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OpenNSSA Chairman And Ex-RTG Executive Accused of Plotting Underhand RTG Takeover Bid
Emmanuel Fundira, the National Social Security Authority (NSSA) chairman, and former Rainbow Tourism Group (RTG) executive Paula January are accused of plotting to devalue RTG’s shares to buy them at a lower price.
As reported by The NewsHawks, NSSA, which holds a 91.6% stake in RTG, plans to sell 56% of its shares, and Fundira is believed to be creating negative market sentiment to drive down the stock price.
Fundira, also involved in hospitality through African Sun and other ventures, is said to be in conflict due to his interests in both Nssa and RTG.
Despite an agreement not to engage in hospitality affairs, he is allegedly influencing events at RTG to support his personal interests.
The Zimbabwe Anti-Corruption Commission (ZACC) has launched an investigation into RTG’s executives, focusing on payments in salaries, gratuities, allowances and bonuses, and the agency has issued a warrant to seize documents.
RTG denies any wrongdoing, claiming the investigation is politically motivated.
Fundira, appointed NSSA chairman in 2023, is accused of manipulating the situation to lower RTG’s share price, allowing him and his allies to purchase shares at a discounted rate.
He is also accused of leaking information to Paula January, which she allegedly passed on to ZACC to settle personal scores.
ZACC investigators have reportedly kept Paula January informed about their probe, including sending her updates via WhatsApp during meetings with RTG board members.
However, Fundira denied the allegations when speaking to The NewsHawks, saying he has no working relationship with Paula January and dismissing claims of manipulating RTG’s share price for personal gain. He said:
The true position is that I do not have any working relationship with so-called Paula January (whoever she is) nor do I have access to RTG financial information in as much as RTG is a subsidiary of NSSA of which I am a NED (non-executive director) and chairman.
It is however common cause that RTG have a reporting line to the executive at NSSA as a subsidiary and that as a public-listed entity they have their own board chaired by Mr Douglas Hoto.
Paula January also denied knowing Fundira and claimed that the audio leaks, which allegedly showed frequent contact between them, were doctored. She said:
Unfortunately, I don’t do voice notes after my past experiences with RTG. We are living in the times of technology and things can be doctored.
I moved on with my life and I have been here in Malawi for four years. I actually wish RTG well and by the way, who is Fundira and what does he do at RTG?
In response to The NewsHawks‘ questions, RTG acknowledged the role of ZACC in fighting corruption but said it was challenging the search and seizure warrant. The company argued that seizing payroll and employee contracts could not prove the charge of money laundering.
RTG argued that stock exchanges worldwide are designed to be secure investment platforms, regularly audited and overseen by multiple regulatory bodies to ensure transparency and compliance.
RTG pointed out that during the period of interest, its activities had been reviewed by several entities, including the Reserve Bank of Zimbabwe (RBZ) and the National Economic Conduct Inspectorate (NECI), Zimbabwe Revenue Authority (Zimra), Financial Intelligence Unit (FIU) and external auditors.
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