Itaye quits as Press Corp chair: Malawi conglomerate under DPP seige

Chairperson of the board for conglomerate Press Corporation Limited (PCL)  Symon Itaye has resigned, Nyasa Times has learnt.

Itaye quits as Press Corporation chair

Itaye quits as Press Corporation chair

Prof Peter Mwanza: One of DPP operatives at Press

Prof Peter Mwanza: One of DPP operatives at Press

Itaye confirmed on Friday that he has resigned at board of the dual-listed conglomerate

The reasons for quitting were “personal,” Itaye  said.

He could not grant an interview on the matter.

But Nyasa Times learnt from Press Trust sources that Itaye who has high level of corporate experience and integrity, was “fed up” for being “tossed around” and resigned on Tuesday.

The board will meet on Thursday next to elect new chair of PCL

There have been  press reports that the Democratic Progressive Party (DPP) led government is scheming to snatch Press Corporation Limited (PCL) away from other shareholders by imposing DPP gurus on PCL and Press Trust Boards .

Malawi News reported that some DPP stalwarts have been appointed into the PCL board with the aim of controlling its finances and diverting them to fund the beleaguered ruling party.

Architect Ben Chidyaonga who is DPP Director of Logistics and member of the DPP party Professor Peter Mwanza were appointed into the PCL board of directors which many analysts see as the party repositioning itself to turn the conglomerate as a financing machine.

The two were trustees at Press Trust, a majority shareholder of PCL with 44.47% shareholding, and their two six-year consecutive term expired in July 2015 but they still clung to their positions while DPP strategists found a way of letting them into the Press system by appointing them into the PCL board.

Insiders confided in Nyasa Times that the new board would like to ‘control and take charge’ first with the appointment of PCL new Group Chief Executive Officer following the retirement of Dr Matthews Chikaonda who is leaving the conglomerate in December this year after 14 years in charge.

The PCL board hired private financial advisory firm, KPMG to recruit the new Group Chief Executive Officer for PCL and flighted adverts of the same in February this year and they are yet to identify a person to take over from Chikaonda.

Press Trust is seeking legal opinion from Chisanga and Tomoka legal firm on its mandate in the conglomerate, listed on the Malawi Stock Exchange (MSE) and London Stock Exchange (LSE) as a global depository receipt is regarded as one of the largest holding companies in Malawi and has interests in financial services, telecommunications, food and beverages, energy and consumer goods.

Itaye is on record warning that PCL would be the loser in the fight between the government and the management.

Among other things, the government demanded PCL management to provide all information for accountability, but PCL through its investor relations and corporate communications officer Chisomo Macholowe, countered by saying government’s assertions were misinformed and dangerous, insisting it has no locus standi on the matter.

PCL is a publicly owned company with Press Trust being the major shareholders with 44.47 percent, Old Mutual 14.37 percent, Deutsche Bank Trust of America 22.34 percent and others 18.82 percent.

Press Trust is governed by trustees who determine the form and quantum of contributions Press Trust will make towards the development and betterment of Malawi. The objective of Press Trust is to act on behalf of the citizens.

Follow and Subscribe Nyasa TV :

Please share this Article if you like Email This Post Email This Post

More From Nyasatimes

More From the World

Sort by:   newest | oldest | most voted
Concerned citizen
Guest
Concerned citizen
4 months 27 days ago

The timing of all these PCL issue seems to be very well stage managed. What is going on? Who do you want to take down this time? Who is behind all these issues?

Mapwevupwevu
Guest
Mapwevupwevu
4 months 27 days ago

Itaye ndi wachabechabe achoke kumene! Anamuuza kuti packaging industries ndi yache ndi ndani?

Asowe pamodzi ndi Chikaonda! Ana a njoka ya nalikukuti!

naphi
Guest
naphi
4 months 28 days ago

sad to note the failure of good corporate governance in Malawi. my only hope is that the company should survive otherwise lots of people will be jobless

Ro
Guest
Ro
4 months 29 days ago

I have never known Itaye to be clean.Never!He has been tossed that is why he is frustrated.He has met his match.The DPP Mafioso.While they are the Blantyre Mafia.We are here to watch.

Jamali
Guest
Jamali
4 months 29 days ago
The reporter is not objective. He is misled by the coming in of Mwanza and Chidyawonga who are seen as working for DPP. They are not. These people have been brought in to ensure they bring in sanity. Chikaonda and a few people in PCL have been stealing money in a clever way. Imagine giving themselves K4 million in car allowance. As media, you have focused more on what action has the board or govt taken to is ensure Chikaonda and his friends are taken to task for the stealing the money. But you are focusing on wrong things. Leave… Read more »
Galileo
Guest
Galileo
4 months 30 days ago
This is a company that is being treated as family estate of a few indiviuals. The problem is that here in Malawi we are too consumed with politics and end up missing chances to correct some areas of great importance in the country. As an employee within the system, I recommend a big change of the current executive management which has been stealing proffessionally. There has been serious cashgate which we have been reporting through tip-off anonymous but no action is taken. Top management purchased houses at Press village at very cheap prices in the past, recently they gave themselves… Read more »
spectator
Guest
spectator
4 months 30 days ago

Professionals are going out and greedy looters are comming in. Hey Ambuye tiombolen mmanja mwa anthu adyerawa asanamalize Dzikoli

Zidura Ntengo Undigwere
Guest
Zidura Ntengo Undigwere
4 months 30 days ago

Time for change in outlook, perspective, rejuvenation and everything at PCL. Time for new blood and ideas.
Those who have served the organization will find other useful things to engage in, no doubt.

Flamingo
Guest
Flamingo
4 months 30 days ago

Who appointed Itaye in the first place to be the Chair of PCL? Under which government was he appointed, which president?

NZIKA
Guest
NZIKA
4 months 30 days ago

We hear of Mathews Chikaonda leaving office in December and suddenly we hear all sorts of negative stories or allegations against him…WHY NOW?? Are we positioning him somewhere in our minds where someone somewhere feels threatened?? Am only suprised

wpDiscuz