The Democratic Progressive Party (DPP) administration has launched an unprecedented attack on long serving Press Corporation Limited (PCL) Group Chief Executive (GCE) Mathews Chikaonda, who is also the country’s most influential conglomerate chief.
In a statement – which is going to send shockwaves across the private sector – Minister of Information Jappie Mhango says Chikaonda, who has been head of Press Trust owned PCL for 14 years, has “destroyed” the conglomerate.
Mhango said to become GCE, Chikaonda was “just handpicked” by the former President Bakili Muluzi and “imposed” on the Press Trust Board without following proper channels as required in corporate governance, despite serious reservations from Press Trustees at that time.
“He has had three times three-year contracts and a final five-year contract approved by the board. This is against good corporate governance as we know it.
“This time, he asked for an 18-month extension on top of the above four contracts. He then participated in the discussions and decision to grant this 18-month extension,” said Mhango in a statement.
According to Mhango, Chikaonda followed his illegal appointment with a string of other “illegal”, “obscene” and “criminal” financial manoeuvres.
“In May 2014, this GCE signed an internal Memo alleging that the Board had approved a car allowance of MK6, 312, 572 every month for himself,” said Mhango.
The minister added that the conglomerate head also offered car allowances for other officers including the Exco (MK4,708,446), general managers (MK3,351,109), senior managers (MK2,610,743) and other managers ( MK1,993,772).
The move was however foiled by the Trustees of Press Trust who put a stop to “the immoral and callous allowances”
Companies closed
During Chikaonda’s tenure as GCE, many companies owned by PCL have failed while others have been facing major financial issues.
According to government, a total of 11 companies including Press Poultry, Hardware and General Dealers, and Tambala Food Products have been closed during over the past 14 years while Chikaonda has also failed to run firms such as Tourism Cape Maclear Resort, Energy-Solar and Hydropower, and Chapima Heights Residential Project which were established to replace the closed ones.
The government spokesperson said out of the 12 remaining units of PCL, only five are running smoothly while the other six including BBGL Carlsberg Malawi Ltd (PCL lost majority shareholding) and MTL (technically insolvent) are facing major challenges.
According to the DPP led government, Chikaonda has “completely destroyed the intended character of PCL” which was to stimulate economic activity throughout Malawi
Recently, People’s Trading Centre (PTC), a subsidiary of PCL, closed twenty shops in the country and management cited the current economic turndown for the closure of the shop.
Mhango however says all shops were “being run most profitably before” but Chikaonda “pushed the PCL Board Members for a speedy decision to close these shops.”
Shareholders worried
As one of the major shareholders, the information has also shocked government and six months ago the President Peter Mutharika led administration wrote PCL management to get clarifications on some of the issues.
Other stakeholders have also sought answers on why companies were sold and how so many new proposed companies failed.
According to Mhango, there are stories of billions of Kwacha missing from PTC, Carlsberg and elsewhere in the group and shareholders are demanding forensic audits done in those companies.
PCL management have however been reluctant to provide the requested information, a move which has raised suspicions.
Government says it has since called for a shareholders meeting to assess the extent of the mismanagement and start taking remedial measures.
Makampani amatsekedwa ngati chuma chadziko sichikuyenda bwino.Kodi ndi pcl yokha imene sikuyenda bwino.Aboma mukuitha.Chothamangira ku media ndi chani?Propaganda basi.Muike wanu muzisolora?Mbava!
kodi paja ndiyaboma? paja Chikaonda amakhala ndifundo zokhwimatu, anamupanikiza Bakili ndi 10point plan, kusowa kasololedwe!!
watsekaxo kumeneko!
[READ MY STORY. ON HOW I GOT MY HIV CURED].
Truthfully, i was tested HIV + positive for the past 8 years. I keep on managing the drugs i usually purchase from the health care agency to keep me healthy and strengthen, i tried all i can to make this disease leave me alone, but unfortunately, it keep on eating up my life. So last Two Months i came in contact with a lively article on the internet on how this Powerful Herb Healer get her well and healed. So as a patient i knew this will took my life one day, and i need to live with other friends and relatives too. So i copied out the Dr Collins the herbal healer’s contact and I contacted him immediately, in a little while he mail me back that i was welcome to his Herbal Home whereby all what i seek for are granted. I was please at that time. And i continue with him, he took some few details from me and told me that he shall get back to me as soon as he is through with my work. I was very happy as heard that from him, as i was just coming from my friends house, Dr Collins called me to go for checkup in the hospital and see his marvelous work that it is now HIV negative, i was very glad to hear that from him, so quickly rush down to the nearest hospital to found out, only to hear from my hospital doctor called Browning Lewis that i am now HIV NEGATIVE. I jump up at him with the a test note, he ask me how does it happen and i reside to him all i went through with Dr Collins. I am now glad, so i am a gentle type of person that need to share this testimonies to everyone who seek for healing, because once you get calm and quiet, so the disease get to finish your life off. So i will advice you contact him today for your healing at the above details: Email ID: [email protected] or you can also add him up on whataspp +2349036950737. CONTACT HIM NOW TO SAVE YOUR LIFE AND DOCTOR ALSO CURE ALL KIND OF DISEASE AND SICKNESS: [email protected] AS HE IS SO POWERFUL AND HELPFUL TO ALL THAT HAVE THIS SICKNESS.
