Three former executives at Press Corporations Limited (PCL) which include —former Group Chief Executive Officer George Partridge, former Group Financial Controller Elizabeth Mafeni, and former Company Secretary Bernard Ndau—are demanding compensation for alleged unfair dismissal in 2021. Their claims, currently before the Industrial Relations Court (IRC), are scheduled for further examination in January 2025.
The individual claims include:
- Elizabeth Mafeni: K19.46 billion
- George Partridge: K7.48 billion
- Bernard Ndau: K6.3 billion
These amounts were calculated based on the executives’ remuneration, years of service, and inflation adjustments from December 2021 to December 2024.
The compensation claim of K33 billion by three former top executives of Press Corporation Limited (PCL) has sparked worries among stakeholders, including the Minority Shareholders Association of Listed Companies (MISALICO).
MISALICO’s Concerns
During a press briefing in Blantyre, Professor Brian Kampanje, MISALICO’s Director, expressed alarm over the potential financial impact of the claims on shareholders.
“The amounts are colossal and would cause massive erosion of shareholder value. We are also concerned that PCL will have difficulties raising the funds, and what about its effects on the Malawi Stock Exchange if this claim goes through?” he said.
MISALICO highlighted the broader implications of such payouts, including the strain on PCL’s finances and potential disruption to its position on the Malawi Stock Exchange (MSE).
What’s Next?
As the case heads for its next hearing in January, questions remain about the outcome and its potential ripple effects on PCL, its shareholders, and the wider financial market. Could this claim, if successful, reshape investor confidence in Malawi’s largest conglomerate.
