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Kingdom embarks on voluntary job cuts

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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.”

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