BancABC uses 'dirty tactics' to silence bosses?

BancABC is engulfed in controversy, facing accusations of fabricating charges against at least nine top managers as part of a strategy to evade paying retrenchment packages, NewZimbabwe.com has learned.

Internal documents obtained by this publication reveal that the bank has hired a private attorney, despite already having legal representatives, with the apparent goal of accelerating the dismissal of senior management while sidestepping the financial obligations tied to severance payments.

Key figures suspended earlier this year include the Head of Treasury, Head of Human Capital, Head of Marketing, Head of Corporate Banking, Head of Digital Transformation, and Head of Operations. Additionally, the Head of Finance was reportedly forced to resign, while twelve other employees have been subjected to disciplinary charges, which the bank claims are tailored to each individual.

Legal representatives for one affected employee stated, "What is clear was that there were unprecedented disciplinary processes, most of which resulted in dismissal. The employee and indeed other employees who fell victim believe that this was an issue of trying to get rid of employees without paying retrenchments."

The lawyers further argued that the charges brought against their client were vindictive, describing the situation as "a storm in a teacup" and asserting that the alleged misconduct has been known within the bank for years. They expressed concern that the bank's actions reflect an unwillingness to provide appropriate severance pay to long-serving employees.

Sources indicate that BancABC is attempting to avoid a combined exit package of over US$6 million for the affected managers. Investigative reports suggest that the bank engaged a prominent attorney, compensating them over US$235,000 to address a myriad of allegations against the dismissed executives, including accusations of negligence, nepotism, conflicts of interest, and misconduct in restructuring efforts.

Insiders claim that the suspensions and subsequent charges reveal a troubling intent that diverges from professional conduct. "Some bankers have questions about why BancABC sold all its other subsidiaries in Nigeria, Rwanda, Tanzania, Zambia, and Mozambique and paid those employees their full terminal benefits, but this is not the case in Zimbabwe," remarked a disgruntled employee, alluding to what they termed "kangaroo courts" with predetermined outcomes.

As the hearings progress, the atmosphere at BancABC remains tense, with many employees expressing concern over the bank's handling of the situation and its implications for workplace fairness and accountability. The outcome of the ongoing disciplinary processes is keenly awaited as the allegations continue to unfold.