Minister of Energy and Power Development Soda Zhemu has suspended the Petrotrade board chaired by lawyer Tinomudaishe Chinyoka and instituted investigations into what they called ‘corporate governance issues’.
Petrotrade Zimbabwe (formerly National Oil Company of Zimbabwe (NOCZIM) is a trading company responsible for downstream activities, including selling petroleum products and lubricants through bulk sales and service stations.
The board that was appointed last year, includes ex-MDC Alliance legislator Lilian Timveos, who defected to Zanu-PF.
Chinyoka was the chairman and deputised by Zanele Dube. Other board members included Simba Mhuriro, Gladys Mumhure, Ferida Matambo, Lilian Timveos, Getrude Marabada and Godfrey Ncube.
Zhemu announced the development in a statement published in the state newspaper on Thursday.
“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,” he said. Nehanda Radio