[READ MY STORY. ON HOW I GOT MY HIV CURED].
Truthfully, i was tested HIV + positive for the past 8 years. I keep on managing the drugs i usually purchase from the health care agency to keep me healthy and strengthen, i tried all i can to make this disease leave me alone, but unfortunately, it keep on eating up my life. So last Two Months i came in contact with a lively article on the internet on how this Powerful Herb Healer get her well and healed. So as a patient i knew this will took my life one day, and i need to live with other friends and relatives too. So i copied out the Dr Collins the herbal healer’s contact and I contacted him immediately, in a little while he mail me back that i was welcome to his Herbal Home whereby all what i seek for are granted. I was please at that time. And i continue with him, he took some few details from me and told me that he shall get back to me as soon as he is through with my work. I was very happy as heard that from him, as i was just coming from my friends house, Dr Collins called me to go for checkup in the hospital and see his marvelous work that it is now HIV negative, i was very glad to hear that from him, so quickly rush down to the nearest hospital to found out, only to hear from my hospital doctor called Browning Lewis that i am now HIV NEGATIVE. I jump up at him with the a test note, he ask me how does it happen and i reside to him all i went through with Dr Collins. I am now glad, so i am a gentle type of person that need to share this testimonies to everyone who seek for healing, because once you get calm and quiet, so the disease get to finish your life off. So i will advice you contact him today for your healing at the above details: Email ID: [email protected] or you can also add him up on whataspp +2349036950737. CONTACT HIM NOW TO SAVE YOUR LIFE AND DOCTOR ALSO CURE ALL KIND OF DISEASE AND SICKNESS: [email protected] AS HE IS SO POWERFUL AND HELPFUL TO ALL THAT HAVE THIS SICKNESS.
Sha! Life inprisonment
I totally agree with explanation. Whoever follows malawi economy and performance of this PCL Chikaonda has messed it. How can close all those companies and people continue backing him. This revelation is long overdue. I lost trust in him long time ago. he contributed much in destroying Malawi economy. Recently he championed closure of performing shop why? Political connotation I’m the blood. That’s why I still stand most educated malawians have no passion for the country. These are there just to confuse. The conglomerate had Mc Connel, Hardware and General dealers, Poultry, Press Steel, Central Poultry and many more companies closing under his watch. Should we Malawian continue defend the guy
leave politics aside the guy has spoiled the country and company Dr Bandai left. Why trusting failures commenting on Malawi economy
He shoud account for K3.8bn from Worldbank on MTL restructuring
ndiye achokatu ambiri Mr Minister even amene akulephera kuyendetsa dzikowanso achoke basi
TRUE ine ndi WA MCP koma this guy Chikaonda knows nothing angathetse MDC pamodzi ndi Team yanga yampira wawonongadi chuma chadziko ameneyu, ku MDC kuli bwana Makina zinthu zimayenda bwino, kodi palibe lamulo lomulangira mkulu ameneyu anthu akuvutika ndi ulova chifukwa cha sadziwa ameneyu.
Funso langa nali ,kudi muchita attack angati?Manganya naye wakutokotelanitu pa zodiac sizinawonekeso.
Dpp mwasowa chonena
Of course this much talkative professor called Chikaonda could have done better. Many subsidiaries of Press Trust have been closed under his watch. Its true he has successfully killed Press Trust.
Mbabva zokhazokha kukona.
Mbava za wanthu!
Ineso kuti nkhurya ndale yayi,luta navo kutali kwa ine yayi
mmmmm,Jappie where have you been,look at Madeco,ptc,the properties which press had talk of estates in Lilongwe,Mchinji and Kasungu,there is another cash gate there,people are suffering coz of his por management look look oooooooo noooooo Malawi
Malawi24 unethical journalists, inu mwamunamizira pastor salanje mau oti sanalankhule pa za imfa ya grace chinga ifetu timakhulupirira zimene amalemba malawi nation; please musamatidwalitse mutu with your cooked stories
Ndizowona akulu even pa mbc tv aziyankhulanso.
Ndizowona even pa mbc tv aziyankhulanso
Mukufuna muoneke mngelo muli Fisi, you’re attacking Chikaonda while you’re failing to run the government ,we are tired of these foolish propagandas, nonsense . How many companies have been closed? Why targeting mature pipo like Chikaonda , senseless and nonsense .
Kodi ife mumaganiza kuti ndingondolo chan
Chikaonda was fooled by Hitesh Anadkat of FMB. There is a lot of mess between these two guys.
Ooooooooooooooo kkk
ZALOWA CHIBWANA ZISILU
Akupanga mnkhola mwao, ndiye ndaledzo dzimenedzo mawa munva ali limodzi;
hahaha
Zitiwondetsa izi sitidya ndale tidatopa nazo
And he was so nepotistic like mtharika, nkhani ndi yoti uyu waba kwambiri achoke nafe tibeko.