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Alban Chirume

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Alban Chirume
Occupation

Alban Chirume is a Zimbabwean accountant and the current chief executive officer of the Zimbabwe Stock Exchange.

Education

He holds a BSc in Physics and Mathematics from the University of Zimbabwe, MBA from University of Wales, ACIS (Zimbabwe) and R.PAcc (Z).[1]

Career

He was trained and worked as a Telecommunications Engineer at Posts and Telecommunications Corporation from 1988. In 1992 he joined the financial services sector. He was involved in Project Finance, Investment Management, Advisory Services and Treasury at senior and general management levels. In 1998, Alban established a company which was both a member of the Zimbabwe Stock Exchange and the Zimbabwe Agricultural Commodity Exchange (ZIMACE), and provided financial advisory services.

In June 2009,he became the inaugural Chief Executive of the Securities Commission of Zimbabwe. He played a major role in the establishment of the Commission and the development of the regulatory framework. On 1 June 2013 he was appointed Chief Executive of the Zimbabwe Stock Exchange replacing Emmanuel Manyukwi, who left after agreeing an exit package with the bourse following accusations of insubordination.. He is a Chartered Secretary and a Registered Public Accountant. He is the immediate past Chairman of the Committee of SADC Stock Exchanges (CoSSE) and is an Executive Committee Member of the African Securities Exchanges Association (ASEA).[1]

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Controversies

On February 6, 2017, Chirume was sent on an indefinite leave to pave way for investigations after Econet Wireless Zimbabwe disregarded a directive from the Zimbabwe Stock Exchange (ZSE) not to hold an extraordinary general meeting. Chirume allegedly sanctioned Econet's cash call to raise US$130 million to pay offshore debts, despite concerns by ZSE.

The investigations, led by lawyer, Selby Hwacha, went beyond the Econet issue, going far back as his appointment at the ZSE in July 2013. ZSE insiders told the Financial Gazette that the investigation was critical of the way Chirume handled the suspension of Meikles in February 2015, on allegations of overstating a debt it was owed by the Reserve Bank of Zimbabwe with the intention of manipulating its share price. Meikles proceeded to file a lawsuit against the ZSE and Chirume in his personal capacity, claiming delictual damages to the tune of US$50 million for patrimonial loss plus interest and costs of the suit.

Meikles argued that the ZSE had acted outside the law and did not accord the company the right to be heard in breach of Section 3 of the Administrative Justice Act. The bourse had filed its intention to defend the lawsuit, and had, in fact, sought exception on behalf of both the exchange and Chirume and a special plea in bar in respect of ZSE CEO. This was dismissed by the High Court.

The investigation, according to insiders, also highlighted Chirume’s alleged failure to meet targets set by the board, submitting reports to the board late and not responding to queries from the board. It also sought to reveal that Chirume had incurred high expenditures and made several decisions without consulting the board.[2]

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References

  1. 1.0 1.1 Management, Zimbabwe Stock Exchange, published: No Date Given, retrieved: August 8, 2017
  2. ZSE completes Alban Chirume investigation, Financial Gazette, published: March 23, 2017, retrieved: August 8, 2017

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