THE Zimbabwe Stock Exchange (ZSE) dropped charges against suspended former chief executive officer Emmanuel Munyukwi in an “amicable” settlement that clears the way for the bourse to name his replacement.
Report by Business Reporter/Bloomberg
The ZSE board in May accused Munyukwi of insubordination and failing to implement instructions before removing him from his post.
The bourse agreed to a compensation settlement, but declined to say why it dropped its allegations, Eve Gadzikwa, ZSE chairperson said.
“We parted in an amicable manner. We are now moving forward and a substantive appointment will be made.”
Munyukwi, who joined the ZSE in 1997, got a fair compensation package as part of the agreement, according to his lawyer Selby Hwacha.
“We have parted ways and there are no charges against me,” said Munyukwi. “I am happy and they are also happy.”
Gadzikwa told NewsDay key positions at the ZSE that include the posts of the finance director, technical director and listing executive had been filled.
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She said the business development manager and the chief executive officer would be appointed soon, adding that priority was the installation of the long-awaited central depository system and automation process.
Meanwhile, Gdazikwa said the country will next month host the annual Committee of Sadc Stock Exchange in Victoria Falls. The meeting is scheduled for February 14-15.
“We are still finalising the programmes, but we will discuss automation, central depository system operations, market regulation, corporate governance and the impact of market regulation on foreign investors as well as updating each other on happenings in various stock exchanges,” Gadzikwa said.
She said the meeting was expected to be attended by stock exchanges from Botswana, Malawi, Mauritius, South Africa, Swaziland, Tanzania, Zambia and Mozambique.
Finance minister Tendai Biti is expected to be the guest speaker at the meeting.