|Known for||Being shareholder of Croco Motors|
Farai Matsika is a Zimbabwean entrepreneur and business executive. He is a shareholder of Croco Motors in which he holds 30% and Doves Holdings. He co-owns these companies with Zim entrepreneur Moses Chingwena. Matsika has been the CEO of Croco Holdings, which owns Croco Motors, Premier Auto Services, Dulys Motors and Doves possibly among other business interests.
In early 2015, Matsika, who is a cousin to the fellow shareholder, Chingwena, is reported to have made efforts to exit Croco Motors, saying that he felt crowded by new senior executives hired and that he wanted to focus on other business ventures. The senior executives had been brought in by Chingwena. Matsika reportedly offered his shares to Chingwena, subject to valuation of the business by auditors. Matsika was suspended as CEO however after he ordered a valuation of the company.
In November 2021, Farai Matsika lost a Supreme Court appeal against a High Court ruling by Justice Owen Tagu on the grounds that he had “fabricated documents” in a bid to grab a 30% stake in Croco Holdings (Croco). Delivering the ruling, Justice Chinembiri Bhunu said:
"In this case, the court considered all the evidence and came to the conclusion that the documents relied upon by the 1st applicant (Matsika) were forged (or) fraudulent documents. The applicant’s contention is that the shareholders’ agreement and the share certificate are authentic and valid because they were prepared and signed by (Phibeon) Gwatidzo…(and) accuses the court a quo of ignoring evidence he proffered...Both the shareholders’ agreement and the share transfer documents were adjudged to be fraudulent documents. It also found that…the applicant was unable to explain two conflicting CR2 documents. Thus, the court a quo upheld both points in limine."
Insolvency in South Africa
In August 2016 Matsika was declared insolvent in South Africa by the South African High Court. The matter was heard in the High Court in Pretoria on May 9, 2016 under case number 58704/2015.
- Croco Motors suspends CEO, The Herald, Published: 08 Jan 2016, Retrieved: 15 April 2018
- Desmond Chingarande, Doves owner Farai Matsika loses Supreme Court appeal on Croco shareholding, NewsDay, Published: November 17, 2021, Retrieved: November 17, 2021
- Croco Motors chief executive declared insolvent in South Africa, Insider Zim, Published: 24 Aug 2016, Retrieved: 15 April 2018