Tanzania Daily News (Dar es Salaam)

7 November 2012

Tanzania: Swissport Employees Warned Against Inside Trading

SWISSPORT Tanzania Ltd employees were warned against leaking or misusing the company's internal information for personal gains.

Swissport Tanzania Ltd Chief Executive Officer Gaudence Temu told the firm's 40th Workers Council in Dar es Salaam that Swissport, a listed company on the Dar es Salaam Stock Exchange (DSE), has to strictly adhere to the bourse's rules that govern release of the company information.

"Any ad hoc release of information might have adverse effects on the share trading at the market...we have to discuss all business issues and leave them here," Mr Temu told the council members before they started deliberations on the company's budget, production projections, strategies and challenges for the year 2013. He said the use of internal information to gain from share trading amounts to inside trading which is illegal.

The CEO described as inevitable the participation of all workers, through their council, in decision making of the company: "It has been scientifically proved that when workers are involved in making decisions, they proudly execute those decisions because they own them...and, good ideas don't always come from the top."

Mr Temu said it was in the interest of the ground handling firm at Julius Nyerere International Airport and Kilimanjaro International Airport to involve all employees in key decision making. Meanwhile, the company has established a modern aviation academy to train professionals in the country's aviation subsector that remains starved of skills.

The training centre, located at GRTC House along Nyerere road, will train Swissport employees, aspiring professionals in the aviation industry and practicing professionals from other companies. "We have suffered much from the skill poaching in the market, but hopefully this centre will increase skill supply in the market," said Mr Temu, adding that the long-term plan is to relocate the centre to the company's own building at airport area.

He said the academy will offer a range of courses, which for many years Tanzanians were compelled to go for abroad, "People for which our employees used to get outside the country will now be provided here." The CEO asked for optimal use of the centre as a good source of income for the company, which was recently declared the country winner of the 11th edition of the Financial Reporting (FiRe) Award in the Kenyan capital, Nairobi.

Swissport had beaten CRDB Bank and the National Microfinance Bank that had submitted entries to the competition that attracted 93 entries, the highest since its inception in 2002. FiRe award is an initiative by Nairobi Securities Exchange, Capital Markets Authority and Institute of Certified Public Accountants of Kenya to recognise excellence in financial reporting among corporate bodies in the East African Community.

The award seeks to promote and institutionalise transparency, integrity and accountability in the corporate reporting process. Participation in the award is voluntary and free of any charge. The organisations wishing to participate submit six copies of their latest annual reports incorporating the financial statements.

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