OK Zimbabwe staff agree temporary payroll suspension under corporate rescue
OK Zimbabwe staff agree temporary payroll suspension under corporate rescue
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OK Zimbabwe Limited’s Joint Works Council resolves to temporarily suspend the company’s payroll as the retailer operates under corporate rescue proceedings, according to a written resolution signed in Harare on 22 May 2026.
The document outlines that the Board of Directors holds an urgent meeting on 23 February 2026 to consider the company’s financial difficulties and potential remedies. Following deliberations, the board unanimously adopts a resolution, in terms of Section 122 of the Insolvency Act [Chapter 6:07], for the company to begin voluntary corporate rescue proceedings and to be placed under the supervision of a qualified corporate rescue practitioner.
With effect from 24 February 2026, the company is placed under corporate rescue and Mr Bulisa Mbano of Grant Thornton (Zimbabwe) is appointed Corporate Rescue Practitioner, the resolution states.
At a meeting held on 22 May 2026, the Joint Works Council considers the corporate rescue status and resolves to suspend the company’s payroll and compensation structure as part of measures aimed at business turnaround. The resolution states that the suspension is intended to stabilise the business “en route to full recovery” and to reduce the impact of weak performance and revenue.
According to the same resolution, the company agrees with staff to suspend all salaries and wages with immediate effect and does not run any payroll from May 2026 “until further notice”, or until business and revenue return to profitable levels. The council describes the step as “difficult and uncomfortable” but “a necessary intervention” in efforts to restore the business.
The Joint Works Council says it is responsible for ensuring compliance with relevant labour laws governing such adjustments.
The resolution is signed by Works Council chairman Alex E. Siyavora; National Workers Committee chairperson (managerial) Isaya Mutema; Corporate Rescue Practitioner Bulisa Mbano; and National Workers Committee chairman (NEC) Givemore Dondo.
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