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Letlole presses criminal charges against suspended CEO

MBONGENI MGUNI
Chikuni Shenjere-Mutiswa
The board of local property group, Letlole la Rona, has laid criminal charges against its suspended CEO, Chikuni Shenjere-Mutiswa, for alleged misconduct involving the group’s long-term incentive plan.

The board of local property group, Letlole la Rona, has laid criminal charges against its suspended CEO, Chikuni Shenjere-Mutiswa, for alleged misconduct involving the group’s long-term incentive plan.

Shenjere-Mutiswa was suspended in May for alleging breaching the group’s long-term incentive plan, which is a company policy that rewards employees for reaching specific goals that lead to increased shareholder value.

Reports at the time suggested the suspended CEO had improperly claimed benefits of up to P30 million for himself and other executive managers, based on an incorrect interpretation of the long-term incentive plan.

In a statement to investors this morning, Letlole la Rona’s board said the CEO had been reported to

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the police’s Serious Crimes Squad.

“Following the conclusion of an independent investigation, the company has instituted disciplinary proceedings against Shenjere-Mutiswa and criminal charges have been laid,” directors said.

The disciplinary process will be overseen by a committee of three non-executive members of the board, who in turn have appointed three independent “high profile” labour practitioners to constitute a disciplinary panel.

Letlole la Rona, which is 45% owned by the Botswana Development Corporation, boasts properties last valued at about P819 million mainly in the industrial and retail sectors/

The BDC holds 45.3% equity in Letlole la Rona and 100% equity in Western Industrial Estate, which develops and manages industrial properties.



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