ZIMBABWE – Hippo Valley Estates Limited, subsidiary of Tongaat Hulett has announced the appointment of four new directors to its board to boost its corporate governance following the firm’s financial scandal that led to several executives at both Hippo Valley and Tongaat Hulett resign.
PwC’s audit on the company in November 2019 found that certain Tongaat senior executives overstated profits and certain assets by using “undesirable accounting practices.”
The sugar firm has appointed John Gavin Hudson, the Chief Executive Officer of the parent company, to the board as part of measures to ensure strategic alignment within all Tongaat Hulett subsidiaries across Southern Africa.
Gavin is an accomplished business executive with considerable experience in diverse and challenging markets within the alcoholic beverages industry.
He was previously the Beer Group President and Chief Executive Officer of Anadolu Efes, a company listed on the Turkish Stock Exchange.
Prior to this, Gavin served as the Managing Director of Anadolu Efes’s beer businesses in Turkey and Russia and spent 26 years within SABMiller, holding senior roles, both in South Africa and internationally.
The other appointment to the board is for Canaan Farirai Dube, a Lawyer by profession and a senior partner in a leading law rm, Dube, Manikai and Hwacha Legal Practitioners.
According to the company, he has extensive knowledge and experience in Corporate Governance, Mergers and Acquisitions and Trade and Investment Law.
He is highly experienced in corporate leadership mandates and investment analysis at both national and international level.
Canaan serves as a director in a number of companies listed on the Zimbabwe Stock Exchange and is the chairman of Delta Corporation Limited.
Godwin Sweto, a versatile business executive with a strong corporate strategy, engineering, finance and analytical background it the other appointee.
He is the Managing Director of Encorex (Pvt) Ltd, a South African company involved in bulk LPG supply, gas equipment and energy strategy consulting.
He currently serves as an independent director of One Gas Resources (Pty) Ltd, a Zimbabwean entity that holds a 20% stake in Zimbabwe’s only oil and gas licence (the Muzarabani Special Grant No 4571 Permit).
“He has extensive international business development, valuation, mergers and acquisitions experience. Mr Sweto has served in various technical, managerial and executive capacities,” stated the company.
The fourth appointee is Rutenhuro James Moyo, who has extensive business and financial experience gained from working with some multinationals locally and in several other countries.
He is the Managing Partner at Remoggo PCC (Mauritius), an investment holding rm with a portfolio of private equity investments in Zimbabwe and the Region.
He is also a director in a number of companies listed on the Zimbabwe Stock Exchange including OK Zimbabwe Limited and First Banking Corporation Holdings Limited.
Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE