Published: 27 November 2013

EMBATTLED telecommunications company Valley Technologies was placed under final liquidation by the High Court, but the company's ownership remains unclear after both Nigel Chanakira and Zachary Wazara disowned it in court, the Source reported.

ValleyTech, an Internet service provider, had its licence withdrawn by the Postal and Telecommunications Regulatory Authority of Zimbabwe after it failed to pay licence fees of $2,4 million. It was placed under final liquidation on November 13, but the liquidator, Winsley Militala, said the company had been stripped of its assets.

The High Court wrote to the directors of the company, including Chanakira, requesting for a statement of affairs of the company.

In a response through his lawyers, Chitewe Law Practice, dated September 27, 2013, Chanakira confirmed that he was one of the directors appointed on February 1 this year by two Valley Technologies shareholders, Spiritage Telecoms and Connect Investments, after they entered into an agreement with Lalela for the sale of 80% of the shares in the company.

Lalela, an investment vehicle used by Kingdom Bank to effect a debt-to-equity swap for 80% of Valley Technologies, early this year after the Internet service provider failed to settle a $21 million loan.

In his response to the High Court's request, Chanakira said he and the other directors resigned in April because the anticipated basis of their appointment to the Valley Technologies board did not materialise.

He did not specify what the "basis" for the sale was. The other directors involved were Happymore Mapara, Maureen Gula-Ndebele (now Chitewa) and Sobusa Gula-Ndebele (alternate to Ms Gula-Ndebele) and Simplicius Chihambakwe.

Chanakira said the company was placed under liquidation before the company secretary had updated Valley Technologies' records with the Registrar of Companies as they were no longer directors.

He directed further questions on the company's latest information to Valley Technologies former board directors Zachary Wazara, Albert Ushe, Isaac Njainjai and Munatsi Manyande while the company secretary was Confidence Jaricha.


- source

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