Top Mashonaland Holdings executives suspended

Listed property investment and development concern, Mashonaland Holdings Limited (Mashold), has suspended two top executives after an audit revealed that the firm could have been prejudiced of millions of dollars through financial irregularities.

Chief executive officer (CEO), Manfred Mahari, and Nodzo Matsangura, the finance director and company secretary, were suspended last week amid concerns over the manner loans and allowances were granted to staff.

The company's internal auditors unearthed the irregularities, which were also confirmed by an external audit instituted by the company at the instigation of the board. Ron Mutandagayi, chairman of the company's board of directors, confirmed the suspension of Mahari and Matsangura.