A board shake-up is looming at ZSE-listed property concern Mash Holdings Ltd after it emerged the group’s majority shareholder, Transnational Holdings Ltd, has sought representation on the board.
By Chris Muronzi
Well-placed sources told businessdigest this week that Nicholas Vingirai, Michael Mahachi, Zororo Muranda and Mike Manyika have taken board seats at Mash Holdings to reflect the shareholder changes at ZBFH, which in turn owns a significant equity stake in the property company.
“The guys have been seconded to the board to steer the ship in a new direction,” a source said.
The changes, which took effect last week, will see Vingirai, who was once exiled due to allegations of unlawful externalisation of funds, assume control of the group. Already, a ZB Life executive Letwin Mawire is acting chief executive of the property concern. Mash Holdings CE Manfred Mahari and Nodzo Matsangura, the finance director and company secretary, were suspended in January after loans and allowances were allegedly irregularly awarded to staff.
The company’s internal and external auditors unearthed the irregularities.
Mahari had served as CE since July 2008.
Mawire would not be drawn into commenting on the appointments, referring all questions to Mash Holdings chairman Ron Mtandagayi, who could not be reached for comment as his phone was switched off.
But a well-informed source confirmed the appointments had been made.
Calls to Manyika went unanswered by the time of going to print.
The appointments are seen as part of a wider Transnational plan to reassert control in the companies it is invested in and effect strategic changes. At ZB, Vingirayi has also restructured the board and made appointments to the board and management.
Former Dawn Properties MD Mike Manyika was appointed ZBFH chief operating officer, a move widely seen as succession planning.
In a statement attached to ZB financial Holdings financial results, the group’s acting chairman, Peter Nyoni, said substantial progress toward the resolution of a long-standing dispute between his group and THL has been made.
“Meanwhile, substantial progress has been made in resolving the long-standing dispute between the company and Transnational Holdings Limited (THL), a former controlling shareholder of Intermarket Holdings Limited (IHL). THL has been challenging the acquisition of IHL by the group since 2007. The resolution framework, brokered by the Government of Zimbabwe, will see THL emerging as a significant shareholder in the company, taking over a substantial part of the shareholding previously held by government,” he said.
“The above developments augur well for the development and maintenance of confidence in the group. A strategic re-orientation programme is underway and should see the group strengthening its capacity going forward.”