Safeguard Claims It Was Not Informed It Would Be Moving US$4 Million Before Robbery
Safeguard Security Services (Pvt) Ltd has said it was not informed that it would be moving US$4 million by Ecobank before armed robbers seized the cash on a busy street in Bulawayo on Thursday afternoon.
In a letter to clients dated October 4, 2024, Safeguard CEO Andrew Mallon said the $4 million amount significantly exceeded “the contracted limits for the movement of cash.”
The letter also raised concerns that Safeguard’s insurers may not compensate Ecobank for any losses above the undisclosed limit agreed upon by the two companies. Reads the letter:
You may have seen reports of a serious cash heist in Bulawayo outside Ecobank yesterday.
It vividly highlights the very serious risks associated with cash holding and cash movement, risks of which we publish frequently.
We wish to remind all customers of their responsibility to work within their contracted limits for the movement of cash, and to communicate clearly with us if a cash movement is to be out of the ordinary. This allows us to plan and approach the risks appropriately.
A Four million dollar move obviously poses a significant risk and is well outside of any contracted limits for Safeguard (and almost certainly the security industry Africa wide).
Any other approach places the safety of your staff, our security teams, and your cash, at considerable risk.
The Safeguard security guards, travelling in a single van, had just collected the money from the Ecobank branch at the NRZ Building, with orders to deliver it to Harare.
As the guards were loading the cash boxes into their van, a white single-cab Ford Ranger pulled up. Six armed men, wearing face masks and bucket hats, jumped out with their weapons drawn.
In a rapid and coordinated attack, the robbers quickly overpowered the guards, seized the cash boxes, and loaded them into their pickup—all within two minutes—before fleeing the scene with the stolen money.
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