Dynamos rocked by fresh resignations amid financial probe

Curtworth Masango Zimpapers Sports Hub

DYNAMOS have been rocked by fresh resignations after secretary-general Divine Sena and chief executive Desmond Bvute reportedly stepped down at a time the Harare giants are undertaking a sweeping review of their financial and governance systems.

The latest developments add another twist to the boardroom instability that has stalked the Glamour Boys this year and come amid reports of an alleged US$52 000 financial leakage at the club.

There is, however, no evidence at this stage linking the reported resignations to the alleged financial leakage or the ongoing review.

Executive chairman Vincent Chawonza remains in his position and has not resigned.

Documents in our possession show that Dynamos appointed AMG Global Chartered Accountants as independent financial consultants to conduct a comprehensive review of the club’s financial management systems, governance structures, policies, procedures and internal controls.

The six-month exercise, which commenced on August 1, is aimed at strengthening financial accountability, improving operational efficiency and safeguarding the club’s assets.

Of particular interest is the mandate given to the consultants to identify weaknesses, financial leakages, operational inefficiencies and fraud risks that could expose Dynamos to financial loss.

AMG were also tasked with examining the club’s revenue streams, including match-day takings, sponsorship, merchandising, subscriptions, donations and player-transfer income.

Procurement, expenditure, payroll, banking procedures, asset management and inventory controls also fall under the review.

The consultants are expected to report their findings and recommendations to Chawonza, the board, sponsor or another committee designated by the board.

The financial scrutiny forms part of a broader restructuring exercise initiated by the club.

On July 24, Dynamos appointed Global Tech Investments, led by managing consultant Kennedy Chikuhwa, to interrogate the club’s structures and systems and recommend reforms.

The consultancy was tasked with recommending suitable administrative structures, helping make them functional, establishing sub-committees and assisting with the urgent appointment of an interim financial adviser.

In the appointment letter, Dynamos stressed the need for the country’s most successful club to be run professionally, with functional structures and systems as well as full accountability to its stakeholders.

The latest resignations could therefore raise further questions over stability at the Glamour Boys at a time the club is attempting to tighten its administrative and financial systems.

Dynamos have already suffered a string of executive departures this year, making the reported exits of Sena and Bvute another setback to efforts to establish administrative stability.

Reports of an alleged US$52 000 leakage have added another dimension to the unfolding developments, although neither the documents appointing the consultants nor information presently available establish responsibility for the alleged loss.

Neither do they establish that Sena and Bvute resigned because of issues arising from the financial review.

But the timing of the departures, against the backdrop of a review specifically mandated to investigate financial leakages and weaknesses in internal controls, is likely to invite scrutiny.

The unanswered question at Dynamos is whether the latest resignations are simply another chapter in the leadership turmoil that has dogged the club or whether developments emerging from the ongoing financial and governance review have brought fresh pressure to bear on the Glamour Boys’ hierarchy.