News / National
StanChart CEO's misconduct allegations under probe
04 Feb 2022 at 00:30hrs | Views
STANDARD Chartered Bank Zimbabwe says it has started investigations into allegations of alleged misconduct involving senior management.
This comes slightly over three weeks since media reports alleged chief executive Mr Watungwa had been suspended on allegations of abusing foreign currency from the Reserve Bank of Zimbabwe run auction system.
Mr Watungwa allegedly stands accused of inappropriately authorising face-lifts at Standard Chartered Zimbabwe-owned buildings.
In a statement, Standard Chartered Zimbabwe board chairman Lovemore Manatsa said the bank had initiated comprehensive investigations into the conducts of its senior management.
"We are aware of the recent Press reports concerning serious allegations of apparent misconduct by senior management officials within the organisation.
"Standard Chartered's brand promise, ‘Here for good' is backed by our strong ethos and commitment to being a force for good for our clients, our employees, our regulators and the communities in which we operate.
‘‘Good conduct by all of our employees is central to this commitment.
"As such, the bank takes allegations of misconduct very seriously and will always undertake a thorough investigation into any concerns," Mr Manatsa said.
He, however, said the bank may possibly not reveal the nature of the ongoing investigations as that would be in breach of Standard Chartered Bank's protocol.
"As per internal policy, all matters pertaining to employees of the bank are confidential and it would be contrary to our inherent values of treating colleagues fairly and with respect to act otherwise.
" Any conduct which is found in letter or spirit to conflict with the principles outlined in our code of conduct and which may impair fair outcomes for colleagues, clients and the regulators will be responded to accordingly.
As such the bank is unable to comment on any prevailing media speculation, ‘' he said.
Standard Chartered which is one of Zimbabwe's oldest financial institutions now employs around 390 employees in the country after it rationalised its distribution channels, as it became more digital as it adopted a digital way of conducting business to match changing market dynamics.
This comes slightly over three weeks since media reports alleged chief executive Mr Watungwa had been suspended on allegations of abusing foreign currency from the Reserve Bank of Zimbabwe run auction system.
Mr Watungwa allegedly stands accused of inappropriately authorising face-lifts at Standard Chartered Zimbabwe-owned buildings.
In a statement, Standard Chartered Zimbabwe board chairman Lovemore Manatsa said the bank had initiated comprehensive investigations into the conducts of its senior management.
"We are aware of the recent Press reports concerning serious allegations of apparent misconduct by senior management officials within the organisation.
"Standard Chartered's brand promise, ‘Here for good' is backed by our strong ethos and commitment to being a force for good for our clients, our employees, our regulators and the communities in which we operate.
"As such, the bank takes allegations of misconduct very seriously and will always undertake a thorough investigation into any concerns," Mr Manatsa said.
He, however, said the bank may possibly not reveal the nature of the ongoing investigations as that would be in breach of Standard Chartered Bank's protocol.
"As per internal policy, all matters pertaining to employees of the bank are confidential and it would be contrary to our inherent values of treating colleagues fairly and with respect to act otherwise.
" Any conduct which is found in letter or spirit to conflict with the principles outlined in our code of conduct and which may impair fair outcomes for colleagues, clients and the regulators will be responded to accordingly.
As such the bank is unable to comment on any prevailing media speculation, ‘' he said.
Standard Chartered which is one of Zimbabwe's oldest financial institutions now employs around 390 employees in the country after it rationalised its distribution channels, as it became more digital as it adopted a digital way of conducting business to match changing market dynamics.
Source - The Herald
