The Zimbabwe Stock Exchange (ZSE) board is expected to conduct a disciplinary hearing for suspended ZSE chief executive officer Emmanuel Munyuki nearly two months after his suspension, NewsDay has learnt.
ZSE board chairperson Eve Gadzikwa yesterday said the bourse had written to Munyuki’s lawyers, Dube, Manikai and Hwacha informing them about the development.
The hearing has on several occasions been postponed for unclear reasons.
It is understood that the ZSE boss is facing charges of misconduct and incompetence. Market players say the suspension could have been triggered by a fallout between Munyuki and stockbrokers who were unhappy with the financial position of the bourse.
His suspension came nearly a month after his mentor, Anthony Barfoot, was also relieved of his duties as a consultant to the exchange.
Barfoot, who previously worked with Munyukwi at Art Corporation, preceded the incumbent ZSE boss.
ZSE operations executive Martin Matanda is the acting chief executive officer.
“We have set July 6 as the day for his hearing, but we are yet to get confirmation from his side,” Gadzikwa said.
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Munyukwi could not be reached for comment yesterday.
According to minutes of the ZSE annual general meeting (AGM) held last year, stockbrokers also wanted to know the status of non-member institutions such as asset management companies, which receive rebates on commission levied by brokerage firms.
In a management letter accompanying the ZSE full-year results for 2010, the bourse’s auditors recommended that assets belonging to the ZSE should be physically verifiable and that ownership books should be kept and registered in the name of the ZSE.
This was after PricewaterhouseCoopers noted that a Mercedes-Benz S350 was registered in the name of the CEO, but classified as a ZSE asset. The Securities Commission of Zimbabwe last year also expressed frustration over the slow pace of reforms at the bourse.
Meanwhile, the ZSE last Friday conducted its AGM without Munyuki amid a push for reforms by the capital markets regulator.
