Few weeks back, #MondayBlues, refuted baseless unfounded claims and rumors that Shingi Munyeza was behind the formation of a fourth mobile operator, in fact we have it that the business mogul with other shareholders had resigned from his initial data convergent project, citing irreconcilable differences with the US based CEO, Mr Tom Nyandoro.
Initially, these Zimbabweans had formed a consortium called Convergent Communication Technologies (Pvt) Ltd which was a company registered in Zimbabwe for the purpose of acquiring spectrum and building, owning and maintaining a 4G Long Term Evolution (LTE) network supported by a national fibre optic backbone and back hauling network to effectively market and deliver triple play and related products.
The founding directors were Tom Nyandoro as the second largest shareholder, with Tapiwa Matambo, Francis Mawindi, Phillip Muchemwa, Cephas Masango, Gerry Dumani and Shingi Munyeza came in to help unlock funding.
Events following up the resignation and internal disputes have caused Mr Shingi Munyeza to lodge criminal charges against Mr Tom Nyandoro, the Group Chief Executive Officer of Convergent Communication Technologies (Pvt) Ltd.
#Mondayblues has been furnished with the court papers that cites the US Based CEO is now under investigation, grounded in Zimbabwe and forced to submit his travel documents and expected to report to the nearest police station weekly, while investigations into the matter continue.
It is Mr Munyeza`s case that the former CEO of Convergent Communication Technologies (Pvt) Ltd, Mr. Tom Nyandoro defrauded him a total of $15 000 under misrepresentation that the funds will act as a deposit to unlock potential funding of $100-$200 million, and to date nothing has materialized.
According to the police docket number CRB: 7844/15, there is evidence that the money was really transfered from Mr Munyeza`s FBC account as a Telegraphic Transfer into Freeman Commercial funding Chase`Manhattan Bank of USA as advised and Mr Tom Nyandoro does not deny the transaction thereof.
The docket reads:
Tom Nyandoro argued that the four directors conspired to compete against him and violated the non disclosure agreement they had signed and now engaging their client using CCT Intellectual property for their new Kingville project and hence he is going to be placing charges against them.
“Shingi Munyeza, Tapiwa Matambo, Francis Mawindi and Phillip Muchemwa decided to resign from Convergent Communication Technologies (Pvt) Ltd and to compete with Convergent Communication Technologies (Pvt) Ltd using a company called Kingvile Investments (Pvt) Ltd. Kingvile Investments
(Pvt) Ltd is also registered in Zimbabwe. This action constituted a fundamental breach of the shareholders’ agreement that was signed by the parties when they were still working together under Convergent Communication Technologies (Pvt) Ltd.
We also note that Nokia Siemens were advised of the formation of Kingvile Investments (Pvt) Ltd before the aforementioned members had resigned from Convergent Communication Technologies (Pvt) Ltd. The directors and shareholders of Kingvile Investments (Pvt) Ltd violated the shareholders’” said Mr Nyandoro.
However Kingvile responded that “By your own definition, CCT and Kingvile Investments are two independent companies and we signed Non-Disclosure agreements with each of the companies. We commit to you that we will honour our legal obligation as stipulated in the respective Non-disclosure agreements.
We will not be drawn into any shareholder disputes amongst common shareholders to both companies.
We reserve our rights to deal with any company that we chose and that approaches us for assistance under the terms of current and prior legal agreements between Jasco and its customers and partners. We see no basis for your claim for us to desist from a business relationship with Kingvile Investments.”
On the fraud charges, Dr Shingi Munyeza maintains that the transaction was fraudulent and prejudiced him of $15 000 hence he needs his capital back.
The case is now pending before the Zimbabwe criminal courts.