Africa-Press – Botswana. Letshego Holdings has once again recorded an increase in the number of non-executive directors leaving the group in what has now turned into a continuous bleed of human resource by the country’s top microlender.
On the eve of its much anticipated Annual General Meeting, the BSE quoted group confirmed the departure of its board chairperson – Enos Banda and two non-executive directors – Dr Gloria Somolekae and Hannington Karuhunga.
Banda has been Letshego board chairman for the past five years while Dr Somolekae joined the board in 2016 and chaired the Group Remuneration Committee of the Board. Karuhunga on the other hand has been a non-executive director since 2013 and chaired the Group Strategy & Investment Committee.
Apart from the departure of the trio, the group has also confirmed that it has terminated the employment of its company secretary Matshidiso Kimwaga.
Kimwaga, who was also the group’s compliance officer, has been on suspension following a feud between the company and some of its corporate leaders including the former Chief Executive Andrew Okai.
Following the disciplinary process, Kimwaga’s contract has since been terminated with effect from 13 June 2022.
“Letshego shall announce the appointment of a substantive Company Secretary in due course once a suitable candidate has been identified for appointment. In the meantime, Ms. Lebogang Rathedi shall continue to act as the interim Company Secretary and Mr. Legae Moetedi as the Interim Group Head of Compliance and the Interim Group Head of AML”, reads part of a statement that confirms the Kimwaga’s contract termination.
Letshego which has since appointed Philip Odera as board chairman also recently parted ways with its former Chief Executive Okai who has since approached courts of law seeking reinstatement. Okai has been replaced by Aupa Monyatsi who was previously Chief Operations Officer.
Star Performer at BSE
Despite the frequent corporate feud, Letshego continues to be the top performing stock on the domestic stock market. Data shared by the BSE recently shows that between January and May 2022, the Domestic Company Index (DCI) appreciated by 3.2 percent in comparison to a depreciation of 4.2 percent during the same period in 2021. The significant increase in turnover for this period in question was a result of the bourse recording the highest turnover in a single day of P186.8 million which occurred on 23rd March 2022. Of the P186 million worth of this trade, Letshego’s considerable contribution to total equity turnover was a significant P183.0 Million. To date, the 23rd March trade remains the highest daily trade per counter in 2022 thus far. This means while Letshego faces an uphill slog to repair its image due to the boardroom brawl, it does not have loss of market share headache.
Meanwhile Letshego is expected to hold its Annual General Meeting (AGM) later this month where key personnel including atleast four non-executive directors a
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