Vingirirai removed from ZB Financial Holdings board

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ZB Financial Holdings key shareholder Nicholas Vingirai

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.

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