Division and confusion have rocked a small group of disgruntled members of the Minority Shareholders Association of Listed Companies (MISALICO) Limited after revelations that a letter purportedly written and signed by Joe Maere and Stain Kaunda calling for an impromptu General Meeting did not originate from them.
Maere has dismissed the letter as fake and accused “confusionists” of deliberately manufacturing crisis to destabilize the association.
The letter, which has been circulating on WhatsApp groups, claims to be from Maere and Kaunda and demands an urgent General Meeting to discuss alleged governance failures at MISALICO Limited.
But in an interview on Sunday, Maere dismissed it outright.
“It is fake because Dr. Stain Kaunda is not a member of MISALICO Limited. He was removed from the group together with me as Director. He relinquished his membership immediately thereafter. I stayed on as ordinary and founding member and guarantor trustee,” he said.
“MISALICO has proper channels for convening meetings and I have not made any request for an impromptu General Meeting,” Maere added, emphasizing that the communication was intended to cause confusion among members.
MISALICO was established the company 2018 to address needs of retail investors who hold less than 10 percent of issued shares in companies listed on the Malawi Stock Exchange (MSE). Among others, the company promotes financial literacy, wealth creation through stocks, and public participation in the stock market.
In a brief interview on Monday, founder and executive director for MISALICO opted not to comment on the matter.
But a senior official at the association, while asking for anonymity, dismissed as “baseless and misleading” claims by that a group of disgruntled minority shareholders is demanding an emergency Annual General Meeting to oust the current leadership.
He said the association remains united, functional, and fully committed to its mandate of protecting minority shareholder interests, despite attempts by a few individuals to create an impression of crisis within the organization.
“No quorum of members has submitted a formal request for an EGM as provided for in our governing documents. What we are seeing are social media messages and WhatsApp circulars from one individual, not a resolution of the membership,” he said.
The official said the association has continued engaging members through regional meetings, newsletters, and the May 9, 2026 Youth Summit held at Lilongwe Capital Hotel. The summit drew a large turnout of young shareholders and was addressed by officials from the Ministry of Youth and Sports and the Reserve Bank of Malawi.
But one of the disgruntled members, Purity Paschal Chitalo, in messages circulated on August 15, accused the Secretary General of “one-man showmanship”, unaudited funds management, lack of transparency, and a “media blackout”.
However, these claims have been dismissed by the association in their entirety.
“To suggest that funds are used at the sole discretion of one office bearer is false. All expenditures are discussed and approved by the working board and reported to members. Audited reports are presented at AGMs and shared with members who request them,” said another officer.
On governance, MISALICO noted that while the last full AGM was delayed due to COVID-19 disruptions and logistical challenges, the board has remained active and has continued to rotate responsibilities among office bearers. Plans are already underway to convene the next AGM within the constitutional timelines.
This notwithstanding, the association has been holding board meetings regularly, the Secretary General said.
Responding to Chitalo’s assertion that MISALICO “operates a cult or clique of just two individuals”, the association said it has a working board, an active secretariat, and a growing membership base.
“There is only one MISALICO and there shall be one. We appreciate members who raise issues through proper channels. But we will not allow individuals to use the name of ‘disgruntled members’ when they do not speak for the majority,” said the association in a statement released a few days ago.
The association pointed to Chitalo’s own admission that “some of us have capacity and following to form a parallel organization but we don’t because we are not traitors” as proof that there is no breakaway faction — only attempts to sow division from within.
MISALICO also addressed the MWK5,000,000 demand letter dated 19th December 2025 from one of the disgruntled members, who is seeking compensation for alleged “character assassination”.
The association said the matter is being handled by its legal team and should not be conflated with governance issues.
“We received the letter and have responded through proper legal channels. This is a separate issue and does not reflect the position of the wider membership,” it said.
Established in 2018, MISALICO represents retail investors who hold less than 10% of issued shares in companies listed on the Malawi Stock Exchange. It promotes financial literacy, wealth creation through stocks, and public participation in the stock market through nationwide campaigns and open-day events under themes like “Creating and Building Wealth through Shares on the Malawi Stock Exchange.”
The association said it will not be derailed by what it termed “confusionists whose main aim is to destabilize the company.”
“We will not be distracted by attempts to manufacture divisions. The work of defending minority shareholder rights continues. Members who have genuine concerns are welcome to engage the board directly instead of through WhatsApp statements,” MISALICO said.
Efforts to reach Chitalo for comment were unsuccessful because he had reportedly travelled to Mzimba to attend a funeral.