Following this paper’s revelations of widespread discontent among shareholders, highly placed sources said this week that one board member had vowed that those leaking information to the media, the Zimbabwe Stock Exchange (ZSE) and Securities and the Exchange Commission of Zimbabwe (SECZ) must be sniffed out and punished.
“The board member is threatening all senior managers and harassing some shareholders, accusing them of conspiring to tarnish the image of the chairman John Moxon,” said one of the sources.
Thabani Mpofu, the company secretary, last week declined to respond to questions from The Zimbabwean, who said “We understand that these questions are emanating from MDC-T Member of Parliament based in Bulawayo. We’ll therefore not dignify your questions with a response.”
In a recent statement, Moxon alleged that some people were plotting Meikles’ downfall. “There are now too many bees around swarming the Meikles honeypot,” he said. “Some of them have negative agendas which in the end will not only damage Meikles, but Zimbabwe as a nation in its search for further investment.”
Meikles was recently suspended from trading on ZSE following reports that it had inflated a debt the Reserve Bank of Zimbabwe (RBZ) owed it from 1998 by about 100 percent.
In his latest statement following allegations of improper trading and poor board governance, where the legitimacy of some of his board members is being questioned, Moxon voiced uncertainty over the future of Meikles’ participation on the bourse.
He said the company had put on hold its expansion plans and was reconsidering future listing on the ZSE, while postponing the inclusion of one of its subsidiaries on the stock market.
It was not clear if he made the statement with the blessing of all his board members, some of whom shareholders say should not continue to sit because of pending disciplinary procedures.
“The strategy – which was aimed at further expansion in the subsidiaries, the introduction of more investor capital and possibly to even list one subsidiary on the ZSE – is on hold for the time being due to present uncertainty,” said Moxon, who has been accused of lack of transparency and dictatorial tendencies.
Post published in: Business