BUSINESSMAN Nicholas Vingirayi (pictured)and his appointees to the Mash Holdings Ltd board — Mike Manyika and Michael Mahachi — were yesterday removed from the board at an annual general meeting (AGM) after shareholders unanimously voted for their ouster.
— Staff Writer.
Standard Chartered Bank CE Ralph Watungwa, along with Vingirai, Mahachi, and Manyika, had offered themselves for re-election on the grounds that they were eligible. Watungwa was, however, elected unanimously.
Vingirai, who a few years ago bounced back as a majority shareholder at ZB Holdings, Manyika and Mahachi were voted off the board after a poll with no votes after 88% voted against their appointment at a shareholders’ meeting held in the capital yesterday.
The AGM had to be extended to allow auditors to come up with a tally when the motion was put to the poll by Mash Holdings chairman Ron Mtandagayi.
However, Petronella Musarurwa and Letwin Mawire were re-elected to the board without incident.
Manyika, who had been appointed ZB Financial Holdings (ZBFH) chief operating officer, was removed following a corrective order issued by the Reserve Bank of Zimbabwe.
Vingarayi’s Transnational Holdings Ltd (THL) emerged with a significant equity stake in ZB Financial Holdings after a settlement with government.