AHL Group acting Chief Executive Officer Alfred Nkhono has announced the closure of some of the Group’s subsidiaries, a move that will cut 67% jobs.
When Malawi Leaf posted a K42 billion loss in 2017, the Group faced financial woes, leading to the decision to close down subsidiaries namely AHL Commodities Exchange, City Africa Limited, AHL Chemicals and Steel Limited. “It has been a huge challenge for the business to survive since that time [2017]. We have not recovered.” said Nkhono, “As a result of that, the group is undergoing a serious and massive restructuring,”
Earlier in January this year, Malawi Police Service (MPS) announced the completion of investigations into the K42 billion which disappeared from a Malawi Leaf Limited Bank account. MPS spokesperson, James Kadadzera, made the announcement as MPS was about to submit the files to the Ministry of Justice and Director of Public Prosecutions. “This means that former top bosses (of the company) are expected to be charged for money laundering, fraud among others,” he said. 4 AHL SUBSIDIARIES CLOSE, 480 JOB CUTS
AHL Group acting Chief Executive Officer Alfred Nkhono has announced the closure of some of the Group’s subsidiaries, a move that will cut 67% jobs.
When Malawi Leaf posted a K42 billion loss in 2017, the Group faced financial woes, leading to the decision to close down subsidiaries namely AHL Commodities Exchange, City Africa Limited, AHL Chemicals and Steel Limited. “It has been a huge challenge for the business to survive since that time [2017]. We have not recovered.” said Nkhono, “As a result of that, the group is undergoing a serious and massive restructuring,”
Earlier in January this year, Malawi Police Service (MPS) announced the completion of investigations into the K42 billion which disappeared from a Malawi Leaf Limited Bank account. MPS spokesperson, James Kadadzera, made the announcement as MPS was about to submit the files to the Ministry of Justice and Director of Public Prosecutions. “This means that former top bosses (of the company) are expected to be charged for money laundering, fraud among others,” he said. On Wednesday this week, the Directorate of Public Prosecutions (DPP) was set to prosecute former and current senior executives of financially struggling AHL Group Limited, following investigations into alleged fraud for a sum of K45 billion fraud.