THE interim Board Chairman of the National Investment Company Limited (NICOL) Gideon Kaunda has cleared doubts among his fellow company’s shareholders who had a suspicion over the misuse of their company’s investment share capital. He told shareholders during an Annual General Meeting (AGM) which was held recently in Dar es Salaam that, they should do away with the allegations which they had leveled against the IPP Executive Chairman Dr. Reginald Mengi whom they thought was directly involved in the dubious purchase of a pharmaceutical company that resulted into the misuse of the company’s fund. Dr. Mengi was initially speculated by the NICOL shareholders on allegations that, he might have used his capacity as a chairperson of the investment committee within NICOL and deliberately entered into a dubious contract deal that forced the company to invest its money in an ill fated pharmaceutical industry called Inter-Chemi Pharmaceutical and Beverages Ltd based in Moshi some four years ago. The truth about the matter was vividly shown through various speeches when shareholders came to learn during the meeting session that, the former NICOL Chairman Felix Mosha is the one who spearheaded the deal himself in his capacity as a Chairman. NICOL’s interim Manager Kinoni Adam Wamunza said in an exclusive interview with this paper after the meeting that, Dr. Mengi who chaired an investment committee by then had refused to accept the proposal brought before him by the chairman as he knew the deal would not pay at all, and instead former chairman worked it by himself.
IPP Executive Chairman Dr. Reginald Mengi in discussiin with the members of the Tanzania Editor's Forum. Seated on his left is the Chairperson of the forum Absalom Kibanda.
On realizing that he had been bypassed, Dr. Mengi resigned from his position and his decision had sparked fear when he threatened to withdraw his membership. But later he made up his mind to remain as an ordinary member, he said. During the meeting sessions, the interim chairman Gideon Kaunda dismissed claims by many of his fellow shareholders who have been speculating rumors that Dr. Mengi had in one way or another involved even to prevent other members from attending the Saturday meeting. “You shouldn’t think that he is inciting in newspapers that NICOL members should not attend their AGM meeting, let us not have such a bad attitude” he told shareholders and added that, being an Executive Chairman of the IPP companies, there are some decisions to which he is not directly involved. After the remarks by the interim chairman, Dr. Mengi rose and said that, the speculations leveled against him that he has sabotaged the NICOL company had been aggravated more by one deputy minister in the cabinet whom he didn’t mention. “I am always open before my fellow Tanzanians and since I have the habit to mention those who are against me, this time let me reserve his name” Dr. Mengi told about 200 his fellow shareholders who turned in a meeting which after its end, he offered them a luncheon. Speaking in the meeting, one of the founding members and former Attorney General during the first phase government, Mark Bomani, highlighting the issue of Inter-Chemi Pharmaceutical company he has dismissed claims by some shareholders and said that is not true that Dr. Mengi instigated the deal. He has assured them of his none involvement of the matter which he said had been committed by few who had bypassed him. However, he has condemned those who instigated other fellow members from attending the meeting for unknown reasons. He urged shareholders to be serious with the company bearing in mind the fact that, they have contributed a lot to its development up to where it is now. In view of this, he has asked fellow shareholders to accept the withdrawal of the cases which are pending in court.
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