Mphoko On The Verge Of Being Booted Out From Choppies Supermarkets
Former vice president Phelekezela Mphoko is reported to be on the verge of being booted out from Choppies Supermarkets by his former business partners led by former Botswana president Festus Mogae. Mphoko claims that his family owns 41 percent while his partners contend that he was given only 7 percent for him to be the figurehead. The Botswana business partners want to exercise a “call option” in their agreement which will allow them to buy back 44 percent of the shares at a nominal price.
In an interview with Zimbabwe Independent, Ottapatu one of the Botswana partners said,
At a board meeting in 2014, the former vice-president complained that shares they held in Choppies, 7%, was too small. His son (Siqokoqela) corrected him on that. It is recorded as part of minutes for that meeting.
With all this that has been taking place and with the shareholder feeling the situation is now ripe to take over the business because the indigenisation laws are no longer as they were in 2013, the
However, Mphoko has vowed to fight for his rights saying,
The law is very clear, the retail sector remains reserved for locals. So they can’t be allowed to undermine the laws of the country as and when they wish.
Also Read: Former Botswana President Demands His Shares In Choppies, Says Mphoko Was Just A Front
More: The Zimbabwe Independent