Allied Timbers finance director resigns

TIMBERBusiness Reporter
ALLIED Timbers Zimbabwe finance director Mrs Caroline Moyo has resigned from the company after the board expressed concerns over her alleged “incompetence”, sources at the State enterprise said.

“She has already tendered her resignation and she will leave in March,” a source said.

The source said the board questioned her competence after she presented the 2015 budget proposals with serious errors.

“Our business is seasonal but the budget she presented showed constant revenue projections for the full year,” another source said.

“All board members were not happy and there was a general consensus that she was not the best person for the job.

“However, she was not pressured by anyone to resign.”

No comment could be obtained from Mrs Moyo. Her resignation followed the suspension of chief executive Dr Joseph Kanyekanye who is facing various allegations of misconduct.

Dr Kanyekanye was suspended on January 16 to facilitate investigation into his conduct, which borders on corruption, failure to observe operating procedures and gross insubordination. Prior to his suspension, he was on forced leave since December 10.

Chairman Mr Fundira said because of his failure to follow operating procedures and company policies, Dr Kanyekanye’s actions caused substantial loss, harm or prejudice to ATZ.

It was also alleged that Dr Kanyekanye extended unauthorised, unvetted and unsecured credit valued at $8,4 million to “related parties”, which remain unrecovered.

Further, it was established that Dr Kanyekanye exceeded the $20 000 limit which he was permitted to buy items for capital programmes without going to tender and were overpriced.

The former Confederation of Zimbabwe Industries president has since lodged his grievances with the Ministry of Labour and Social Welfare (the Department of Labour Administration.)

In the document, Dr Kanyekanye alleges that the pending departure of Mrs Moyo resulted from “a series of criticisms” from the board of finance committee “for what is alleged to be mathematical errors for the 2015 budget proposals.”

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