Admarc board questions management over purchase of K107m board for CEO

ADMARC board members are questioning management over the purchase of a K107 million vehicle when the corporation is struggling financially.

Admarc board chair Kusamba Dzonzi said the board has instituted an investigation to establish why the management of the corporation bought a new vehicle for the chief executive officer without the board approval.

Dzonzi said they leant from the media about the purchasing of the vehicle, a Nissan Patrol valued at K107million.

This comes as the corporation is seeking billions of money in bail out from the government.

Chief executive officer for the grain trader Rhino Chiphiko could not comment on the matter as he was reportedly outside the country.

However, some management officials said the approval was made in 2019 by a previous board which was appointed by former president Peter Mutharika.