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

12 thoughts on “Itaye quits as Press Corp chair: Malawi conglomerate under DPP seige”

  1. Concerned citizen says:

    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?

  2. Mapwevupwevu says:

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

    Asowe pamodzi ndi Chikaonda! Ana a njoka ya nalikukuti!

  3. naphi says:

    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

  4. Ro says:

    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.

  5. Jamali says:

    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 politics aside. Focus on the plunder of PCL by a few individuals.

  6. Galileo says:

    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 extremely high car allowances, special contracts were being awarded to certain individuals like former Group Financial Director after he reached retirement age. Former chairman rented a building in Lilongwe and sublet in to other tenants but was not paying back to press properties limited and nobody could ask the arrears (not sure whether this was sorted), press properties limited offices were sold to their tenant and they are renting from their tenant (Mbendera Nkhono associate). Husband of Group Finance Director has a transportation business which has been ferrying mollases to Ethanol Limited at such higher pricess and dubiously. She did not declare it and this was being done dubiously bcause the transporter was not on prequalified list. So much rot is happening. The joining of Patrick Mhango on the board of pcl is bringing sanity. For instance his presence is responsible for the reversal of the car allowances these thieves awarded themselves. Imagine one getiting 4 miilion net monthly for a car only, the separately fees for kids, then net salary of almost the same amount, in total taking home a net of 10 miilion kwacha a month, these are people below Chikaonda tu, whilst the fourth person down the same department getting total net of 950 thousand kwacha ONLY. These gaps were demotivating. Thanks the coming in of Mhango and we demand big change at PCL.

  7. spectator says:

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

  8. Zidura Ntengo Undigwere says:

    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.

  9. Flamingo says:

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

  10. NZIKA says:

    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

  11. Roza Muroma says:

    More to this than meets the eye. Time will tell.

  12. master says:

    SIMON ITAYE is one guy i give high respect and he demonstrates professionalism, and i admire this guy, but for him to resign just like that it means he has noted that PCL is full of bandits, fraudsters, looters the likes of chikaonda and Pius Mulipa useless looters Malawi has ever had, they have messed up our companies, they have killed MTL just to promote TNM, TNM has no office, they keep renting yet they booast to have money looted by chikaonda!!!!! i hate these bastards, dunderheads!!! your time is up!!! sumalimbana ndi BOMA mwana iwe Mathews chikaonda, repent because your end is near!!!!!!

Comments are closed.