While most Malawians are grappling with worse economic situations, others are not feeling the pinch with conglomerate Press Corporation boss Matthews Chikaonda pocketing a whooping K35 million in bonuses alone.
Chikaonda, Chief Executive Officer for Press Corporation Limited (PCL), which has controlling shares in some of the big companies in the country namely National Bank, MTL, Carlsberg, Puma Energy and PTC among others was given the bonus last week together with other senior managers at PCL for ‘performing very well’.
Some of the PCL companies have been registering losses like MTL and PTC which have been closing some shops due to the deepening economic crisis the country is going through at the moment.
Other big bosses who got huge bonuses during Easter include Grey Sesani. He got around K15 million, Pius Mulipa got about K12 million and a Mrs Mafeni, Financial Controller at PCL received around K13 million.
Inside sources said the whole bill for bonus for less than 10 people at PCL has now hit a whopping K200 million.
National Bank bonuses
But it is not only Chikaonda who got the heft packages during Easter, National Bank of Malawi bosses are smiling all the way to their offices as many of them have also pocketed unbelievably huge amounts of money as bonuses.
Ironically, Chikaonda chairs the NBM board of directors and approved the bonuses for the bosses.
Insiders said NBM Chief Executive Officer George Patridge got about K12 million while his General Manager Mac Kawawa got K9 million.
Of all the heads of departments at NBM, Harold Jiya, head of Corporate Banking got the biggest of the bonuses; he got K7 million while the rest of the heads got between K3 million and K5 million.
But this is at the expense of some junior officers who did not get any bonuses ‘because the bank did not make any profits’.
Junior employees of the bank were told by senior management that they will not receive bonuses because the bank did not post any profits as a result of the building of the magnificent new office complex and business centre in downtown Blantyre.
The other reason why the bank did not make any profits is the installation of a new IT system which is giving the bank problems and resulted in the bank losing million of kwachas through illegal withdraws.
Insiders said some of the big bosses have been sidelined in the bonuses because of some ‘company politics’.
Financial Controller Arnold Makanda protested heavily when he was not considered for the bonuses as management blamed him for the loss of the money through illegal withdraws as a result of the new IT system.
Inside sources also said the new system blues has seen Head of IT Tayemu Masikini being removed from the position and the bank has created a new division which he will be heading. Masikini is now Head of Administration where he will be overseeing purchases of cartoons and boxes at the bank.
The bank has now appointed William Kaunda as head of IT.
Masikini’s woes do not end there. He has been overlooked in bonuses. He only got K300, 000 as part of his salary increment arrears.
Insiders said this is part of the plan to frustrate Masikini to quit on his own after revelations that he does not get along with Patridge.
Patridge declined to comment when contacted saying the issues were ‘internal bank issues’.
Chikaonda said he does not talk to Nyasa Times.
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