The Industrial Relations Court ordered Press Corporation Limited to pay K14 billion to three fired executives. PCL tried to stop this payment, claiming money problems. The court said PCL must pay K9.7 billion right away. Court papers showed PCL earned K122 billion in profit last year but still claimed empty coffers. Judge Tamanda Nyimba found this hard to believe.
PCL spent a lot of money elsewhere despite saying they had none. They paid $504,000 for shares in Liberia Merchant Capital Limited, sent $260,000 to Fortesa for oil exploration, gave $6.7 million to Press Energy Limited as investment money, and transferred K4 billion to their phone company, TNM.
The judge noticed PCL paid K1.1 billion to National Bank just five days after the court ruling. Former bosses George Partridge, Elizabeth Mafeni, and Benard Ndau sued PCL for unfair firing. They first asked for K33 billion, but the court gave them K14 billion instead. A company shareholder wants answers at their next meeting. The lawsuit started in May 2022 and ended this April with the payment order.
PCL spent a lot of money elsewhere despite saying they had none. They paid $504,000 for shares in Liberia Merchant Capital Limited, sent $260,000 to Fortesa for oil exploration, gave $6.7 million to Press Energy Limited as investment money, and transferred K4 billion to their phone company, TNM.
The judge noticed PCL paid K1.1 billion to National Bank just five days after the court ruling. Former bosses George Partridge, Elizabeth Mafeni, and Benard Ndau sued PCL for unfair firing. They first asked for K33 billion, but the court gave them K14 billion instead. A company shareholder wants answers at their next meeting. The lawsuit started in May 2022 and ended this April with the payment order.
