Mashold fires top executives

Mashold fires top executives
Published: 14 December 2017
THE Zimbabwe Stock Exchange listed property investment and development concern, Mashonaland Holdings (Mashold) Limited, has fired two top executives who were on suspension for financial irregularities.

The two, former chief executive officer Manfred Mahari and Nodzo Matsangura, the former finance director and company secretary respectively, were suspended in November 2015 after an audit revealed that the company could have been prejudiced of millions of dollars through financial irregularities.

The company's internal auditors raised concern over the manner in which loans and allowances were granted to staff.

The irregularities were later confirmed by external audits, undertaken by BDO Zimbabwe Chartered Accountants and KPMG Zimbabwe Chartered Accountants, resulting in the suspension of the two executives.

Ronald Mutandagayi, who recently bounced back as Mashold's board chairman after his ouster in March this year when he was replaced by Michael Mahachi, confirmed the development last week.

"The disciplinary hearings resulting from the irregularities reported in the 2016 financial results have been finalised. The affected staff members have since been dismissed and the group has started the recruitment process to fill in the vacant positions," Mutandagayi, who is also chief executive officer of ZB Financial Holdings Limited, said.

Neither Mahari nor Matsangura could be reached for comment.

Both Mahari and Matsangura had served as Mashold chief executive officer and finance director since July 2008.

Mashold's board, headed by Mutandagayi, early this year appointed an independent hearing authority that constituted two retired judges, justice George Smith and justice Moses Chinengo, to hear the cases.

In its financial results for the year to September 30 2017, which were published last week, Mashold reported a $1,6 million profit for the year from a loss of $5,9 million recorded in the prior year.

The company's revenue during the period under review was down by 14,4 percent to $4,7 million from $5,5 million reported in the previous year.

Mashold's assets marginally grew by 1,3 percent during the period under review to $104,3 million from $103,03 million recorded in 2016.

Property expenses declined by 27 percent to $1,1 million during the period from $1,5 million during the previous year due to lower movement in the provision for credit losses compared to prior year.

Administrative expenses went down by 43 percent to $1,4 million during the period under review compared to $2,4 million during the prior year.
- fingaz
Tags: Mashold,

Comments

Latest News

Latest Published Reports

Latest jobs