rainbow tourism group ii.jpgHospitality group, Rainbow Tourism Group (RTG)’s shareholders have endorsed the current Tracy Mpofu led board following an explosive Annual General Meeting held in the capital ultimately putting to rest the in-house squabbles pitting business tycoon Nicholas Van Hoogstraten and the other minority shareholders.

As anticipated, the 12th RTG Annual General Meeting was full of fireworks with key shareholders fighting for the control of the board.

Shareholders voted in favour of the current board led by Chairperson, Mrs Tracy Mpofu much to the disgruntlement of major shareholder Van Hoogstraten, who has since threatened to expose what he alleges as fraudulent dealings between other stakeholders; Econet Wireless Zimbabwe and Renaissance.

Van Hoogstraten’s nominees to the board Alexander Hamilton, Maximillan Hamilton and Ian Haruperi were rejected, leaving Tracy Mpofu as Chairperson of the board while other elected directors include Mr Krison Chirairo, Mr John Gould and Mr Shradeick Vera.  

Economic analyst, Mr Christopher Mugaga expressed satisfaction at the outcome which he said is likely to ensure that the group focuses on adding value to their business and achieving profitable performance.

Meanwhile, the hospitality group board chairperson, Mrs Tracy Mpofu noted that the group has sought legal advice towards the recovery of US$5,1 million lost in the Renaissance Merchant Bank (RMB) scam and has expressed confidence of a positive outcome in the current engagement between the group, RMB curator and Afreximbank.

As part of its long term plans the group seeks to implement its recapitalisation programme and disposal of non-core assets with funds raised from the exercise set to meet the group’s short-term debt.

British tycoon, Nicholas Van Hoogstraten enjoys 36 % stake in the group with Afre, Econet and NSSA sharing 49%.