CEO Africa Roundtable cornered over US debt
The CEO Africa Roundtable is embroiled in a legal dispute with US-based businessman Simbarashe Mujuru who is demanding a significant amount of money after the former allegedly failed to fulfil a payment agreement for the facilitation of a business mission last year.
In February 2023, Mr Mujuru entered into a business agreement with the CEO Africa Roundtable to facilitate a business mission for local CEOs and senior executives in the US.
However, Mr Mujuru claims the Roundtable did not fulfill its payment obligations.
The CEO Africa Roundtable is a prestigious platform specifically designed for chief executive officers and senior executives from both public and private sectors across Africa.
The role of the platform is to foster a dynamic exchange of critical economic and business knowledge, promoting growth and collaboration throughout the continent.
Court documents reveal a default judgment was issued in favour of Mr Mujuru at the Harare Magistrates Court in November 2023. The judgment was accompanied by an order granting the Messenger of Court authority to seize assets belonging to the CEO Africa Roundtable to recover money owed to Mr Mujuru.
The CEO Africa Roundtable has since appealed the ruling by the Magistrates Court.
Negotiations soured after the Africa CEO Roundtable allegedly refused to pay Mr Mujuru the full amount he claimed was owed. The CEO Africa Roundtable reportedly contested the expenses, alleging Mr Mujuru exceeded his authorised spending limit.
According to the CEO Africa Roundtable, the initial agreement outlined a facilitation fee of US$15 000 with a separate spending limit of US$5 400 for the business mission.
The Roundtable asserts that any expenditure exceeding this cap required their prior approval before additional costs were incurred.
However, Mr Mujuru maintains he had explicit approval from The CEO Roundtable for the expenditures used to cover hotels, conference space, and transportation for the US business mission.
Mr Mujuru contends that he utilised additional funds to cover hotel and related expenses after a last-minute request from the delegation traveling to the US.
He explains that concerns were raised about potential limitations with their VISA cards, and to avoid complications upon arrival, he used own funds to secure the necessities.
Mr Mujuru also cliams that there was an agreement in place for the CEO Africa Roundtable to reimburse him for these additional costs upon arrival in the United States.
Since its establishment, The CEO Africa Roundtable’s influence has since expanded regionally, establishing chapters in Zimbabwe, Malawi, Botswana, and Zambia.-herald
