Tycoon Disrupts Hwange EGM

HARARE, March 9, 2010 - ZIMBABWE business tycoon, Nick Van Hogstraaten, disrupted the much awaited Whange Colliery Company Limited Extraordinary General Meeting (EGM) after he told stunned shareholders that there was no need for them to vote because as majority shareholder he would over rule them anyway.

Hwange is chaired by Zanu PF stalwart and businessman, Tendai Savanhu, who is Phillip Chiyangwa's cousin.
Savanhu also sits on the board of Zeco Holdings Limited (Zeco), a Phillip Chiyangwa empire listed on the Zimbabwe Stock Exchange (ZSE).
"You are all wasting your time because I am going to over rule you anyway," Van Hogstraaten said.
"I have 24.5 percent shareholding in this company and since you did not consult me I will vote against all of you. You are, therefore, just wasting your time and I recommend that we move the EGM to another date."
The EGM was held to approve the Hwange new Employee Share Option Scheme.
The problemmatic Van Hogstraaten has caused several headaches in board rooms of firms that he is  majority shareholder in Zimbabwe.
He has made noise at the NMB Bank Limited as well as that of the Rainbow Tourism Group Limited (RTG) AGMs as major shareholder of the listed entities.
He says the bosses in those companies are non entities who do not deserve to serve on his empires.
A visibly worried Savanhu then reluctantly agreed to postpone the EGM to a later date but before 21 days.
Shareholders were then treated to eat snacks that Van Hogstraaten had bought for them after the EGM was stopped.
"You can eat the food," he said.
"But if you try to go ahead with this meeting I will over rule all of you."