Latest News Editor's Choice

News / National

Safeguard security management faces arrest for asset stripping

by Staff reporter
06 May 2013 at 05:38hrs | Views
The National Indigenisation and Economic Empowerment Board appears headed for a showdown with one of the country's biggest security firms, Safeguard, whose management it accuses of asset stripping.

NIEEB alleges that Safeguard has for nearly 3 years stalled in submitting its indigenisation plan while clandestinely transferring major assets to shelf companies.

It has since emerged that the Minister of Youth, Indigenisation and Economic Empowerment, Saviour Kasukuwere, requested Safeguard to submit their indigenisation plan in September 2010.

Last week, NIEEB chief executive Wilson Gwatiringa gave the company 7 days to submit its indigenisation plan.

In a letter addressed to Safeguard chief executive Andrew Mallon, the NIEEB boss warned that the company's senior management risks arrest.

Source - sundaymail