Malcolm Mycroft, former Meikles Limited Chief Executive Officer (CEO), secretly signed a Memorandum of Understanding with United Arab Emirates (UAE)-based Albwardy Investment for the sale of the company’s stake in Victoria Falls Hotel, allegedly without the involvement of the board, Nehanda Radio can exclusively reveal.
The unauthorised move exposes alarming governance lapses within the company.
Mycroft’s termination earlier this month stemmed from allegations of unfair salary benefits among others. Further investigations by this publication exposed blatant disregard for corporate governance principles.
Mycroft, without the knowledge of the board, negotiated the unauthorised deal lacking proper share valuation and board approval. The breach allegedly compromised transparency and accountability.
Meikles Limited and African Sun jointly operate and manage Victoria Falls Hotel, with each holding 50% shares. Mycroft sought to sell the company’s stake to Albwardy Investment, a UAE-based diversified portfolio without consulting the co owners of the hotel, Africa Sun.
Notably, Albwardy Investment previously acquired Meikles Hotel in 2019, rebranding it Hyatt Regency The Meikles Harare.
Mycroft’s unauthorised actions sparked controversy, including lack of proper share valuation, and unapproved, excessive salary benefits.
Additionally, Mycroft received an exorbitant, unapproved monthly salary of US$60,000, again without the involvement of the board, raising suspicions of foreign currency looting. The National Economic Conduct Inspectorate is currently investigating the matter.
This disparity contrasts sharply with junior staff earnings of merely US$100 monthly plus Zimbabwean dollars.
Senior buyer Walter Stephens also benefited from disproportionate compensation, earning US$20,000 monthly, surpassing TM Pick n Pay superiors and Meikles executives.
Meikles Limited Chairman John Moxon’s reported plans to reinstate Mycroft sparked concerns among stakeholders.
A source close to the development described the situation as “egregious corporate greed and governance disregard.”
“What I can tell you is that this saga reeks of egregious corporate greed and blatant disregard for governance,” the source told Nehanda Radio.
“Mycroft’s and chairman’s (John Moxon) unauthorised dealings are red flags. The board has since noticed that. The fight to restore order is going on. He (Moxon) is also involved in an unprecedented plan to reinstate Mycroft.”
Interestingly, John Moxon last week issued a notice to shareholders, through Meikles Consolidated Holdings (MCH), condemning the actions of Meikles Limited’s Board, citing irregularities in their October 1, 2024, meeting which fired Mycroft, his ally.
Moxon argued that the meeting lacked a quorum and proper agenda. Moxon has disputed the allegations against the former CEO.
Moxon further announced intentions to take legal action against responsible directors and public officers. The MCH has demanded an Extraordinary Shareholders Meeting to vote on removing implicated directors.
Matthew John Stewart Moxon, John Moxon’s son, is acting as Meikles Limited CEO. Mycroft remains TM Supermarkets’ General Manager until Pick n Pay South Africa, the supermarket’s partner, determines his fate.
Meikles Limited company secretary Thabani Mpofu was not available to comment on the issues raised during the time of writing.
He simply said: “I’m in a meeting. I will revert back.”
Discover more from Nehanda Radio
Subscribe to get the latest posts sent to your email.
