Mutangadura joins First Mutual Properties

Nyashadzashe Ndoro

Chief Reporter

First Mutual Properties Limited, a property development and management arm of First Mutual Holdings Limited, has announced the appointment of Susan Mutangadura as an independent non-executive member of its Board, effective August 1, 2024.

Mutangadura brings extensive qualifications and experience in law, arbitration, and corporate governance to the role.

However, her appointment comes at a critical time for FMHL and its subsidiaries, which are facing controversy and regulatory scrutiny.

FMHL's subsidiary, First Mutual Life Assurance Company, is embroiled in a dispute with the Insurance and Pensions Commission over allegations of regulatory non-compliance and potential financial harm to policyholders.

As a new member of the First Mutual Properties Limited Board, Mutangadura is likely to be seized with the matters surrounding FML and the ongoing mandatory offer by CBZ Holdings Limited to minority shareholders in FMHL. CBZHL has extended its offer period by 90 days, citing the need to secure regulatory approvals.

The controversy surrounding FML and the mandatory offer has created uncertainty for FMHL's minority shareholders, who are waiting for CBZHL's offer. IPEC recently ordered FML to pay back US$53 million and ZWL209 million to policyholders following a forensic audit that identified several concerning practices.

FML has disputed the audit's findings and is challenging them in court. The matter is ongoing, and the outcome is uncertain.

As a member of the First Mutual Properties Limited Board, Mutangadura will likely play a key role at the property development management arm.

Mutangadura's expertise in law, arbitration, and corporate governance will be invaluable in addressing the challenges facing FMHL and its subsidiaries.

Her experience in leadership roles, including Country Manager/Managing Director for AUN Zimbabwe Ltd, Company Secretary and Legal Advisor for the Zimbabwe Revenue Authority, and Group Managing Director for SFG Insurance Holdings, will also be essential in guiding the company through this critical period.

"Susan Mutangadura is a distinguished professional with extensive qualifications and experience in law, arbitration, and corporate governance," the Dulcie Kandwe, the company secretary, said.

"Her expertise spans international arbitration, legal practice, company secretarial practice, corporate governance, tax law, strategic planning, marketing, resource mobilisation, revenue growth cost management, insurance and risk management, stakeholder management, and talent management.”