Fresh Details Emerge On BancABC Boss' Exit

9 months agoThu, 02 Mar 2023 14:34:38 GMT
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Fresh Details Emerge On BancABC Boss' Exit

Former BancABC Zimbabwe managing director Lance Mambondiani, who left the bank recently, allegedly violated policies relating to the procurement of vendors where prices are said to have been inflated, reported Business Times.

Mambondiani was reportedly forced to resign last week immediately after the Albert Katsande-led board engaged an independent external firm to begin “multipoint” investigations into his alleged malpractices.

Mambondiani is also being accused of violating the bank’s policies and procedures including those related to governance breaches and management delinquency, among other allegations.

The BancABC Zimbabwe board is said to have engaged an independent outside investigating firm to investigate Mambondiani’s conduct relating to alleged malpractices.

Business Times reported sources as saying Mambondiani resigned on 22 February, two days after he was placed on forced leave. Said a source:

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Contrary to the narrative in the market that points to the managing director (Lance Mambondiani) and other members of executive management, resigning because of an impending disposal of BancABC Zimbabwe, the MD was sent on forced leave and resigned two days after an external firm was engaged to conduct an investigation into his malpractices which were brought to the attention of the board by whistleblowers.

These (accusations being investigated) include violating the bank’s policies and procedures those related to the procurement of service providers who were engaged without following proper procedures for his (Mambondiani)’s interests, abuse of the bank’s holiday homes and lodges at resorts centres in Kariba and Nyanga, banking facilities and abuse of the bank’s assets including vehicles, governance breaches and management delinquency, among a number of improper personal actions.

Vander Mutenga, who was the substantive finance director, was appointed as acting managing director.

Mambondiani told Business Times that he would not comment on the matter.

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