News24
14 Dec 2019, 11:43 GMT+10
Former Tongaat Hulett interim chief executive officer Sydney Mtsambiwa has stepped down as chair of a Zimbabwe Stock Exchange-listed bank, following his implication in the Tongaat Hulett forensic audit conducted by PwC.
Mtsambiwa, who was managing director of Tongaat's Zimbabwe operations, was appointed interim CEO in August 2018 ahead of the retirement of former CEO Peter Staude.
His leadership was, however, short-lived. He stepped down in March this year as the company grappled with an accounting scandal that saw it suspend trading on the JSE and conduct a forensic probe.
Mtsambiwa was named in the PwC report as one of the executives who initiated or participated in undesirable accounting practices that resulted, among other things, in revenue being recognised in earlier reporting periods than it should have been, and in expenses being inappropriately capitalised to assets.
This resulted in profits in the respective years being overstated, and in the overstatement of certain assets in THL's financial statements.
Following the report, Tongaat said its board intended to pursue claims against "certain individuals" who appeared to have been responsible for, or party to, the undesirable activities outlined in the PwC Report, including Mtsambiwa.
These allegations have now cost Mtsambiwa his position as chair of ZSE-listed First Capital Bank (FCB), formerly Barclays Bank in Zimbabwe.
In a statement Thursday, FCB said Mtsambiwa had "relinquished his position as Director and Chairman of the Bank, to enable him to address the issues arising from the PWC report on Tongaat Hullett".
Get a daily dose of Europe Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Europe Sun.
More InformationBRUSSELS, Belgium: Meta is holding firm on its controversial pay-or-consent model, a move that could lead to fresh antitrust charges...
LONDON, U.K.: American consumers and businesses could soon face the highest overall tariff burden in more than a century, according...
The family of Sayfollah Saif Musallet, a 20-year-old American citizen who was beaten to death by Israeli settlers in the occupied West...
CONCORD, New Hampshire: A federal judge in New Hampshire issued a crucial ruling on July 10 against President Donald Trump's executive...
DUBAI, U.A.E.: A cargo ship flagged under Liberia, known as the Eternity C, sank in the Red Sea following an attack executed by Yemen's...
WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...
NEW YORK CITY, New York: Bitcoin surged to a new all-time high this week, buoyed by growing institutional interest and a wave of pro-crypto...
SHENZHEN, China: As global chip competition intensifies, Huawei Technologies is exploring new markets in the Middle East and Southeast...
LONDON/NEW YORK CITY: American grocery bills may be headed higher as coffee and orange juice prices face upward pressure from new tariffs...
BATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...