MAKAMBA LOSES TELECEL BATTLE

Businessman James Makamba has lost his battle with President Mnangagwa's son-in-law and is leaving Telecel Zimbabwe.

Makamba's exit was finalised at an extraordinary general meeting of Telecel Zimbabwe on Thursday. The new chairman is now Gerald Mlotshwa.

Makamba will receive $11 million for his Telecel Zimbabwe shares. He sold off a remainder of 30,25 percent equity in holding company Kestrel Corporation to MHMK Group, controlled by Mlotshwa and George Manyere.

The news comes at a time when the Sunday Times reports that Makamba’s sprawling Johannesburg property could soon be confiscated by Absa Bank to recover a $4,5 million (R59 million) debt owed by the Zimbabwe businessman.

The debt is understood to have accumulated in mortgage, credit card and vehicle financing accounts the businessman opened with Absa’s Wealth Unit.

Makamba, who is a top Zimbabwean businessman and close ally of former president Robert Mugabe, put up the Sandhurst property, Villa Royale, as surety.

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