Sources said investors have asked Trevor Ncube to step down as CEO of the South African media enterprise M&G Media amid reports of sharp boardroom differences.
It is also reported that the new ANC government under Jacob Zuma is getting rid of foreigne elements in influential positions in the country’s media industry.
Hoosain Karjieker becomes the new chief executive, and Anastacia Martin the publisher of all its print and online operations, board chairman Professor Malegapuru Makgoba announced.
M&G Media owns the Mail & Guardian newspaper and M&G Online, which is South Africa’s oldest newspaper website. The company recently reacquired 65% of the shareholding in M&G Online from 24.com.
Ncube owns two other newspapers in Zimbabwe the Zimbabwe Independent and the Standard among other business interests, and recently he announced plans to establish a daily newspaper in Zimbabwe.
Over the years Trevor has benefited directly and indirectly from Zanu PF and his association with long time friend Jonathan Moyo who was his best man at his wedding.
As Robert Mugabe’s Minister of Information, Moyo banned and bombed the Daily News out of business and left Ncube’s newspapers untouched.
Australian government once put Trevor Ncube on travel sanctions alongside Robert Mugabe’s henchmen.
Trevor Ncube has also received financial support from the Reserve Bank of Zimbabwe through the BACCOSI scheme.
He is reported to be currently engaged in a legal wrangle with Associated Newspapers of Zimbabwe (ANZ) over the circumstances surrounding his acquisition of 25 percent the Daily News printing press.
The printing press is now operated by, Tunatemore (Pvt) Ltd, a subsidiary company of ANZ. The company was set up to separate the publishing operation from the printing.
The $3, 6 million Solna D300 printing press was acquired for the company in 2002 through funds raised abroad by its then executive management following the bombing of the company’s original printing press in 2001.
The press became idle after the ban by the government of the Daily News and its sister publication, The Daily News on Sunday.
Apart from Gono’s Financial Gazette, Tunatemore used to print Ncube’s titles, The Zimbabwe Independent and The Standard.
Ncube is understood to have acquired 25 percent of Tunatemore in a deal brokered with then ANZ chief executive Sam Sipepa Nkomo. However, highly placed sources at ANZ say Ncube’s share inTunatemore is in fact 23 percent since the final two percent in foreign currency was not paid.
Nkomo was asked to leave ANZ after the deal. He is now the Minister of Water Resources Development and Management in the government of national unity.