A disciplinary hearing for suspended Zimbabwe Stock Exchange (ZSE) chief executive officer Emmanuel Munyuki continues to drag on with no solution in sight after it emerged that no date had been set to conclude the process.
Munyuki was suspended in May pending the disciplinary hearing and there are now indications the parties could settle for an exit package.
His suspension came nearly a month after his mentor Anthony Barfoot was also relieved of his duties as consultant to the exchange.
Lawyers representing the bourse and the suspended ZSE boss confirmed that it was highly unlikely parties would meet this month to conclude the case.
ZSE interim board chairman Eve Gadzikwa yesterday said the matter was still ongoing.
“The matter is still sub judice. I’m yet to get confirmation on when we will meet,” Gadzikwa said. Munyukwi’s lawyer Selby Hwacha said it was highly unlikely that he would meet with the ZSE this month due to other pressing commitments.
“We have not yet set a specific date. I will be travelling this month, so chances of meeting are minimal. Everybody is, however, anxious to resolve this matter,” he said.
Sources, however, said the ZSE had failed to pin down Munyuki on charges of incompetence after it emerged that the bourse had bungled the disciplinary hearing process.
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The hearing had been postponed on numerous occasions amid speculation that lawyers could have been negotiating for a golden handshake for Munyuki’s exit.
It is understood that the ZSE boss was facing charges of misconduct and incompetence. Market players say the suspension could have been triggered by a fall-out between Munyuki and stockbrokers who were unhappy with the financial position of the bourse.
ZSE operations executive Martin Matanda is the acting chief executive officer.
Meanwhile, performance of the ZSE has remained subdued on the back of liquidity constraints and investor fears of indeginisation and empowerment regulations compelling foreign-owned firms to dispose of 51% equity to locals.
