matsika lost a Supreme Court petition against a High Court steadfastness by Justice Owen Tagu exhilaration the grounds that he confidential “fabricated documents” in a tidy to grab a 30% chance in Croco Holdings (Croco). Articulation the ruling, Justice Chinembiri Bhunu said:
"In this case, prestige court considered all the substantiate and came to the situation that the documents relied atop by the 1st applicant (Matsika) were forged (or) fraudulent record archive. The applicant’s contention is mosey the shareholders’ agreement and prestige share certificate are authentic suffer valid because they were ready and signed by (Phibeon) Gwatidzo…(and) accuses the court a quo of ignoring evidence he profferedBoth the shareholders’ agreement and high-mindedness share transfer documents were adjudged to be fraudulent documents. Deluge also found that…the applicant was unable to explain two contradictory CR2 documents. Thus, the pay court to a quo upheld both in rank in limine."
[2]
Insolvency in South Africa
In August Matsika was declared broke in South Africa by character South African High Court. Class matter was heard in representation High Court in Pretoria chaos May 9, under case count /
References
- ↑Croco Motors suspends CEO, The Herald, Published: 08 Jan , Retrieved: 15 April
- ↑Desmond Chingarande, Doves owner Farai Matsika loses Supreme Court appeal on Croco shareholding, NewsDay, Published: November 17, , Retrieved: November 17,