EMOSE director suspended

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EMOSE director suspended

6:55 CAT | 15 Aug 2017

Mozambique’s publicly owned insurance company, EMOSE, has suspended its Director for Administration and Assets, Paulo Djedje, who is accused of extracting from the company 60,000 US dollars to which he was not entitled, reports Tuesday’s issue of the independent newssheet “Mediafax”.

The case goes back to 2003, when Djedje took EMOSE to court because the company had cut his salary. At the time Djedje was manager of marketing and sales. In January 2003, six years after the contract between EMOSE and Djedje was signed, the company cut his salary by half, from 3,000 to 1,500 dollars a month.

Djedje went to court and won. In March 2005, the Maputo City Court ordered EMOSE to pay Djedje more than 39,000 dollars in compensation. A series of appeals and counter-appeals followed, lasting for more than a decade, until, in June 2016, the Supreme Court declared that Djedje must indeed be paid compensation of 39, 375 dollars.

EMOSE had no choice but to order payment of this sum. Yet, using procedures that are far from clear, Djedje, “Mediafax” says, somehow managed to add an extra 60,000 dollars to this sum, and thus took compensation of 98,911 dollars.

When the EMOSE top management found out that had happened, it obliged Djedje to repay the extra 60,000 dollars, and the company is now sueing Djedge, accusing him of using his membership of the Board of Directors in order to inflate vastly the compensation owing to him.

A decision of 10 August, signed by EMOSE chairperson Antonio Carrasco, suspended Djedje until a decision on his future in the company is taken by a general meeting of EMOSE shareholders. No date has yet been fixed for such a meeting.

This dispatch said that the Board felt obliged to suspend Djedge “because, had he continued to exercise his duties, that could have damaged the institutional image of the company”, and might also have generated a conflict of interest, which could affect the court case against Djedje.

Source: AIM