Natasha Chamba, Business Reporter
THE Zimbabwe Stock Exchange (ZSE) has appointed Mr Justin Bgoni as its new chief executive officer.
He replaces Mr Alban Chirume who was sent on forced leave in 2017 and subsequently suspended after various charges were laid against him by the ZSE board including unprocedural and unethical conduct allegedly committed over a period of time.
“The Zimbabwe Stock Exchange Limited (“ZSE”) is pleased to announce the appointment of Justin Bgoni as the company’s new chief executive officer with effect from 13 March 2019,” ZSE said in a press statement.
Mr Bgoni is a chartered accounted by profession, with over 19 years of international experience in the international and public sector. He was once the chief financial officer at the New Zealand Stock Exchange.
The (ZSE) is the sole, official stock exchange of Zimbabwe, bringing together companies looking for long-term capital and investors looking for profitable investment opportunities.
Companies listed on the stock exchange who have released their financial results to date, have continued to the use of old reporting standards as they await detailed guidelines from various regulators.
The need to change reporting standards was necessitated by the long awaited decision by the Reserve Bank of Zimbabwe (RBZ) to abandon the long held 1:1 parity between local bond notes, including RTGS balances, with the US dollar.
In its 2019 Monetary Policy Statement, the RBZ said the continued use of the USD as a unit of account in the economy, when its value had drifted away from the value of the RTGS denominated money supply had brought forth a number of challenges including but not limited to multi-tier pricing by business, valuation and accounting difficulties, and asset-liability mismatches.—@queentauruszw