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NetOne Board Facing Expulsion Whilst CEO Continues To Be Investigated

   
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NetOne’s boardroom squabbles have been well documented to this point but now there is another twist with Zim Morning Post reporting that the entire NetOne board is on the verge of expulsion.

Proserve Consultancy reportedly conducted an individual evaluation of all board members and reportedly and the board was found to be incompetent.

The board’s retired chairperson Mr Mutizwa reportedly wasn’t well-versed with how the board reported:

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With all due respect, the chairman did not seem to be clear on the role of the modern-day board and governance principles that guide the board in its activities.

He appeared to still have the view of the ceremonial board that does not do much beyond “meeting” and having conversations with shareholders. The role of the board in guiding strategy appeared to be totally lost to him.

Evaluation documents

The same evaluation documents allegedly reveal that the entire board wasn’t upto task;

I have on many occasions described the board as dysfunctional and believe this is largely attributable to the leadership style which may have worked for yesteryear but not appropriate for today’s fast-paced environment

Further investigations…

Crime Investigations Department Serious Fraud Unit has also reportedly summoned 4 NetOne executives who are under the microscope for alleged corruption.

The four; Lazarus Muchenje, Tinashe Severe, Paradzai Chakona and an unnamed HR boss will be questioned by CID fraud unit and we know that Muchenje is alleged to have paid himself excessive holiday allowances among a host of other allegations.

Zim Morning post also alleges that Muchenje paid bonuses to staff in order to gain their favour – allegations which weren’t levelled at him by the NetOne board.

As more details about the NetOne fiasco have emerged, from the outside looking in it appears both the board and the Chief Executive who have been at arms since Muchenje’s suspension a month ago have a lot of explaining to do.


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