Reinsurance Corporation Limited (Afre) refused to allow a Board member and former Chief Executive Officer of one of their subsidiaries, Dunmore Kundishora, to rejoin their Board.
"The motion has failed," said the Non Executive Chairman, Innocent Chagonda at the company's Annual General Meeting (AGM) held in Harare.
"Mr Dunmore Kundishora will not be rejoining the Board for 2012." He was the only individual who failed to make it to the top table.
Kundishora and his relative, Patterson Timba, are alleged to have abused funds at Afre and Rennaisance Financial Holdings Limited, where they are major shareholders.
They allegedly milked Rennaisance Merchant Bank (RMB) to the tune of about $5 million last year causing mayhem in the country's financial system.
The duo gave themselves hefty loans which they did not repay. Reserve Bank of Zimbabwe (RBZ) Governor, Dr Gideon Gono, then requested that they be investigated and suspended.
The two then quit their top posts at Rennaisance and Afre. Afre is listed on the Zimbabwe Stock Exchange (ZSE) and is among the top property counters on the bourse.
It is currently led by Douglas Hoto, an arcturial science specialist. Telecommunications giant, Econet Wireless Zimbabwe Holdings Limited (Econet) was forced to disinvest in Afre after the financial scam.
The group said they "did not want their image to be tarnished".
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