AAZ Meeting Cancelled After Board Fails to Disclose Audited Financials, Bosses Pockets $6k Bonuses!
THE HARARE BRANCH MEETING OF THE AUTOMATIC ASSOCIATION OF ZIMBABWE was called off on Wednesday when stakeholders stormed out, requesting that the board postpone the meeting until Monday after the former failed to produce audited financials.
The abandoned closed door meeting was conducted in Newlands, according to ZiMetro News, and stakeholders wanted the board and managing director to deliver financial documents amid claims of pervasive corruption at the ostensibly non-profit institution.
“These guys are looting funds and abusing the constitution, which states that they serve for two years; the majority of them have been in power for ten years.”
“There’s a cartel of four guys led by the managing director named Mtandwa, and they give themselves huge perks.”
For example, they provide employees ZWL3 million as a shopping allowance because the company views them as voluntary workers, and they each pocket USD $3,000 behind closed doors.
“Therefore, they fabricate and falsify data when auditors arrive, saying that they have provided grocery, school fees, and other allowances to voluntary workers.”They paid employees USD 900 overall and received incentives of USD 6000 apiece in November, according to our inside source.
Amos Mtandwa, the president of the Mashonaland chapter, acknowledged the meeting’s deferral when asked for comment. However, he stated that they wished to allow stakeholders more time to review the financial figures that had been emailed to them.
We are a fairly open organisation that holds regular AGMs and faithfully posts audited financial information on public channels, such as our website, each year.
Prior to the AGMs, members get an email with the financial statements. The meeting you are referring to as being cancelled is a branch committee meeting, and according to our governance frameworks, branch AGMs are not required to discuss or release financial figures.
But since we’ve always given them out at our meetings, it was in keeping with that tradition that members’ requests for an adjournment to allow them time to review them were granted.
We are a fairly open organisation that holds regular AGMs and faithfully posts audited financial information on public channels, such as our website, each year.
Prior to the AGMs, members get an email with the financial statements. The meeting you are referring to as being cancelled is a branch committee meeting, and according to our governance frameworks, branch AGMs are not required to discuss or release financial figures.
But since we’ve always given them out at our meetings, it was in keeping with that tradition that members’ requests for an adjournment to allow them time to review them were granted.
“We had every right to hold the meeting because the financials were on the association website and members could access them with adequate notice, which served as the justification for their attendance at the Mashonaland AGM. Furthermore, the Association’s finances are not managed nor signed by the Mashonaland committee.
Mtandwa clarified that the Executive is in charge and that the Board has authorised all actions, which have been strictly followed.
Roadside help, car inspections, vehicle appraisals, technical guidance, legal counsel and defence, emergency hotel expenditures, and many more services are provided by AAZ, a non-profit company.
Large corporations make up its membership, and since it is subscription-based, they profit handsomely.
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