ZB Financial Holdings Limited chief executive officer, Ron Mutandagayi
LISTED property investment and development firm, Mashonaland Holdings (Mashold), is in negotiations with the Insurance and Pensions Commission (IPEC) to recover misappropriated funds from the pension schemes of two axed executives.
Mashold board chairman, Ron Mutandagayi, told The Financial Gazette that while the group had provided for an impairment allowance of $400 000 for unsecured staff loans following the dismissal of former chief executive officer, Manfred Mahari and former finance director and company secretary, Nodzo Matsangura, the property firm was moving to recover some of this money from Mahari and Matsangura’s pension schemes.
“We made a provision in our accounts of $440 000 because some of the loans were housing loans which had a mortgage on them so there would be recovery. In addition, we will be recovering from their pension schemes.
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