Heads roll at Steward Bank

Econet Wireless-linked banking institution, Steward Bank, has suspended two senior managers in ongoing investigations over fraud.

The development comes barely two months after former CE, Kwanele Ngwenya, was forced out of the bank after the board refused to renew his contract due to corporate governance issues.

It also comes barely a month after the bank announced the resignation of Bright Mahere, its former CFO under a cloud.

This time, the axe has fallen on the bank's head of operation, Naison Sebstain, and Freeman Dhliwayo, who was in charge of the IT departments.

The two are said to have been well placed within the bank to have detected and foiled the alleged fraud, which involved the creation of fictitious accounts meant to swindle the bank.

The accounts were reportedly used to buy air tickets and goods foreign countries. A significant amount was also withdrawn for other personal use from credit accounts.