Published: 23 February 2018

BUSINESSMAN Nicholas Vingirayi 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.

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.
- Business Weekly