The Industrial Relations Court (IRC) has ruled that Press Corporation Limited (PCL) must pay 70 percent of the K14.1 billion awarded to its three former executives, despite the company’s application to suspend the earlier ruling pending an appeal.
The three former executives, George Partridge, Elizabeth Mafeni, and Benard Ndau, were awarded significant sums by the IRC on April 25, 2025, after the court ruled in their favor.
According to the court’s ruling, Benard Ndau is set to receive K2.7 billion, George Partridge will get K3.2 billion, and Elizabeth Mafeni will be awarded K8.2 billion.
The court’s decision to order PCL to pay 70 percent of the total award, amounting to approximately K9.87 billion, is a significant development in the case.
The IRC’s ruling suggests that the court is confident in the legitimacy of its earlier determination and is unwilling to entirely suspend the award pending PCL’s appeal. This decision puts pressure on PCL to comply with the court’s ruling and make the required payments to its former executives.
The case highlights the importance of adhering to employment contracts and the potential consequences of failing to do so.
The former executives’ victory in the IRC is a testament to the court’s commitment to protecting workers’ rights and ensuring that employers honor their obligations.
PCL’s application to suspend the ruling pending an appeal indicates that the company intends to contest the court’s decision.
However, the IRC’s order to pay 70 percent of the award suggests that the court believes the former executives are entitled to the compensation awarded to them.
The outcome of this case will be closely watched, particularly in the business and labor sectors, as it has implications for employment law and practices in Malawi.
As the situation unfolds, it will be essential to monitor the developments and the potential impact on PCL and its stakeholders.
LILONGWE-(MaraviPost)-People Trading Center (PTC) employees on Wednesday, November 23, 2022 asked Malawi Parliament to intervene with investigations on the sale of the company to Tafika holdings as arguing that are struggling to get their payments.
Presenting the petition to Parliament, the grouping chairperson, Moses Banda said government should declare null and void the agreement between Press Corporation and Tafika holdings which has made heavy costs over the company’s closure.
Banda disclosed that Press Corporation owes them MK7 billion for both employees and suppliers
He said government need to take the matter seriously as most of depressed members are taking their own lives.
Receiving the petition on behalf of the house, Thyolo Central legislator, Ben Phiri assured the grouping of taking the matter to the house.
Phiri reminded petitioners that Parliament is house of people that their grievances are very crucial.
BLANTYRE-(MaraviPost)-Conglomerate Press Corporation plc has registered a 24% profit after tax for the first half of the year despite operating in a challenging environment with severe foreign exchange scarcity and effects of the COVID-19 pandemic.
In a statement announcing the half year financial results ending 30 June 2022, Press Corporation plc said it has recorded a profit of MK15.98 billion, up from MK12.87 billion recorded at the same time the previous year representing 24% growth.
Conglomerate Press Corporation making profits amid economic downturn
The statement signed by Press Corporation plc Board Chairman Randson Mwadiwa, Board Director Bettey Mahuka, Chief Finance and Administration Executive Moureen Mbeye and Acting Chief Executive Officer Lyton Chithambo also said the Board of Directors of the company resolved to pay an interim dividend amounting to K841.79 million (2021: K721.20 million) representing K7.00 per share (2021: K6.00 per share).
“The dividend will be paid on Friday, 28th October 2022 to shareholders whose names appear on the register as at the close of business on 14th October 2022,” reads the statement in part.
Press corporation plc notes in the statement that growth in profitability was driven by an 11 percent growth in revenue, improved gross profit margin by 4 percent and successful implementation of cost containment measures.
“Disposal of PTC has also contributed to the improved results as losses associated with this investment (2021: K2.3 billion) are no longer part of the Group results,” reads part of the statement.
On segmental performance, Press Corporation plc said in the financial segment, its subsidiary, National Bank of Malawi (NBM) plc posted a 78 percent growth in its profit after tax to K22.7 billion (2021: K12.8 billion) driven mainly by a 48 percent growth in net interest income and a 13 percent increase in trading income following increased level of deposits and a marked growth of the loan book of 34 percent and 31 percent respectively.
However, the telecommunications segment consisting of mobile phone company, TNM and fixed telephony and broadband company MTL registered a 168 percent decrease in profit after tax as both MTL and TNM registered losses during the reporting period.
“The losses were exacerbated by the devaluation of the local currency resulting in exchange losses of K2.2 billion for the period. The Group is confident that the segment will soon benefit from fresh strategies currently being implemented that seek to arrest the losses and reverse the segment’s performance. The search for equity investors in the fixed telephony business is continuing,” reads the statement in part.
The energy segment comprising PressCane and Ethanol Company Limited (Ethco)registered a 56 percent drop in its profitability from the prior period due to production start-up timing differences.
“In 2021, PressCane started production early compared to 2022 due to feedstock availability. Nevertheless, both companies are currently on track and it is expected that in the second half of the year, the overall performance will improve markedly as full production resumes and both companies are expected to meet their respective annual targets,” reads part of the statement.
“Press Properties Ltd registered a profit after tax of K0.5 billion (2021: K0.4 billion). The Foods Company on the other hand made a loss of K1.2 billion (2021: K1.1 billion) due to persistent interruption in the fish feeding regime resulting from supply chain challenges brought about by the impact of the COVID-19 pandemic and increased finance cost.”
“The performance is expected to improve from the third quarter of the year as the company starts harvesting fish from its aquaculture operations. The critical project of establishing a floating feed mill is about to start. The feed mill will complement the aquaculture expansion program which is also currently being implemented,” reads the statement in part adding that the search for an equity investor in the Foods Company is on-going.
In joint ventures, PUMA delivered good performance when compared to the prior period because of increased volumes and expansion projects. Macsteel on the other hand was negatively impacted by high exchange losses following the devaluation of the Kwacha but the company has started making significant positive strides in the second half of the year.
On the associated companies, Press Corporation plc notes that Open Connect Limited continued reporting losses following strategic re-positioning i.e., product repricing to retain key customers and delay in commercialisation of key revenue generating projects but said the performance is expected to improve in the second half of the year following the commissioning of its flagship products.
“Results from tobacco processing and trading were affected by its seasonality and are expected to improve in the second half of the year. During the period, LifeCo Holdings performance grew significantly, and it surpassed the entire business volume underwritten in the whole of 2021,” reads the statement in part.
“The Group remains steadfast in delivering on its strategy despite operating in a very challenging environment. Scarcity of foreign exchange, the pressure on inflation and persistent power blackouts remain significant risks to Group performance.”
“The Group will continue implementing turnaround strategies in companies whose performance is unsatisfactory. Further investment opportunities are also being explored in various sectors to further diversify the Group and its portfolio mix in market presence. There has been significant progress in scoping for a 50MW solar power production project,” reads part of the statement.
Malawi breaking news and World News. News about Malawi, Malawi Business, Malawi Tourism, Malawi Politics, Malawi News, World and Africa Top News.
