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