Telecel Zimbabwe chairman denies resigning amid ongoing power struggle
James Makamba says he ‘never resigned’ from the country’s third largest mobile operator and may lose his Sandhurst property over a $4.5m debt to Absa
Harare — The boardroom squabbles at Telecel Zimbabwe, the country’s third largest mobile operator, took yet another turn on Tuesday when Zimbabwe businessman James Makamba said he "never resigned" as director and chairman of the company last week.The latest about-turn is likely to see the mobile operator continue on its difficult path, largely sparked by the fight for control. Telecel, at its peak, was Zimbabwe’s second largest mobile operator, but its continued loss of subscribers and failure to match rivals’ network expansion has seen it slip to third place after market leader Econet Wireless, and second place NetOne.At the weekend, Makamba was reported by SA’s Sunday Times to be on the verge of losing his lavish Johannesburg, Sandhurst property, Villa Royale, over a $4.5m debt owed to Absa. The debt was raked up by mortagage, credit card and vehicle financing facilities that the businessman has with the bank. Through his lawyer, Charles Chinyama, Makamba said on Tuesday that the...
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