RAYMOND MAVENGANISE SVONDO
KEVIN JAMES SHADWELL
REVCO (PVT) LTD
HIGH COURT OF ZIMBABWE
BULAWAYO 15 MAY 2018 AND 8 JUNE 2018
SPECIAL PLEA IN BAR
V E Ndlovu for the plaintiff
N Mangena for the 1st defendant
MATHONSI J: The plaintiff is a former employee of the second defendant who, along with twenty other managerial employees of the second defendant entered into a written shareholders agreement with the first defendant, the latter having been the managing director and majority shareholder in the said incorporation. The agreement was signed by all the parties on 29 June 2007 and allocated to the plaintiff 100 “B” shares constituting 1% of the entire share capital of the Company while allocating to the other twenty managerial employees shareholding of varying proportions. The first defendant retained the majority shareholding of 68%.
On 6 June 2014 the plaintiff instituted summons action out of this court against only the first and second defendants seeking payment of $20000-00 deemed by him to be the equivalent of 1% shareholding in the second defendant together with interest at the prescribed rate and punitive attorney and client costs. He averred that as one of the employees of the company he had benefited from an employee share ownership scheme which granted him a 1% shareholding which he is entitled to be paid for upon leaving the company.