There has been a corporate “coup” at Investrust Bank resulting in major shareholder Friday Ndhlovu losing his job of CEO. It is said that the instigator of the move was a once trusted friend and confidant of Mr. Ndhlovu, Robinson Zulu of Meanwood Investments. The later has over the recent past been scooping up Investrust Bank shares on the LuSE thus amassing up to 20% stake in the bank. The move has been justified on basis of Investrust’s poor financial results in the last two years. However, what is interesting is how Zulu whose Meanwood Financial Services business has been struggling and may soon lose its license can throw mad at Friday Ndhlovu. Mr. Ndhlovu has been replaced by Dr. Richard Chembe, former Economic Advice to RB.
Apparently, the real reason behind Ndhlovu’s firing has been a settlement of old scores. Nr. Ndhlovu as Chairman of the LuSE Board is said to have influenced the Board not to renew the contract of Beatrice Nkanza, who was LuSE CEO before Brian Tembo. Now, Beatrice Nkanza is the older sister to Womba Kamuhuza Zulu the wife to Robinson Zulu. As one of the major shareholders Robinson has a seat on the Investrust Board, which proxy is Eddie Samakai a brother to his wife. However, recently Robinson Zulu has been pushing for a second seat which was supposed to be given to Beatrice Nkanza. Ndhlovu together with other major shareholders have resisted this move as they all have only one seat each.
These wrangles are likely to negatively affect public confidence in Investrust Bank and affect its share price too.
N.B. KINDLY WITHHOLD MY NAME