Ex-Meikles CEO’s Secret Vic Falls Hotel Sale Plan Sparks Governance Scandal

In an unfolding corporate scandal, former Meikles Limited CEO Malcolm Mycroft is under scrutiny for allegedly signing a secret Memorandum of Understanding (MoU) with Albwardy Investment, a UAE-based company, to sell Meikles’ stake in the iconic Victoria Falls Hotel. The deal, reportedly made without board approval, has exposed serious governance issues within Meikles Limited, raising concerns over transparency and accountability.

Unauthorized Deal and Governance Issues

Mycroft’s unauthorized MoU with Albwardy Investment, which already owns Meikles Hotel (now Hyatt Regency in Harare), bypassed both the board and the hotel’s co-owner, African Sun. This breach of protocol reportedly disregarded the necessary share valuation and approvals, sparking a governance scandal that has put Mycroft’s leadership practices under intense scrutiny.

Controversial Salary and Benefits

Adding to the controversy, Mycroft allegedly received an unapproved monthly salary of USD $60,000, a figure significantly higher than typical earnings within the company. Meikles Limited’s Chairman, John Moxon, and other executives have faced backlash from shareholders and stakeholders for allowing such financial discrepancies. The National Economic Conduct Inspectorate has launched an investigation, suspecting potential foreign currency mismanagement and governance negligence.

Allegations of Corporate Misconduct

The scandal highlights systemic issues within Meikles, where senior buyers like Walter Stephens reportedly earn up to USD $20,000 monthly—surpassing both TM Pick n Pay superiors and other Meikles executives. Moxon’s reported support for reinstating Mycroft despite his alleged missteps has only fueled stakeholder concerns, with some calling the saga “a case of egregious corporate greed.”

Calls for Action

Amid the growing unrest, Moxon issued a notice condemning the October 1 board meeting that dismissed Mycroft, citing procedural irregularities. He has since announced intentions to pursue legal action against directors involved in the decision. As tensions escalate, shareholders are set to vote on the implicated directors’ removal in an Extraordinary General Meeting (EGM) called by Meikles Consolidated Holdings.

Current Leadership and Outlook

John Moxon’s son, Matthew John Stewart Moxon, has been appointed acting CEO of Meikles Limited as the company seeks to stabilize. Mycroft remains the General Manager of TM Supermarkets under TM Pick n Pay, awaiting further decisions from the South African partner.

As the Meikles board navigates these challenges, the outcome of the ongoing investigations and shareholder actions will likely reshape the company’s governance approach and address the lapses highlighted by this scandal.