By- Energy and Power Development Minister, Zhemu Soda, has set up a team of investigators to investigate the entire Petrotrade Board of Directors.
Soda on Thursday suspended the Board and accused it of not following corporate governance.
Among the suspended board members is former MDC official Lilian Timveos, who joined Zanu PF last year.
The Board was appointed in 2021 after Petrotrae had operated for five years without the governing Board. Board members were:
1)Tinomudaiishe 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 Timveous MDC Alliance defector.
In a statement, 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.
Petrol tradeis a private company, wholly owned by the government.
It is a successor Company to the former National Oil Company of Zimbabwe (Noczim).