One of Zimbabwe's leading pharmaceutical companies, QV Pharmacy has been placed under provisional judicial management.

High Court judge, Justice Charles Hungwe granted the provisional order and placed the pharmacy under provisional judicial management pending determination. 

He ordered the parties to come back to court on the 30th of April where a determination will be made on the placement of the company under judicial management.

Four shareholders in the QV Pharmacies, who include Pulse Medical Care, Medivision Holdings, Pharmaceuticals and Chemist Distribution (Pvt) Ltd and Sky Pharmaceuticals (Pvt) Ltd, applied for the placement of the company under judicial management citing abuse of funds by Mr Frederick Mutanda who is one of the shareholders.

Mr Winsley Militala has since been appointed the provisional judicial manager for the QV Pharmacies.

Meanwhile, Mr Mutanda, who is accused of misappropriation of funds, has written a letter of complaint to the Master of the High Court, saying he was not saved with the court papers on the intentions of placing the company on judicial management.

Mr Mutanda has indicated that he wants to withdraw his personal assets from the company and revealed that some of the QV Pharmacies have been closed.

QV Pharmacies has branches across the country and according to court papers, it is a subsidiary company of Zimbabwe's former largest drug manufacturer, CAPS Holdings.

Tags: QVPharmacies, JudicialManagement,