Press Trust seeks legal opinion on Chikaonda successor
Press Trust has sought legal opinion on its powers in the hiring of conglomerate Press Corporation Limited (PCL) board and successor group chief executive officer Matthews Chikaonda.
Chikaonda is set to retire at the dual-listed conglomerate on December 31 this year after 14 years.
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 .
PCL spokesperson Chisomo Macholowe said the Press Trust does no own PCL and that “government cannot call a stakeholders meeting as it claimed in its statement.”
Meanwhile, 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.
This follows Minister of Information Jappie Mhango saying government is calling for an urgent shareholders meeting to assess the extent of the mismanagement at PCL and start taking remedial measures.
Chikaonda’s GCEO position was advertised by KPMG, an audit, tax and advisory firm.
KPMG said PCL; a highly diversified company has stakes in several subsidiary companies, joint ventures and associated companies.Follow and Subscribe Nyasa TV :
How can Meyer Chisanga’s company give an opinion on a company that he represents the shareholders? This is a conflict of interest. Mr Chasanga, please do not tarnish your image because of being used by politicians.
Boma mbava inu muli chani chani
We R Following
Please you don’t need a legal opinion what to do. Just get the shareholders to decide and there you go. Please don’t make this asset of the nation a ball which can be bounced around by politicians as they would use it only for personal gain and not think about the plight of the employees who have been losing their jobs over the years. And please keep it out of the courts as there the fight would continue for years and years and the judges will die and go on retirement without finalising the issue just as they did with… Read more »
Walekani a APM waryepo nawo 80 nipano
It’s really a good idea for individuals to retire at 60. We need this idea in politics too. APM should step aside and let Chilima take over.
Atupele Muluzi muli kuti? Dead and buried politically. Ikafika 2018 ndiye muzidzati chiyani? The youth gave you their support and you abandoned them.
Malawi youths must rise up and lead Malawi not these old scraps imported from Caribbean Islands.
nanga pitala, goodwell ndi ena 60 sizinakwane?
THE CORRUPT JUDICIAL SYSTEM WONT HELP. THE WIZZARDLY CORRUPY KENAAN NYIRENDA WILL MAKE SURE HIS PARTY AND THE PEOPLE HE PUT IN POWER ARE WELL PROTECTED AND FINANCED BY PRESS TRUST, GOD FORBID!
What is happening in PCL is a matter of overstaying on the job. Dr Chikaonda was supposed to retire at the end of his second three year contract at PCL but his friends(Clement Chilingulo, Dean Lungu, Dr Kayambo and Nancy Tembo) changed the contract by following what government had introduced that civil servants should retire at 60, they also implemented this on Chikaonda which was irregular because Statutory Corporations follow their own rules!
PCL belongs to its shareholders.