SHAREHOLDERS of the National Investment Company Limited (NICOL) yesterday pressurized their former Company’s Chairman Felix Mosha to hand over the office and other documents to the newly appointed management team. The decision by shareholders was reached in their Annual General Meeting (AGM) held in early January this year in Dar es Salaam that discussed together with other matters their internal managerial disputes which has been facing the company for the last one year. Mosha whose management ended up in March 2012 has long been refusing to hand over the office to the newly elected interim Board members after having been suspended from his position by the Capital Markets Security Authority (CMSA). Earlier, NICOL Company had a case in High Court whereby the CMS A which runs the operations at Dar es Salaam Stock Exchange (DSE) accused the company for various violations of work rules that governs the operations of the trading bourse in Dar es Salaam In the meeting, NICOL shareholders unanimously agreed on a common stand to have their former chairman axed out of the office and hand over the related office documents to the newly management team with immediate effect. However before taking an action have resolved to settle the matter amicably and in view of this, they have decided to take a preliminary step of asking their founding members to intervene as they still respect former chairman for being their fellow founder member who has been running the company’s operations since its inception in 2001. They are optimistic that their intervention would help the company solve the existing internal administrative problems associated with the development of the company on the course of their day to day’s running operations. The founding members who also attended the meeting were among them the Chairman of the IPP group of companies Dr. Reginald Mengi. Others are Arnold Kilewo, former Attorney General Judge Mark Bomani, Ambassador Paul Rupia and Ambassador Anthony Nyaki. The decision by NICOL shareholders was reached by all members together with other four resolutions reached upon by all of them that ironically aimed at finding a permanent solution besetting the internal administration of the company whose entire members see to b e facing a bleak future.
The Chairman of the Cofederation of Tanzania Industries (CTI) and former NICOL Chairman Felix Mosha.
NICOL members have directed the founding members to consult him (Mosha) and diligently give him a one week ultimatum to surrender the office together with other official documentation so as to leave the office space for the newly elected interim Board members who currently have no office to run the company’s businesses for the benefit of their shareholders. Elaborating on the decision reached to the shareholders, the interim Company’s Manager Kinoni Wamuza said that, failure to abide by the directives passed by their fellow members, the stubborn former chairman (Felix Mosha) would face a forceful removal of the office and if possible would be taken to court for defying the legal decision passed by their AGM. Earlier the Manager told members of the NICOL that, their company had not been performing well for the last three years, and it has made an accumulated loss of share investment of the company to the tune of Sh. 10 billion between 2007 and 2009 under the mandate of their former Chairman. Other resolutions are the shareholders have directed that a strong notice should be issued to their former Chairman for his behavior of interfering with the shareholders’ meetings which ha=s to a certain level affected the call of their meeting. They have also directed him to hand over the company’ assets in their custody before 9th February 2013 failure to which legal action should be taken against them include eviction. As far as possible the interim Manager should clear and withdraw all legal proceeding involving NICOL instituted by unauthorized persons. The National Investments Company Limited (NICOL) is an investment company that mobilizes capital from the Tanzanian general public and invests the same in the profit making commercial enterprises. Specifically, the principal business activities involve establishing or acquiring and managing enterprises in various sectors of the economy namely manufacturing, financial services, telecommunications, agricultural, mining and in the hospitality sectors.
No comments:
Post a Comment