Confusion at MISALICO as Maere disowns letter demanding emergency meeting

A small group of disgruntled members of the Minority Shareholders Association of Listed Companies (MISALICO) Limited has been thrown into disarray after a letter purportedly written by Joe Maere and Stain Kaunda, calling for an impromptu General Meeting, turned out not to have come from them at all.

Maere has dismissed the letter as fake, accusing what he called “confusionists” of manufacturing a crisis to destabilise the association.

The letter, which circulated widely on WhatsApp groups, claims to be from Maere and Kaunda and demands an urgent General Meeting to address alleged governance failures at MISALICO. But speaking on Sunday, Maere rejected it outright.

“It is fake because Dr. Stain Kaunda is not a member of MISALICO Limited. He was removed from the group together with me as Director. He relinquished his membership immediately thereafter. I stayed on as ordinary and founding member and guarantor trustee,” he said.

“MISALICO has proper channels for convening meetings and I have not made any request for an impromptu General Meeting,” Maere added, saying the letter was designed to sow confusion among members.

MISALICO was established in 2018 to serve the needs of retail investors holding less than 10 percent of issued shares in companies listed on the Malawi Stock Exchange (MSE), promoting financial literacy, wealth creation through stocks, and public participation in the market.

The association’s founder and executive director declined to comment when contacted on Monday. However, a senior official at MISALICO, speaking on condition of anonymity, dismissed as “baseless and misleading” claims that a group of disgruntled minority shareholders was demanding an emergency Annual General Meeting to oust the current leadership.

He insisted the association remained united and fully functional, despite attempts by a few individuals to project an image of internal crisis.

“No quorum of members has submitted a formal request for an EGM as provided for in our governing documents. What we are seeing are social media messages and WhatsApp circulars from one individual, not a resolution of the membership,” he said.

The official said the association had continued engaging members through regional meetings, newsletters, and a Youth Summit held on May 9, 2026 at Lilongwe Capital Hotel, which drew a strong turnout of young shareholders and was addressed by officials from the Ministry of Youth and Sports and the Reserve Bank of Malawi.

However, one of the disgruntled members, Purity Paschal Chitalo, in messages circulated on August 15, accused the Secretary General of “one-man showmanship”, unaudited funds management, lack of transparency, and a “media blackout” — allegations MISALICO has rejected in their entirety.

“To suggest that funds are used at the sole discretion of one office bearer is false. All expenditures are discussed and approved by the working board and reported to members. Audited reports are presented at AGMs and shared with members who request them,” said another officer.

On governance, MISALICO acknowledged that its last full AGM had been delayed due to COVID-19 disruptions and logistical challenges, but said the board had remained active, continuing to rotate responsibilities among office bearers, with plans underway to convene the next AGM within constitutional timelines. The Secretary General said board meetings had continued to be held regularly throughout.

Responding to Chitalo’s claim that MISALICO “operates a cult or clique of just two individuals”, the association said it maintained a working board, an active secretariat and a growing membership base.

“There is only one MISALICO and there shall be one. We appreciate members who raise issues through proper channels. But we will not allow individuals to use the name of ‘disgruntled members’ when they do not speak for the majority,” the association said in a statement released a few days ago.

MISALICO pointed to Chitalo’s own admission that “some of us have capacity and following to form a parallel organization but we don’t because we are not traitors” as evidence that there was no breakaway faction, only attempts to sow internal division.

The association also addressed a K5,000,000 demand letter dated December 19, 2025, from one of the disgruntled members seeking compensation for alleged “character assassination”, saying the matter was being handled separately by its legal team.

“We received the letter and have responded through proper legal channels. This is a separate issue and does not reflect the position of the wider membership,” it said.

Established in 2018, MISALICO represents retail investors holding less than 10 percent of issued shares in companies listed on the MSE, promoting financial literacy, wealth creation through stocks, and public participation in the stock market through nationwide campaigns and open-day events, including under the theme “Creating and Building Wealth through Shares on the Malawi Stock Exchange.”

The association said it would not be derailed by what it termed “confusionists whose main aim is to destabilize the company.”

“We will not be distracted by attempts to manufacture divisions. The work of defending minority shareholder rights continues. Members who have genuine concerns are welcome to engage the board directly instead of through WhatsApp statements,” MISALICO said.

Efforts to reach Chitalo for comment were unsuccessful, as he had reportedly travelled to Mzimba to attend a funeral.