When contacted, Mr Serenje declined to comment and only preferred to speak off record.
Professor Mwenechanya said the board has also sent finance director Morgan Chiselebwe and director of technical services Francis Mulenga on forced leave.
“The decisions made by the board are all in the best interest of the institution, I would not say much than this, it is for the good of the institution,” he said.
Problems for Mr Serenje started when an anonymous letter believed to have been authored within REA was sent to President Sata cataloguing allegations against him.
Some of the allegations facing Mr Serenje are that he has paid himself the first installment of the controversial K1.1 billion gratuity in the sum of K350 million, misapplication of company funds during a bereavement in his family and the death of a close friend.
Mr Serenje’s gratuity was also calculated at 100 percent instead of 35 percent for public officials and was given priority among other directors when the K350 million was paid.
The letter argues that Mr Serenje could not claim to have received the gratuity at 100 percent because he was seconded to REA from the Ministry of Energy when other officers from the same ministry had their gratuity calculated at 35 percent.
The letter alleged that on August 7, 2009, Mr Serenje took K10,140,000 from the company to attend a funeral for one of his cousins in Mansa. They add that three institutional vehicles with several litres of fuel were used during the trip.
They claimed that the money has not been retired nor a loan taken or recovered by any means from Mr Serenje.