Funeral services group, Nyaradzo Group’s co-founder and chief executive officer Phillip Mataranyika says the company is under attack from detractors determined to see the entity go under.

This follows reports of infighting among shareholders who were believed to be unhappy with the route the business has been taking of late. Additional allegations note that initial funders of the Nyaradzo project were not happy with the Sahwira International project believed to be an independent project.

But Mataranyika dismissed the allegations labelling them as efforts of detractors determined to rock the boat.

Phillip Mataranyika

“This must be the work of determined detractors given the social media noise we have been through. They are determined to rock the boat and see us failing. Nyaradzo is a steady ship, sailing to its destination without much to worry about, especially at the shareholder level.

“As you know, every so often there will be turbulence at sea caused by waves which are normal and this refers to recent robust discussions we have had with clients on social media which are very much under control,” Mataranyika said.

He said the group’s shareholders had no problem with the trajectory the business was taking after agreeing that it was time to grow the business to become a global outfit.

“I would be surprised to find a shareholder of a business who would be unhappy to tap into a foreign currency earning market given the perennial foreign currency shortages we are going through as a country.

“Even at the government level, companies are being encouraged to explore setting up offshore with support from the Ministry of Finance and that of Foreign Affairs. His Excellency, the President has said that too,” Mataranyika added.

“From a Nyaradzo perspective, we have received immense support from our regulator and exchange control authorities as we go out to tame the global market jungle.”

Mataranyika said for a company to engage with the government and regulators for global expansion, it needs board resolutions. Recently the Nyaradzo Group came under fire after its policies were explained online and were labelled ridiculously unjust. Nyaradzo is a funeral services group that provides financial, insurance, risk and event management solutions.

In several tweets by one Alistar Nyamarai Chibanda, Nyaradzo was accused of ripping off its clients and benefiting way more than the clients.

Chibanda explained how Nyaradzo can benefit from your 10 years premiums and close off your account if you fail to pay in three months, meaning if you fail to pay for the said months you lose all your premiums and have to restart again as a new member.