HomeNewsSuspended ZSE boss Munyukwi’s dispute drags on

Suspended ZSE boss Munyukwi’s dispute drags on


THE Zimbabwe Stock Exchange (ZSE) Board is yet to resolve its labour dispute with suspended chief executive officer Emmanuel Munyukwi, months after his suspension, it has been learnt.

Report by Business Reporter

ZSE board chairperson Eve Gadzikwa yesterday said negotiations with Munyukwi and his lawyers were still on-going amid indications the parties could settle for a golden handshake for the veteran capital markets executive.

“The issue is still to be resolved and there are issues being discussed,” she said in a telephone interview.

“We are still trying to find a solution to the issue and negotiations are still ongoing. As you may be aware, these issues involve two parties.”

Munyukwi was suspended in May on charges of incompetence. ZSE operations executive Martin Matanda is acting chief executive while Munyukwi’s issue is being finalised.

A source close to developments said both parties had agreed in principle that their relations had irretrievably broken down leaving an exit package as the only way out. The source said the matter could be concluded before the end of the year.

His suspension in May came barely a month after his mentor Anthony Barfoot was relieved of his duties as a consultant of the exchange.
Last year, a group of resentful stockbrokers convened an extraordinary general meeting where they expressed displeasure at the state of affairs at the exchange.

Stockbrokers raised questions on a number of issues, among them lack of progress in hiring of a listings manager, business development manager and a legal adviser for the bourse.

Brokers had questioned delays in the implementation of a proposed demutualisation programme.

According to minutes of the ZSE annual general meeting held last year, stockbrokers wanted to know the status of non-member institutions such as asset management companies, which received rebates on commission levied by brokerage firms.

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