Friday, October 24, 2008

Nigel Chanakira booted out of the Econet Board

HARARE - THE battle between tycoon Nigel Chanakira of Kingdom Meikles Africa Limited (KMAL) and his business partner Strive Masiyiwa of Econet Wireless International (EWI) seems to be heating up as Chanakira is no longer on the board.

Chanakira's name was missing from the recent line up when Econet Holdings Zimbabwe Limited (Econet) EWI's sister firm, released its results.
Econet said only company directors were on its board now.

In Zimbabwe Econet is led by Douglas Mboweni but it was founded by Masiyiwa before he left to settle in South Africa.

Chanakira has confirmed to Radio VOP that things were not well between him and his buddy.

He said he could not be continuosly told what to do at his own firm Kingdom which he also founded in 1996.

But Econet has thrown its weight behind Chanakira in his fight with Kingdom Meikles Africa Limited (KMAL) Chairman, John Moxon as they blocked the expected Extraordinary General Meeting (EGM) scheduled for month end.

This article is from Should you require further clarification, please visit the respective website.