Energy and Power Development Minister Soda Zhemu has suspended the Tinomudaishe Chinyoka chaired Petrotrade board to allow probe into what he says corporate governance matters.
Zhemu said he will be appointing a team to investigate the issues and their findings will map the way forward.
“While the Board of Directors for Petrotrade was appointed in terms of Section 11 of the Public Entities Corporate Governance Act, with the concurrence of His Excellency the President of the Republic of Zimbabwe, I have today, 9 March 2022 suspended the entire Board, pending investigations into matters of corporate governance. I will be appointing a team to look into the matter, whose findings will inform the way forward,” Zhemu said in a statement
Other suspended board members are Zanele Dube, former MDC Alliance deputy treasurer Lillian Timveos, Simba Mhuriro, Gladys Mumhure, Ferida Matambo, Getrude Marabada and Godfrey Ncube.
Upon its appointment in June last year, the parastatal had a critical role of participating in ensuring adequate supply of fuel in the country, thereby fulfilling the Ministry’s Vision and attainment of Vision 2030.
It could not be established as to what led to the suspension of the board and it comes at a time the Government increased fuel prices
A litre of petrol is now pegged at US$1.68 from US$1.51 while diesel will now be sold at US$1.67 up from US$1.51.
