18 January 2018
   
LATEST: Bennett in fatal chopper crash?
Polls in '4 to 5' months: Mnangagwa
$430k cocaine woman blames Brazil firm
Tobva tadii paya trio bailed after 3mths
Businessman fleeces clinic of $27,000
Soldiers deployed all over rural Zim: MDC-T
MDC-T’s Mudzuri begs ZCTU for support
Moyo claims CIO spy killed during coup
MORE NEWS
Bond notes here to stay, says Chinamasa
South Koreans in $70m Zim agro-project
MORE BUSINESS
Hubby bashes Star FM anchor in love row
$18/yr subscr too much for musicians
MORE SHOWBIZ
Zimbabwe beat Sri Lanka in thriller
Caps bid to rehire star forward Nhivi
MORE SPORTS
A view beyond the Zimbabwe coup
'Shit-hole': Just Take moral high ground
MORE OPINION
 
Economy: the need for a paradigm shift
Trump rage ignores truth: A response
MORE COLUMNISTS
 
 

Barclays Zim managers lobby govt to block bank sale

10/06/2017 00:00:00
by Source.co.zw
 
 
RELATED STORIES

HARARE: A group of Barclays Bank low-level managers have petitioned the government not to approve the takeover of Barclays Bank Zimbabwe by First Merchant Bank (FMB) of Malawi, alleging that the deal violated empowerment laws.

The 63 managers have also demanded that British headquartered Barclays Plc, which hived off about 57 percent shareholding in the local unit last week, should have given a consortium led by Barclays Zimbabwe managing director, George Guvamatanga, the right to first refusal.

The managers this week withdrew a High Court application challenging the same to focus on lobbying the government.

In a letter dated June 6, addressed to Patrick Chinamasa, the Finance and Economic Development Minister, the group’s lawyers, Matsikidze and Mucheche said in terms of section 25 A of the Labour Act, the matter of change of ownership or disposal of shares or business was a matter which required the employer to consult the employees first.

The letter was copied to the Zimbabwe Stock Exchange, the Ministry of Indigenisation and Economic Empowerment and the Reserve Bank of Zimbabwe.

“In this matter, at all material times the employer rejected the employees’ request for a works council meeting in terms of section 25 A of the Labour Act (28:01) to discuss the issue of sale or disposal of its shares or business to 3rd parties. At all material times, the employer flouted the laws relating to disposal of shares and ownership, or business.

"Despite the existence of an application for conciliation pending before Ministry of Labour, Public Service & Social Services, the employer proceeded to dispose the sale, or change ownership of the business,” the letter reads.

“The Barclays Bank of Zimbabwe Limited has confirmed the sale to a 3rd party in its notice of opposition dated 31 May 2017 to a matter now withdrawn. Further at law, the employees have a right of pre-emption or right of first refusal, the employer has not given the same to them for the disposal of its shares or business and instead preferred foreign investors from Malawi.”



Advertisement

The controversy over Barclays Zimbabwe started after Barclays Plc sold the stake to the Malawi listed financial firm, which also has a presence in Zambia, Botswana and Mozambique.

The disposals were part of a continent wide exit by the British bank, to focus on the European and American markets.

Barclays Bank Plc said this week it expects regulatory approvals in the third quarter of this year.


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker