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Mpofu, resigned at the weekend in protest over what they termed “excessive intrusion” by Finance Minister Tendai Biti.
The mobile phone company is understood to be contemplating disposing of its shareholding in Afre and RTG following the suspension of the two companies from trading on the Zimbabwe Stock Exchange by Minister Biti.
The move was taken following revelations that there were some irregular transactions involving RTG and Afre that violated the Securities Act.
The move was taken with the concurrence of Reserve Bank of Zimbabwe Governor Dr Gideon Gono.
The other directors who quit are Mr Ricky Mapani, Mr John Gould, Mr Chris Chirairo and Mr Douglas Mboweni.
The five had been appointed by Econet Wireless to represent its interests in Afre. Econet holds a 20 percent stake in Afre that was led by former executive chairman Mr Patterson Timba who recently stepped down under unclear circumstances.
Econet board chairman Mr Tawanda Nyambirai yesterday confirmed the development saying the board members had resigned in protest over “unacceptable levels of intrusion by Minister Biti in matters that should have been left to the board and the Zimbabwe Stock Exchange to decide”.
“Yes it is true they have resigned,” he said.
Mr Nyambirai said when Afre Corporation and RTG were suspended from trading on the ZSE the directors were not advised or consulted.
“They only read of the development in the newspapers,” he said.
He said the subsequent intervention by Minister Biti had created an untenable situation that hindered the directors from executing their fiduciary duties.
“There is too much political intrusion by Minister Biti,” he said.
Sources at Afre confirmed that a board meeting held on Saturday had accepted the resignations citing failure by the directors of a hostile take over of the company as the reason for their quitting.
“They thought they would bully Afre Corporation but now they realised that they could not take over the company,” said the source.
The remaining board members are Professor Norman Nyazema, Mr Misheck Manyumwa, Professor Christopher Chetsanga, Mr Doubt Dube, Mr Timba, Mr Tose Ndebele, Mr Kennedy Lemani and Ms Sibusisiwe Ndhlovu.
Minister Biti and Reserve Bank Governor Dr Gideon Gono suspended trading in Afre and RTG shares last week and started investigations into Afre subsidiaries, First Mutual Life, FMRE, Tristar and Pearl Properties (Private) Limited in the wake of suspected irregular inter-company transactions at Afre and RTG.
“The ministry is concerned with the goings on at Afre and RTG. Of late we have seen fliers and notices of rights offers and EGMs, which in our view have potential of breaching Section 85 of the Securities Act. Pending outcome of these investigations we are suspending the share transactions in RTG and Afre,” said Minister Biti.