{"id":27062,"date":"2023-04-02T09:48:38","date_gmt":"2023-04-02T09:48:38","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/inside-enrichs-chaos"},"modified":"2023-04-02T10:19:30","modified_gmt":"2023-04-02T10:19:30","slug":"inside-enrichs-chaos","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/inside-enrichs-chaos","title":{"rendered":"Inside Enrich\u2019s chaos"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>THE battle for Enrich Stores escalated yesterday with Maine Maine, the suspended chief executive, insisting that he is going nowhere. The board has fired back, telling Maine that he will leave office whether he likes it or not.<\/p>\n

And so battle lines are drawn with a court battle highly likely. The board was locked in an emergency meeting last night to discuss how to respond to Maine\u2019s defiance.<\/p>\n

While the board was discussing its next move Maine was conducting business at the shop as if nothing had changed. Meanwhile, the company\u2019s brand, once celebrated as a shining example of collaboration among Basotho, is taking a beating.<\/p>\n

Shareholder value is evaporating as stock runs out while the board squabbles with the managing director. The more than 3 000 shareholders can only watch as their company faces imminent collapse. But with the gloves off none of the parties is pulling out of the fight.<\/p>\n

Last night Maine told thepost that the board members don\u2019t care if the company collapses because some of them have very few shares and those who have many didn\u2019t buy them but were given as donations by the shareholders for starting the company.<\/p>\n

He said the board has been frustrating operations by refusing to approve contracts with companies that supply stock. The result, he said, is that the company has run out of stock and sales have plummeted from a peak of M4 million a month last year to M2 million.<\/p>\n

He said he is worried that if it accepts his suspension the company will collapse because \u201cnone of the directors know anything about the business\u2019 operations\u201d.<\/p>\n

\u201cIn any case, the shareholders trust me because I am the one who persuaded them to buy the shares,\u201d Maine said.<\/p>\n

\u201cThese board members were elected by shareholders to look after the interests of the company but they are now spending their time fighting and sabotaging me as the chief executive instead of growing the company.
\n\u201cThey just don\u2019t care about the welfare of the company.
\nRefuoe Monaheng, one of the shareholders who resigned as chief operating officer in February, told thepost that the board is aware of Maine\u2019s defiance.<\/p>\n

\u201cThat attitude is inappropriate and unethical.<\/p>\n

He was contracted by the board as an employee and he should abide by its decisions,\u201d Monaheng said a few minutes before the emergency board meeting last night.<\/p>\n

\u201cHe is not the chief executive because he is a shareholder and founder. He holds that position as an employee of the board. \u201d<\/p>\n

\u201cThe board will therefore take the necessary action to deal with the situation.<\/p>\n

\u201d Maine received the suspension letter on Tuesday.<\/p>\n

The board accused him of failing to file for taxes on time, withholding rentals, making decisions without board approval and mismanaging the business.<\/p>\n

The board repeated the same allegations at a press conference yesterday. Monaheng said Maine\u2019s management borrowed M1.8 million to start a gym without the board\u2019s approval.<\/p>\n

He said they later took M700 000 from Enrich Stores, again without approval, to buy more gym equipment. Monaheng said the board only read about the gym on social media and when they demanded evidence of the transaction Maine could not deliver.<\/p>\n

He said the gym is now drowning in debt which has to be paid by the store. \u201cCurrently, the gym is running low on funds and it sometimes fails to pay its rent.<\/p>\n

\u201d He revealed that the company has a M500 000 tax bill that the board did not know about. This, Monaheng said, is in addition to the M400 000 owed in rentals. Maine however has a different story.<\/p>\n

He says he withheld the rentals after discovering that they were overpaying for their store. He says he sold some of his shares to raise the M400 000 to help the company buy the additional gym equipment.<\/p>\n

He alleges that after raising the money some board members tried to block the payment for the gym equipment. He then removed some of the bank signatories, approved the payment and submitted his resignation letter a few hours after the transaction.<\/p>\n

Maine said his resignation was meant to scare the board but he discovered that they were actually happy that he had left. \u201cI then changed my mind, pleaded with the board to withdraw my resignation letter and they accepted,\u201d Maine explained.<\/p>\n

He traces his tiff with the board to two years ago when he and other founders were awarded free shares as compensation for their efforts. \u201cSome were not happy with that decision and they made it clear that they were opposed to the decision made by shareholders.<\/p>\n

They started fighting and frustrating me from thereon. \u201d He said the fights escalated in July last year when board members refused to sign a contract with a major supplier.<\/p>\n

Due to the lack of stock sales dropped from M4 million to M2 million in August. \u201cI told them that we were approaching the festive season and we still didn\u2019t have stock but they ignored my pleas.<\/p>\n

\u201d In November Maine wrote to the board again, this time giving them an ultimatum.<\/p>\n

\u201cI said since they don\u2019t want to sign contracts for us to get stock they should resign or allow themselves to be removed.<\/p>\n

I said if they don\u2019t do either of those things I will tell the shareholders that they are the ones frustrating the business. \u201d \u201cI knew that the shareholders would blame me if the business failed to perform.<\/p>\n

I am the one who brought all these shareholders and they want to see their company grow. \u201d Maine said after that letter three directors resigned within 12 hours.<\/p>\n

He said matters came to a head in February this year when he accused the board of failing to report to the shareholders. \u201cI said they were failing the company because they had not submitted even a single report to the shareholder.<\/p>\n

That is what made them angry. \u201d He said he wrote that letter after the board refused to sign a contract with Pioneer Foods, a major grocery supplier from South Africa.<\/p>\n

Maine said only the shareholders can decide his fate. He has called a shareholders\u2019 meeting for April 8. \u201cI am looking forward to a fair judgment of shareholders, especially on the suspension matter,\u201d he said.<\/p>\n

\u201cEven if the shareholders decide to take me out of the management I would not have a problem as long as it will be beneficial to the company.<\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. THE battle for Enrich Stores escalated yesterday with Maine Maine, the suspended chief executive, insisting that he is going nowhere. The board has fired back, telling Maine that he will leave office whether he likes it or not. And so battle lines are drawn with a court battle highly likely. The board […]<\/p>\n","protected":false},"author":84,"featured_media":27060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,246,258,245],"class_list":["post-27062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-lesotho","tag-company","tag-lesotho"],"yoast_head":"\nInside Enrich\u2019s chaos - Lesotho<\/title>\n<meta name=\"description\" content=\"THE battle for Enrich Stores escalated yesterday with Maine Maine, the suspended chief executive, insisting that he is g ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/inside-enrichs-chaos\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inside Enrich\u2019s chaos\" \/>\n<meta property=\"og:description\" content=\"THE battle for Enrich Stores escalated yesterday with Maine Maine, the suspended chief executive, insisting that he is g ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/inside-enrichs-chaos\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-02T09:48:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-02T10:19:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2023\/04\/postQueueImg_1680412874.67.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/inside-enrichs-chaos#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/inside-enrichs-chaos\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Inside Enrich\u2019s chaos\",\"datePublished\":\"2023-04-02T09:48:38+00:00\",\"dateModified\":\"2023-04-02T10:19:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/inside-enrichs-chaos\"},\"wordCount\":1085,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/inside-enrichs-chaos#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2023\/04\/postQueueImg_1680412874.67.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Lesotho\",\"company\",\"Lesotho\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/inside-enrichs-chaos#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/inside-enrichs-chaos\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/inside-enrichs-chaos\",\"name\":\"Inside Enrich\u2019s chaos - 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