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 corporate’s stake in Victoria Falls Hotel, allegedly with out the involvement of the board, Nehanda Radio can solely reveal.

The unauthorised transfer exposes alarming governance lapses throughout the firm.

Mycroft’s termination earlier this month stemmed from allegations of unfair wage advantages amongst others. Further investigations by this publication uncovered blatant disregard for company governance ideas.

Mycroft, with out the data of the board, negotiated the unauthorised deal missing correct share valuation and board approval. The breach allegedly compromised transparency and accountability.

Meikles Limited and African Sun collectively function and handle Victoria Falls Hotel, with every holding 50% shares. Mycroft sought to promote the corporate’s stake to Albwardy Investment, a UAE-based diversified portfolio with out consulting the co homeowners of the lodge, Africa Sun.

Notably, Albwardy Investment beforehand acquired Meikles Hotel in 2019, rebranding it Hyatt Regency The Meikles Harare.

Mycroft’s unauthorised actions sparked controversy, together with lack of correct share valuation, and unapproved, extreme wage advantages.

Additionally, Mycroft obtained an exorbitant, unapproved month-to-month wage of US$60,000, once more with out the involvement of the board, elevating suspicions of international forex looting. The National Economic Conduct Inspectorate is at present investigating the matter.

This disparity contrasts sharply with junior employees earnings of merely US$100 month-to-month plus Zimbabwean {dollars}.

Senior purchaser Walter Stephens additionally benefited from disproportionate compensation, incomes US$20,000 month-to-month, surpassing TM Pick n Pay superiors and Meikles executives.

Meikles Limited Chairman John Moxon’s reported plans to reinstate Mycroft sparked issues amongst stakeholders.

A supply near the event described the scenario 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 supply instructed 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 final week issued a discover to shareholders, by means of Meikles Consolidated Holdings (MCH), condemning the actions of Meikles Limited’s Board, citing irregularities of their October 1, 2024, assembly which fired Mycroft, his ally.

Moxon argued that the assembly lacked a quorum and correct agenda. Moxon has disputed the allegations towards the previous CEO.

Moxon additional introduced intentions to take authorized motion towards accountable administrators and public officers. The MCH has demanded an Extraordinary Shareholders Meeting to vote on eradicating implicated administrators.

Matthew John Stewart Moxon, John Moxon’s son, is performing as Meikles Limited CEO. Mycroft stays TM Supermarkets’ General Manager till Pick n Pay South Africa, the grocery store’s accomplice, determines his destiny.

Meikles Limited firm secretary Thabani Mpofu was not accessible to touch upon the problems raised throughout the time of writing.

He merely mentioned: “I’m in a meeting. I will revert back.”