Chikaonda enmeshed in TNM shares scam

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Head of Press Corporation Limited (PCL) Mathews Chikaonda is at the centre of a scam involving Telekom Networks Malawi (TNM) shares worth millions.

According to reports, Chikaonda has been ordering his underlings at Press Corporation to transfer TNM shares of Ulalo Telecoms Limited (UTL) to another entity.

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Chikaonda at the helm of the scam.

The reports that Malawi24 has seen claim that Chikaonda first ordered Puma Energy managing director Davies Lanjesi to forge documents that claimed that UTL had changed its directors. Lanjesi then lodged the fraudulent documents at the registrar of companies, a move that contravenes the Malawi’s Companies Act.

Lanjesi is facing corruption and fraud charges in South Africa related to his role.

Meanwhile, Malawian entrepreneur Chisa Joshua Mbele who is group chief executive of Ulalo Capital Investments Limited has since accused Chikaonda of forcing him to buy shares in Telekom Networks Malawi at double the agreed price.

Mbele whose company also co-owns UTL claims that Chikaonda connived with broker to overcharge Mbele who coughed K321 million instead of K171 million.

Chikaonda then encouraged Mbele to increase UTL’s stakes in TNM from 3% to 5%. The company was told to pay K461 million for additional 2 % shares but the price was later increased to K489 million, with Ulalo again incurring loses.

In response to the numerous accusations against him, Chikaonda wrote a demeaning letter to Mbele.  

“By the way, you tried to give me advice in one of your submissions, kindly note that I would rather take advice from a donkey than a Mr. Mbele. You are not competent to give me advice. In my retirement mode, I have the time to exercise my right to defend myself and respond to any and all allegations,” the learned professor wrote.

Chikaonda will leave his post at PCL in December this year.

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