THE National Insurance Company Limited (NICOL)'s new management has refuted claims by Mr Felix Mosha that he was still a legitimate Board Chairman of the company.
"Time has come for Mr Mosha to respect orders of the court. He was ousted from the leadership by shareholders of the company following a court order issued on February 29, 2012," NICOL Interim Manager, Mr Kanoni Adam Wamunza, said in a statement issued in Dar es Salaam.
He said that after such installation of new management, Mr Mosha filed numerous cases both at the High Court and Court of Appeal to challenge the ruling. However, he said, recently the Court of Appeal dismissed his application for revision for being filed incompetently.
"Mr Mosha was also ordered to pay costs for the application, but surprisingly he does not tell the public on this truth. He keeps on giving misleading information on the matter.
Mr Mosha ceased to be the leader in NICOL since February, last year," Mr Wamunza said. He queried that if at all Mr Mosha was still a leader in NICOL, what were other reliefs he was seeking in the cases he filed in courts apart from challenge his removal from the office.
"It is surprising to see a lot of money being used to file these cases in court. The time of continuing litigation on this issue is now over.
Mr Mosha should cooperate with the current leadership for the welfare of the company," the interim manager said in the statement. On October 3, this year, Appeals Court Justices January Msoffe, Steven Bwana and Ibrahim Juma dismissed with costs the application by Mosha after upholding an objection raised by respondents in the matter.
The judges ruled that the application in question was incompetent because there was another matter before the High Court's Commercial Division, which was still pending. They directed the pending application before the High Court to be heard.
After such decision, Mr Mosha convened a press conference and assured shareholders of NICOL that their shares were in safe hands and the company was going strong with its value surging almost eight times to 65bn/-in its eight years of operation.
However, Mr Wamunza questioned the truthiness of statements given by Mr Mosha, alleged in the statement that the new NICOL management have been receiving complaints from shareholders of being given their respective development updates of the company and payment of dividends.
He said that such aspect was occurring for failure by Mr Mosha to prepare audited accounts for the company within a reasonable time and the last audit carried out in 2008 indicated that NICOL was running at a loss of 6.5bn/- and that is why some government agencies decided to intervene.