Kingdom embarks on voluntary job cuts

AFRASIA Kingdom Zimbabwe Limited (AKZL) chief operating officer Edgar Nyamupingidza has stepped down as the financial services group embarks on voluntary retrenchment exercise to streamline operations, NewsDay Business has learnt.

Report by Business Reporter

His resignation comes two months after Kingdom Bank managing director Francois Molife also threw in the towel. His deputy Sylvester Dendere is currently acting.

“Mr Edgar Nyamupingidza is one of the staff members who elected to participate in the voluntary separation scheme that the Group announced recently,” said a group spokesperson.

“After due consideration, his request was accepted and the Group wishes him well in his future endeavours. Kingdom Bank currently has an acting managing director, Mr Sylvester Dendere, and the Bank will, once due processes are completed, have a substantive appointment.”

Mauritius-based AfriAsia, which in 2011 acquired a 35% stake in a $9,5 million deal to shore up the financial institution, however, declined to comment on Nyamupingidza’s resignation, but confirmed the ongoing restructuring of the business.

Following the acquisition, AKZL appointed James Benoit, Kamben Padayachy, Jill Rickard and Brian Fredrick as non-executive directors.

In February, the group’s brokerage unit Kingdom Stockbrokers, once its flagship, wound up its operations as part of the group’s restructuring exercise.

“We will not comment on market speculations. There are a number of strategic and operating reviews ongoing at AfrAsia Kingdom Zimbabwe Ltd,” said AfrAsia chief executive officer Benoit.

“These are primarily aimed at growing and scaling up our business to position the Group as a top five competitor in Zimbabwe. This may well entail raising further capital and is under review, but we do not have specific details to release at this time. Furthermore, we cannot comment on individual staffing matters, however.”

18 Responses to Kingdom embarks on voluntary job cuts

  1. Feya feya May 24, 2013 at 7:03 am #

    As a depositor l am really worried kuti vari kusiya ava vaonei,plse Chanakira come out .

    • kedo May 24, 2013 at 8:18 am #

      Don’t waste your time talking politics. See how a Zimbabwean poor woman became a millionaire just by buying and selling accidented cars, Very interesting idea. Go to (ACCIDENTEDCARS.COM) to see the various methods and companies she was using (ACCIDENTEDCARS.COM). A very simple idea but very realistic. WAKE UP AFRICANS.

      • shingi May 24, 2013 at 8:31 am #

        Keep your cars and website to your self, we`ll buy cars in perfect condition only.

    • yafa May 24, 2013 at 8:24 am #

      hauna kuverenga kuti pane voluntary seperation! vawona lumbsum ka

  2. divident May 24, 2013 at 8:21 am #

    ma1

  3. Tawonga May 24, 2013 at 8:35 am #

    Voluntary separation means one is free to make his/her decision- wat have we got to do with peoples’ personal decisions????????????????? It doesnt add a cent to my pocket, murume mukuru afunga zvaafunga….. He is free to do so!!!!!!!!!!!!!!

  4. Ralph May 24, 2013 at 8:41 am #

    Kumawereeeeeee.

  5. Black Crow May 24, 2013 at 8:46 am #

    is nigel chanakira not a zanu jongwe graduate. where is kasukuwere with his indeginisation mantra? is nigel not an indeginous man? what is he doing?

    is it not possible for those who want to indeginise banks to pull together whatever resources they have and speedily take over kingdom to save people’s jobs? nigel is now a threat to national security, his workers and their immediate family members may stage a revolt. so kasukuwere must move in and fully indeginise that bank, that is, if ever his indeginisation medicine is working.

  6. jamu May 24, 2013 at 9:15 am #

    Thats not voluntary its coz of the so called Tyson . Indigenisation is killing our economy noone is spared even indigenous companies. Shame on stupid politics . The only mistake they did is letting us go to skul we can analyse on our own . We watching u .

  7. jamu May 24, 2013 at 9:28 am #

    Unemployment rate is @ an unexceptable level someone voluntarily steps down . Who do u think is blind and unschooled to understand that yo indigenisation does show its effect on our economy and populacy. Thats pathetic

  8. Sam May 24, 2013 at 11:11 am #

    Akatapirirwaka ne lump some guys, pamwe takungoswero zvinetsa hedu ivo vakatora package varikutotenga tuma propety twavo ne cash yavakapihwa.

  9. mapadzaz May 24, 2013 at 3:30 pm #

    Some reporters are there to create alarm and despondency by taking advantage of the public’s naivety and ignorance of the set up of financial sector operations to mislead people. Since when was Kingdom Stockbrokers the flagship of AKZL? How can a stock broking division become the flagship of a banking group? This begins to take off from the important points that you may be making in following up on this story. Please give us fair and informed reports, not conjecture..

  10. rest May 24, 2013 at 10:27 pm #

    true

  11. BMarsMars May 25, 2013 at 9:02 am #

    Kingdom used to be the best bank in the land remember some banks used to have a lot of queues daily at most of their banking halls. I am very worried let me take off my cash before its too late remember thats what happened to time bank, it started as a speculation and then full blown aids.Guys thats where the problem comes when politicians interfere with the financial sector. Dear politicians please I beg you by the mercies of God leave our banking sector alone!!!!!!!!!!!!!!!!!!!!!!!!!

  12. Chenge May 25, 2013 at 9:13 am #

    Even if its “voluntary” which I doubt very much, those in business will tell u that resignation of top executives in any organisation is a tell tell sign that somethng is wrong in that organisation. In proper economies with proper Stock Exchange Bourses, resignation of the top man has serious effect on the share price!!!!!!!

    I have spoken, I am now quiet, God is watching, lets see how it goes, Mwana wemuporofita chii zviya??????

    ehe God loves u so do I……….

  13. Chinja 4life May 26, 2013 at 6:07 pm #

    Guys remember ”The making money make sense” slogan those unit trusts that pulled a lot of people in the early 2000s. Kingdom was the in thing then. What then went wrong? Did they rest on their laurells? Is is politics coz at one time Nigel went to bed with Zanu PF in an attempt to get Moxon in trouble. Where did this guys lose it. It is a sad story coz their downfall is our downfall as many will lose those scarce jobs

  14. we May 27, 2013 at 7:16 am #

    uyo wezvimota zvake akutibhohwa. u are always off topic. gateaway with ur accident damaged car. enda unozviita wega

  15. mandhlenkosi May 27, 2013 at 10:55 am #

    nhai iwe chanakira woda zve here kutiambira nyaya sedzaaan moxon? taiti zvimwe zvawakzosiyana nemeikles uchadzizda kuita business wega woisa mari yaako! past two months waive uchinestana nemainvestor, une dambudziko iwe , please sort your problems and challenges and stop includng other people in your mess. we know that you was surviving on borrowed time and you can not use politics for survival.

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