Aico Boss Gets US$1m Golden Handshake

HAPPYMORE Mapara, the group chief executive officer of cotton company Aico Africa Ltd has left the firm with a golden handshake of  over US$250 000.

But he could walk away with over US$1 million in the bag as well, according to sources.

The sources said Mapara would keep share options running into significant thousands but it was not clear when he would be able to call his options.

Apart from the share options —  an attractive incentive to keep executives on the job — Mapara is also keeping top-of-the-range vehicles as part of the settlement.

He also got a holiday payout a source described as “handsome”, among other benefits.

Mapara fell out with key shareholders in the company after auditors — KPMG — produced a damning report on the company’s operations and underhand deals at the company.

Contacted for comment last night, Mapara referred all questions to the group chairman Patison Sithole but he was not available. Earlier, Mapara had been asked by Sithole to take 10 days forced leave while the board reviewed the audit.

Mapara is said to have returned to work on Monday upon which he was given his marching orders. — Staff Writers.