HARARE – A prominent local corporate executive Never Mhlanga is expected to appear in court this morning facing fraud charges in connection with the controversial sale of Montclair Hotel and Casino in Juliasdale, Nyanga, Eastern Highlands, to Rainbow Tourism Group (RTG).
RTG acquired Montclair for US$5 million in November last year and that involved paying the hotel’s different shareholders, including Ludham Investments (Pvt) Ltd which was set up by the National Discount House (NDH) where Mhlanga was a top business executive.
NDH is no longer in existence anymore as a unified entity; it encountered serious financial difficulties and was liquidated around 2004, although some of its operations or subsidiaries, like NDH Equities, were sold or had their names changed to survive under new ownership and restructured capital.
RTG took over Montclair in November 2024, with the deal subject to various conditions precedent and expected to be completed in the short term.
The complaint by former NDH executives is that Mhlanga sold Ludham shareholding in Montclair to RTG when he was longer a director of the special purpose vehicle.
They say Ludham changed its ownership and directors over the years when NDH disintegrated and Mhlanga went out in the process, but he later fraudulently spearheaded the US$5 million transaction with RTG.
This led to a police report and the arrest of Mhlanga in Harare yesterday.
He is facing fraud charges emanating from that deal.
Who is Never Mhlanga?
Mhlanga is a Harare-based University of Zimbabwe-trained chartered accountant who worked for NDH and many different other companies.
He describes himself as a top-notch corporate strategist, change management specialist and business turnaround expert, who has been involved in many successful privatisation and commercialisation deals.
He says he was involved in the privatisation, commercialisation and listing of Dairibord Holdings Limited, management buyout of David Whitehead Textiles from Lonhro, helped the merger of National Insurance Company and Diamond Insurance Company to form NicozDiamond Insurance Limited and its subsequent listing, moved commercialisation of Zinwa, helped the merger of Trust, Royal and Barbican banks to form Zimbabwe Amalgamated Banking Group, negotiated the takeover of Beverley Building Society by CBZ Holdings Limited and assisted MMC Capital Stockbrokers to register as a member of the Zimbabwe Stock Exchange, among other things.
Mhlanga was also executive director, principal consultant and trainer at Parker Randall Strategy.
His CV reads: “An entrepreneur in his own right he is a specialist in corporate strategic planning, team-building, business turnarounds, performance management and corporate governance.
A qualified and practicing chartered secretary, Mhlanga has over 30 years of high-level experience in business, entrepreneurship and capacity building spanning banking, commerce and industry.
He has held several executive positions and directorships in corporate organisations and financial institutions in Zimbabwe.
A member of the Institute of Directors, Mhlanga has been chairman and non-executive director of several listed and unlisted companies, and quasi-government bodies.
He continues to sit on a number of company, advisory, charitable and religious boards.
On strategy, business turnarounds, performance management, and corporate governance, Mhlanga has worked with clients in the beverages, construction, educational, financial services, insurance, manufacturing, medical, NGO, not for-profit, pension funds, professional institutes, stockbroking, water and development sectors.” – News Hawks
