Cuthbert Dube owns more than 20% of PSMAS key subsidiaries

Former Premier Service Medical Aid Society chief executive officer Dr Cuthbert Dube could own as much as 20 percent of a key subsidiary of the enterprise, an official close to the firm has revealed.

This came as the PSMAS board appointed experienced business consultant Mr Luxon Zembe the new chair, and Dr Farai Fredrick Muchena the acting chief executive officer. Dr Muchena is the Premier Service Medical Investments managing director.

The Herald reported that Mr Zembe takes over from Mrs Meisie Namasasu, who was removed from the post following revelations of mega salaries being paid to Dr Dube and other senior managers at PSMAS.

Dr Dube was retired from the post last week. Information reaching The Herald also indicates board member, Mr George Chabururuka, had tendered his resignation. Mr Chabururuka is finance and administration director at the Higher Education Ministry.

The board is understood to be investigating how Dr Dube allegedly came to own 20 percent of PSMI, which is the PSMAS investment arm. The board would like to know how such a huge stake fell into the hands of one employee and whether the equity was paid for or was part of his "incentives package".