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The hearing was to have taken place on May 30 this year, but the lawyer representing Mr Munyukwi, Mr Selby Hwacha, told d the board they were not ready.
“We expect Mr Munyukwi to come for the hearing . . . we will not be tolerating any more excuses,” said the board member.
Mr Hwacha and Mr Innocent Chagonda, representing the ZSE board, could not be reached for comment yesterday.
Mr Munyukwi has run the ZSE since 2001. He is now facing charges of incompetence, including failure to implement the demutualisation of the bourse.
The Securities Commission of Zimbabwe has announced it would soon launch an Initial Public Offer as part of the demutualisation of the ZSE.
Mr Munyukwi is also alleged to have failed to register the ZSE with the Securities Commission, which regulates capital markets.
The ZSE board is also questioning the manner in which Mr Munyukwi handled the Ariston Holdings and Rio Zim recapitalisation transactions.
Speculation has been rife that the Securities Commission, which has clashed with the ZSE since 2009, could have pressured the board, chaired by Mrs Eve Gadzikwa, into taking action against Mr Munyukwi.
In June 2009, the ZSE was on a collision course with the commission after the bourse ignored a directive by the latter to stop TN Holdings’ extraordinary general meeting.
TN shareholders, with the ZSE blessing, went on to approve the US$6,6 million rights offer, despite an order by the commission not to go ahead with the meeting. This was after the ZSE committee, as custodians of the listing requirements, allowed TN to proceed with the shareholders’ meeting.
The commission had raised concern over TN Holdings’ rights issue price. On November 6, 2009, the commission suspended ISB Securities (Private) Limited and Mr
Geoff Mhlanga from carrying out all licensable activities other than settling all outstanding deals as at end of that day.
The basis of the suspension was that the commission had instituted investigations into the conduct of ISB Securities on the management of trust funds. But ISB
continued to trade in defiance of the order.
Two weeks earlier, ZSE and the commission clashed over US$2,3 million in levies collected by stockbrokers from investors.
The commission had instructed brokers to remit funds to the commission but the ZSE raised the stop sign, directing stockbrokers to ignore the order.
Online Reporter