Fired BancABC managers threaten to wash 'dirty linen' in public

A bitter and escalating dispute between dismissed BancABC managers and the bank's leadership is threatening to destabilize one of Zimbabwe's leading financial institutions. The conflict, which involves allegations of unfair dismissal and the withholding of terminal benefits, has reached a new level as former executives threaten to reveal sensitive internal information if their grievances remain unaddressed.

The fight erupted following the dismissal of around 23 top executives, who claim that their terminations were carried out without proper legal process, with no fair hearings or consideration of their terminal benefits. The ex-managers, some of whom had served BancABC for over 20 years, argue that the reasons for their dismissal were fabricated and lack merit.

"We are not happy at all with the manner in which our cases were handled," one of the aggrieved former managers said on condition of anonymity. "The dismissals were wielded way outside the rules of natural justice, which call for a fair hearing. From day one, the company came against us guns blazing."

The disgruntled executives also allege that BancABC disregarded best practices in the banking industry, opting to settle disputes internally using their own legal representatives rather than seeking impartial adjudication. This, they argue, led to unfair decisions and the forfeiture of their retirement benefits, including pensions.

"What is more hurtful is that BancABC defied best practices in the banking profession, which call for resolution of all disputes internally. But they roped in their own preferred legal representatives to adjudicate the hearing processes that led to our dismissals," one of the former managers said.

Despite the allegations, BancABC management has remained tight-lipped about the situation. Attempts to contact Patience Musa, the bank's communications manager, for a statement have been unsuccessful, with her phone and emails remaining unanswered for the past two weeks.

Sources within the bank suggest that the management may be attempting to avoid paying a combined exit package amounting to over US$6 million for the dismissed managers. Initial media reports also indicate that the bank engaged a prominent lawyer, reportedly paid over US$235,000, to handle the allegations against the former executives, which range from failure to exercise due diligence and nepotism, to mishandling loans and conflicts of interest.

The disgruntled ex-managers are now threatening to expose sensitive information regarding the bank's operations and decision-making processes if their demands are not met. "If the company continues to act as if all is well, we will have no choice but to wash the dirty linen in public," one source warned.

The former executives also questioned why, if the bank truly believes they committed serious offenses, they were not handed over to the police. They argue that the failure to follow proper legal procedures, combined with the lack of transparency, further undermines the bank's claims.

As the standoff continues, political and corporate analysts have expressed concern over the potential damage to BancABC's reputation and operations if the dispute is not resolved swiftly. The growing pressure on the bank to address the issue may also highlight broader governance and legal issues within Zimbabwe's financial sector.