Zim's Rainbow Towers Group Suspension from ZSE Unlawful – CEO

In an emotional address to visibly worried shareholders gathered at her five star Rainbow Towers Hotel in Harare, Mutasa said she and her Board Members were actually surprised when the Reserve Bank of Zimbabwe (RBZ) boss, Dr Gideon Gono, “suddenly informed us that we were going to be suspended from the Stock Exchange”.

“We were actually shocked by the decision to suspend us from the ZSE,” an emotional Mutasa said sitting and clad in a pink outfit in a full house gathered at the Jacaranda Room at her Rainbow Towers Hotel, formerly Sheraton Harare Hotel.

The hotel is currently undergoing a major US$5,9 million upgrade to refurbish dilapidated equipment and spruce up rooms, get new corporate stationery, cutlery, paint dirty walls, as well as replace stinking and worn out brown carpets.

“We were suspended but this was illegal,” Mutasa said.”We then received a letter from the ZSE saying our suspension was ‘not in order’ and that we should return to the bourse because they had found nothing wrong done by the RTG.”

She said they had behaved above board because all the cash borrowed from the Renaissance Bank Limited (RNB) had been done above board because they had borrowed cash from the commercial entity before.

“We owe RMB about $5,1 million and not $5,7 million as is being reported,” she said.”But this money came from the Afreximbank and we have borrowed from them before through RMB,” Mutasa said.

“We will get our cash back because we have a guarantee for it and we will seek legal advice for this cash to be brought back to the RTG group.”

Mutasa, said their relationship with the tarnished renaissance Merchant bank (RMB) controlled by tycoon Patterson Timba, was “very cordial and truthful”.

The RTG has a market capitalisation of $1 645 495 543 on the bourse. The hotel Group’s share price currently stands at 3c.

More than 100 shareholders attended the event held in Harare. Doors were closed by 12:15 to allow only bona fide shareholders to attend the lavish party thrown later during voting.