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Old Mutual loses

The High Court in Johannesburg on Friday upheld an earlier ruling allowing axed Old Mutual CEO Peter Moyo to return to work.

Judge Brian Mashile dismissed Old Mutual’s application with costs  and granted the company leave to appeal.

In his ruling, Mashile addressed the “irreparable harm” argued by Moyo.

“Other than the humiliation of being ejected from his office, the irreparable harm is plain for every day that he spends at home without work regardless of whether he has been paid for sitting or not.”

NPS transactions

Zimbabwe’s transactions processed through the National Payment System (NPS) registered an increase of 16,9 percent to $30,16 billion in June 2019, from $25,80 billion in May 2019 on the back of recorded increases across most payment platforms.

Despite the increase in values, volumes were, however, down for the period.

According to the Reserve Bank of Zimbabwe (RBZ)’s latest monthly report, the volume of NPS transactions processed declined by 1,7 percent to 181,9 million, from 185,1 million during the same period.

Getbucks new board

ZSE-listed Getbucks last week announced the appointment of Mr Paul Soko as deputy managing director of GetBucks Microfinance Bank Limited effective June 5, 2019.

He will deputise the managing director and handle the portfolio of Chief Operations Officer. Mr Soko is a Chartered Accountant and holds an MBA from the University of Cape Town. He joined the bank in 2015 and was previously the Company’s Chief Finance Officer.

The board has also appointed Mr Patrick Mashinga as  chief finance officer, effective August 19, 2019.

MedTech diversifies

HEALTHCARE products provider, MedTech Holdings says it is considering disposal of some of the firm’s assets to finance a venture into a new undisclosed business that is divorced from the usual health care products.

In a cautionary statement to shareholders the company secretary Muhammad Patel said; “Shareholders are advised that the directors of MedTech Holdings Limited are in discussions to sell certain of the company’s operating assets and also for the acquisition of a business in a different sector.”

Exports down

The central bank has released the monthly economic review for June 2019, indicating a 10 percent decline in merchandise trade to US$697 million from US$780 million recorded in May 2019.

The decline is on the back of a “slump in monthly exports”.

The statistics show that merchandise exports fell by 32,6 percent to US$309,2 million from US$458,6 million achieved in May 2019.

The downward trend was on the back of a fall in export earnings of gold, ferro-chrome and industrial diamonds.