- Dewji was required by the Information, Culture, Arts and Sports ministry to own a 49 percent share instead of a 50 percent share as it was earlier.
Dar es Salaam. The Simba Sports Club management have clarified that their board chairman, Mohammed Dewji, has reduced his investment package in the club from Sh20 billion to Sh19.6 billion.
Simba’s clarification comes one day after the Fair Competition Commission (FCC) had wanted to know about the club’s announcement that Dewji is in plan to invest Sh20 billion in the club.
Dewji was required by the Information, Culture, Arts and Sports ministry to own a 49 percent share instead of a 50 percent share as it was earlier.
According to Simba’s statement issued yesterday, Dewji would have invested Sh20 billion in the club had he been agreed to acquire a 50 percent share. The government required him to buy 49 percent of shares and the amount was reduced to Sh19.6 billion.
According to the statement, Dewji was ready to increase the amount indicated in the Memorandum of Understanding (MoU) to Sh20 billion.
However, Simba said that they are continuing with the transformation process as per rules and regulations. They said the club is intending to change the current leadership operation structure into the modern one as per endorsement by the club members’ meeting.
The statement said Simba are still in communication with FCC as on October 16, 2020 they had a joint meeting on the matter, aiming to have their new leadership structure and operations.
“We are in good communication with FCC about the matter as after our meeting on October 16, the club received a letter from FCC on October 22, 2020, requiring the club management to submit all documents about the transformation.
“After receiving the letter, we submitted all documents to FCC as per requirement.
“It is normal to be required to submit documents as they want to get satisfied with the exercise,” the statement said.
The FCC has also queried the appointment of the club’s Chief Executive Officer while the process of the club’s transformation is yet to complete as per regulations.