The National Employment Council (NEC) for the Commercial Sectors in Zimbabwe has initiated a comprehensive investigation into serious allegations against TM Pick n Pay Zimbabwe, a subsidiary of Meikles Limited. The probe follows claims of racism, foreign currency looting, and unfair labour practices involving the company’s Managing Director, Malcolm Mycroft, and South African executive Walter Stephens.
The allegations center around substantial discrepancies in executive compensation compared to the wages of lower-level employees. Sources indicate that Stephens is reportedly earning a monthly salary of US$20,000, while Mycroft is said to receive US$45,000 per month, in addition to an annual bonus of US$150,000. In stark contrast, the lowest-paid worker at TM Pick n Pay is reportedly earning just ZWG 5,000 (approximately US$230).
These figures have raised concerns about potential foreign currency mismanagement, money laundering, and exploitative labour practices. Employees and observers alike are calling for a thorough investigation into these matters.
The NEC has responded by requesting extensive financial documents from Meikles Limited, including recent wage bills, dividend payments, annual and quarterly reports, balance sheets, and income statements. Investigators are particularly focused on executive compensation and benefits, seeking to determine whether there has been any unfair treatment of workers or improper handling of foreign currency.
A source close to the investigation stated, “The NEC is committed to a detailed and thorough examination of the company’s financial dealings and employment practices. By scrutinizing wage bills, dividend payments, and executive compensation, they aim to uncover any potential malfeasance or unfair treatment. We are hopeful that the investigation will be exhaustive and transparent, and that the truth will be revealed in due course.”
In response to the allegations, Meikles Limited’s group secretary, Thabani Mpofu, acknowledged that the company is aware of the claims but declined to confirm the specifics of the investigation. Mpofu emphasized that Meikles Limited is committed to maintaining high standards of ethics and governance. “We take all allegations seriously and are committed to upholding fairness, equality, and transparency in our operations. We will not provide further comment on these specific allegations at this time,” Mpofu said.
TM Pick n Pay Zimbabwe operates 73 outlets across the country and is reportedly facing significant challenges. The company has experienced a decline in units sold by 4.8% for the year ending February 2024 and has warned of a potential full-year loss. The NEC’s investigation comes at a critical time for Pick n Pay, as it navigates challenges both in Zimbabwe and South Africa. The outcome of this probe could have substantial implications for the company’s operations and reputation. The NEC’s direct line was unavailable at the time of writing, and further updates are awaited as the investigation progresses.
In other news – Pastor Mboro’s bail request denied
In a dramatic development on Monday, Paseka Motshoeneng, known as Pastor Mboro, along with his bodyguard Vincent Baloyi and his son Revival Motshoeneng, was denied bail by the Palm Ridge Magistrate’s Court. The trio faced serious charges following an incident at Matsediso Primary School on August 5, 2024.
The charges against them include kidnapping, possession of dangerous weapons and unlicensed firearms, assault by way of threat, pointing of firearms, discharging a firearm, and malicious property damage. Read More
