An Indian investor, Shekhar More, has accused his former business partner, Zuneth Sattar, of betraying their business relationship, alleging that a deal that began with the sale of 40 percent shares in his agro-processing company ended in a bitter dispute over ownership, company finances and his continued stay in Malawi.
More, who came to Malawi in 2005 as a foreign investor, says he brought Sattar into his business after seeking financial support to expand his agro-processing operations.
He told journalists that he had built a groundnut-processing business producing edible cooking oil before establishing a soya-processing factory at Mpingu, designed to process 150 metric tonnes of soya beans in 24 hours.
However, the new factory required substantial financing to purchase raw materials, prompting him to seek a business partner.
More, said his accountant, Padma Kumar of Kumar Associates, introduced him to Sattar and another businessman, Manish Shashikant Anadkat.
According to More, Kumar assured him that the prospective partners were trustworthy and capable of supporting the business.
“I sold my 40 percent of shares to Zuneth Sattar,” More said, explaining that the company was valued at US$4 million at the time and that he received US$1.5 million for the shares.
He said Sattar had agreed to provide additional funding as required to support the company’s operations.
Partnership turns sour
More said relations deteriorated after the factory began trial operations, which he described as successful, with orders coming from Tanzania and Kenya.
He alleged that Sattar and his associates began interfering in the management of the factory, despite his objections.
According to More, the disagreements intensified when he questioned why the investors had not provided all the money he believed was needed to finance the company’s operations.
He said the dispute eventually escalated into accusations against him and threats allegedly made in Sattar’s name.
The businessman claims the situation reached a turning point when he was summoned to the offices of Kumar Associates, where he allegedly found Ahmed Sattar, Zunez Sattar’s elder brother.
More alleges that he was locked inside an office cabin and forced at gunpoint to sign documents transferring his shares.
“I was locked in that cabin, and at gunpoint, Ahmed Sattar made me sign the share transfer document,” he told journalists.
He further alleged that documents transferring 10 percent of the company’s shares belonging to his wife were taken to his home, where her signature was obtained.
More said he signed the documents because he feared for his family’s safety.
He subsequently arranged for his wife and children to leave Malawi before reporting the alleged incident to Area 3 Police Station.
The allegations have not been independently verified, and the responses of Sattar and the other individuals named were not available in the account presented to journalists.
Dispute extends to company finances
More also alleges that his business subsequently lost access to funds held in its bank account.
He accused Sattar’s associates of being involved in transactions that he claims were not authorised and questioned how Ashok Nair, whom he identified as Sattar’s company secretary, could have closed the account.
More said he pursued the matter through his lawyer, retired Brigadier General George Libimbi, and sought intervention from the Reserve Bank of Malawi.
According to More, the bank said a signature card containing the authorised signatories was missing.
He maintains that millions of kwacha were in the account before it was closed, leaving him without access to the money.
The circumstances surrounding the transactions and account closure remain allegations requiring independent verification and a response from the bank and the individuals concerned.
Years-long fight for justice
More’s dispute with Sattar was followed by legal and immigration challenges that kept him outside Malawi for several years.
He said he was arrested in connection with outstanding income tax returns relating to his earlier business and was later deported to India in 2017.
He maintains that his deportation occurred despite his lawyer obtaining a High Court stay order.
More eventually secured relief in his judicial review case in 2024 and returned to Malawi on November 5 that year.
He said he subsequently lodged a fresh complaint with the Fiscal Police concerning the alleged forced transfer of shares and other aspects of the dispute.
However, he expressed frustration that no action had been taken by the time he addressed journalists, adding that he had heard that the investigating officer had been transferred.
More said he wants the authorities to investigate the matter and establish what happened to his business and its assets.
“I don’t have any grudge against anybody. But I want justice,” he said.
The dispute centres on a business relationship that More says he entered into to secure financing for an expanding agro-processing enterprise but which he alleges ended with the loss of control over his company and access to its funds.
We reached out to Sattar on Monday morning to get his comment, but there was no response as we went to press.
