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(TALKZIMBABWE) Muchadeyi Masunda’s corporate incest stinks

Muchadeyi Masunda’s corporate incest stinks
Posted by By Our reporter at 1 February, at 01 : 23 AM

BULAWAYO-born Harare Mayor, Muchadeyi ‘Muchie” Masunda is a Chairman of nine private sector boards and director in three others. The man‘s unbridled appetite for appointments in several entities that have contesting interest stinks!

Masunda (pictured above) is the Chairman of Old Mutual, a British owned and controlled insurance firm which is the biggest resident in Harare. He is also the Chairman of the Commercial Arbitration Centre housed at Cabs Centre, a building owned by Old Mutual.

Masunda chairs the John Sisk & Son board, a construction company that undertakes most of Old Mutual projects.

He also chairs boards of directors of Siemens, Atlas Copco, Harare Innercity Partnership, Coates Bros and a director for Meikles, Zimplats, Zimbabwe Alloys, HIB Holdings, Bindura Nickel Corporation, High Court & Supreme Court Rules Committee, etc.

With all this appointments, one is persuaded to think that Masunda is the last born in this country.

What is most worrying is his continued presence in leadership in both private and public sectors concurrently. Such practice, in the main, yields a high fertile ground for corruption, nepotism and all other vices.

Boris Johnson Mayor of London, Vincent Gray the Mayor of Washington DC, Antonio Villaraigosa the Mayor of Los Angeles all resigned from private sector engagements when they took over their cities’ top jobs. The reason is clear! To avoid possible conflict of interest.

Here in Zimbabwe, Masunda is on absolute free reign. He continues to be Chairman of Old Mutual and being Mayor of Harare. What happens when Old Mutual complains to city of Harare over water rates or on other material? Will the City of Harare officials apply their mind independently fully knowing that the boss has interest?

At the moment Masunda is investigating businessman Phillip Chiyangwa’s acquisition of City of Harare land.

Without trying to exonerate Chiyangwa on the matter, the rumour mill is saying the same land Chiyangwa took was also eyed by Old Mutual, which is chaired by Masunda.

Maybe it’s not true, but Masunda must not take appointments that compromise his integrity and judgement.

What is more painful to note is that if an Old Mutual tenant is in dispute with his/her landlord, the lease agreement excludes the rent board to preside on such matters. The dispute has to go to compulsory arbitration at the Commercial Arbitration Centre which Masunda is also the Chairman. By virtue of being the Chairman, Masunda has tremendous influence in appointing arbitrators. Surely, we do not need to learn rocket science to realise that the impartiality of the arbitrators is heavily compromised. By allowing Masunda to be Chairman, Old Mutual is bankrupt in corporate governance.

Masunda is also the Chairman of John Sisk & Son. No fools would accept that the construction projects it gets from Old Mutual are not a result of Masunda’s undue influence.


He is also a director of Meikles Limited where Old Mutual has a significant shareholding, but this time represents the Moxon, Meikles Family Trust which has more than 52% controlling interest. What happens if Old Mutual and this Trust clash? During the Chanakira debacle, Old Mutual saw things differently from the Moxon clan.

Masunda also sits on the boards of Zimplats, Anglo American plc, Zimbabwe Alloys and Bindura Nickel Corporation. These mining houses have in way contesting interests or do not want the other to be privy to its own operations. How does Masunda handle this?

There is no way in the civilised world where you find a replica of Masunda.

No society would tolerate an individual to have both private and public appointments at the same time.

MDC-T is silent on the matter and is failing to realise that its appointee is a huge liability.

MDC-T can no longer speak against such practices in future should they be repeated by other political parties’s appointees. Where the hell is Transparency International?

The Minister of Local Government must confront Masunda to choose to be either in private or public sector.

Equally, all these companies he is part of their boards must, for once, have conscience and demand Masunda to gracefully resign as Mayor or as board member.

Old Mutual, a conglomerate listed in London and South Africa must be upfront on this matter and declare if it allows politicians to heard their boards. We need to know so that we can give Old Mutual political treatment.

Masunda must also realise that the misconduct of some or all his private companies he represents compromise his mayorship. For example, Old Mutual fraudulently absolved itself from pension and policy payouts and this disadvantaged many pensioners who are now failing to pay for their council rates. The council, which he chairs, is now attaching the property of the same pensioners which Old Mutual pauperised.

This double dealing by Masunda must come to an end or it will end the little remnants of corporate governance in Zimbabwe.

By the way, I had forgetten, Masunda is a member of the High Court and Supreme Court Rules Committe where he sets the court rules.

?*Tafadzwa Musarara, Chairman Resources Exploitation Watch.

Labels: HARARE, MUCHADEYI MASUNDA

posted by MrK @ 9:45 AM