THE Supreme Court has set aside an arbitration award granted to the ministry of Industry which allowed the relevant minister to appoint board members for pharmaceutical company CAPS Holdings Limited.
The ministry and the company were locked in a battle over the control of the company which was triggered after then Industry and Commerce minister Sekai Nzenza appointed five board members, comprising of pharmaceutical quality assurance specialist Ian Matondo as the CAPS board chairperson, Tapiwa Mashingaidze, Sinikiwe Gwatidzo, Arthur Manase and Bothwell Nyajeka as board members.
However, CAPS Pharmaceutical Trust (CPT) objected to the appointments, claiming the drug manufacturer was the majority shareholder with 51 percent and had the right to make board member appointments.