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Nicholas van Hoogstraten

Rimbidzayi Zinyuke Business Reporter
Controversial businessman Mr Nicholas van Hoogstraten yesterday claimed to have blocked the annual general meeting for CFI Holdings citing what he called “unclear” items on the agenda.

The AGM sought, among others, shareholders’ approval to ratify its exceeded borrowing powers in 2014 and to seek the green light to borrow up to $20 million this year.

Also on the agenda was the election of directors to replace Messrs G. G. Nhemachena, B. D. Mothobi who are retiring from the board.

Mr van Hoogstraten, a major shareholder in the agro-processing firm, said the agenda was not clear.

“I am the second biggest shareholder; I have 23 percent,” he told journalists as he left the venue.

“I am the one who stopped it. Just look at the agenda and see what these people are trying to do,” he added without elaborating.

However, company chairman Mr Simplicious Chihambakwe said the meeting had to be postponed because shareholders did not receive documents for the meeting in time. This was in violation of both the Companies Act and the Zimbabwe Stock Exchange listing rules.

“With the help of some shareholders, we came out with a solution that the only way is to postpone this meeting to a date to be advised,” he said.

He said the company is already negotiating with authorities for approval to postpone the meeting.

“One authority has already approved the postponement of the meeting and we are negotiating with the other one,” he added.