Energy and Power Development Minister, Zhemu Soda, has suspended the entire Petrotrade Board of Directors pending investigations into matters of corporate governance.
The board was appointed in 2021 after Petrotrae had operated for five years without the governing board. Board members were:
1). Tinomudaishe Chinyoka, a lawyer, board chairperson
2). Zanele Dube, deputy chair
3). Gladys Mumhure,
4). Simbabrashe Eric Mhuriro,
5). Ferida Matambo,
6). Getrude Marabada,
7). Godfrey Ncube,
8). Dakarai Mukuku,
9). Lilian Timveos, MDC Alliance defector.
In a statement, seen by Pindula News, Soda said he will be appointing a team to initiate investigations. We present the statement below:
PRESS STATEMENT ON THE SUSPENSION OF THE PETROTRADE BOARD
While the Board of Directors for Petrotrade was appointed in terms of Section 11 of the Public Entities Corporate Governance Act, with the concurrence of His Excellency the President of the Republic of Zimbabwe, I have today, 9 March 2022 suspended the entire Board, pending investigations into matters of corporate governance.
I will be appointing a team to look into the matter, whose findings will inform the way forward.
Petrotrade (Private) Limited is a private company, wholly owned by the Government of Zimbabwe. It is a successor Company to the former National Oil Company of Zimbabwe (Noczim).