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Govt Suspends Petrotrade Board

by Bustop TV News

By Bustop TV

Government has suspended the Petrotrade Board chaired by Tinomudaishe Chinyoka pending investigations into matters of corporate governance.

The suspension was announced in a statement by Energy and Power Development minister Soda Zhemu.

The statement reads: “While the Board of Directors for Petrotrade was appointed in terms of Section 11 of the Public Entries Corporate Governance Act, with the concurrence of His Excellency the President of the Republic of Zimbabwe, I have today, 9 March 2022 suspended the entire Board, pending investigations into matters of corporate governance.

“I will be appointing a team to look into the matter, whose findings will inform the way forward.”

The suspended board includes Zanele Dube, Lilian Timveous, Gladys Mumhure, Simbarashe Mhuriro, Ferida Matambo, Getrude Marabada, Godfrey Ncube and Dakarai Mukuku.

The Board was appointed in June 2021 after the company had operated for over five years without a governing board.

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