HomeBusiness DigestNDH bosses face official ouster

NDH bosses face official ouster

Shakeman Mugari

NATIONAL Discount House (NDH) creditors, who muscled in on the troubled bank in September, have now taken steps to officially sack two co-founding directors to consolidate their grip on the c

ompany, businessdigest can reveal.

Ernest Matienga and Never Mhlanga, respective chief executive and chief operating officers of the group, are understood to have been put on forced leave pending their resignation.

Edwin Manikai, a Harare corporate lawyer and interim management committee chairman, yesterday downplayed the ouster, saying the two had “voluntarily offered to resign”.

The creditors, assuming control of the bank along with regulator the Reserve Bank of Zimbabwe (RBZ), are not only discontented at failing to draw their maturing securities with the Harare bank, but want to know how the directors drove down or allowed the situation at the erstwhile profitable bank to deteriorate.

The duo, unreachable for comment this week, also lost its cumulative 28% shareholding in the company, along with eight other top shareholders, including Old Mutual and William Nyemba, the deposed former Trust Holdings group chief executive.

Meanwhile, the creditors have agreed in principle that the company be sucked into enlarged FBC Holdings (FBCH) in order to survive possible compulsory liquidation.

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