A massive scandal has rocked Nedbank Zimbabwe — a local
unit of one of South Africa’s largest financial services groups — after 28
employees were nabbed by police for allegedly swindling the financial
institution of over US$1,1 million through an elaborate scheme of swopping
depositors’ US-dollar bank balances with electronic money (RTGS).
Some of the employees that were implicated in the scam are
reportedly on the run. It is understood that the scandal — through which bank
tellers withdrew depositors’ US dollars and traded them on the parallel market
while pocketing the difference — took place in the six-month period to March
this year, particularly at a time when US dollar and RTGS balances were pegged
at 1:1.
There are fears that creative transactions of this nature
were an industry-wide practice. However, in February, the Reserve Bank of
Zimbabwe took the bold decision of floating the RTGS bank balances, which means
the exchange rate is now market-determined.
Sources told The Sunday Mail yesterday that the malfeasance
was detected by the Sandton, South Africa-headquartered parent of the local
bank, which fished out the scammers.
The suspected fraudsters were arrested on Friday night in
Harare, Bulawayo, Zvishavane and Chegutu.
In Harare, 13 Nedbank Zimbabwe — formerly MBCA Zimbabwe —
tellers appeared before magistrate Mr Francis Mapfumo, who remanded them to May
8 2019 on various bail terms.
Those who were dragged to court in Harare are Etilda Deshe
(39), Chamunorwa Shereni (36), Ivy Mudzingwa (36), Aysher Musoni (32), Prince
Manhire (44), Shorai Chiperera (40), Blessing Mutombera (42), Upenyu Mupfure
(33), Tawanda Pfuurai (34) and Sithembinkosi Mupendeka (35).
Others include Loveness Kembo (33), Freddy Tafireyi (36)
and Oswell Kisi (49). The State was represented by Linda Gadzikwa, while the
accused were represented by Messrs Justin Zuze, Kuchenga Takura and Advocate
Garikayi Sithole.
Mr Mapfumo granted the bank tellers bail ranging between
$100 and $450. They were also ordered to continue residing at their known
addresses, report once a week to the police and not to interfere with State
witnesses until the case is finalised.
The forex scandal occurred between October 15 2018 and
March 9 2019. Overall, the bank suffered financial prejudice of over US$1 119
974.
Court documents read: “During the period extending from 15
October 2018 to 9 March 2019, the accused used (the)Denomination Exchange
Platform in the Flexicube core banking system (under teller module), which is
designed for exchange of similar currencies only, that is to say, they put in
bond cash inflows and took out USD cash, thereby prejudicing the bank of
foreign currency and as a result of the accused’s actions, the complainant
suffered an actual prejudice of US$1 119 974 and nothing was recovered.”
Nedbank Zimbabwe confirmed the arrest of the bank
employees, saying the financial institution will always strive to maintain the
ethical integrity of the institution.
In a statement released to The Sunday Mail, the bank’s
executive in charge of marketing, public relations and communications, Ms
Dedrey Mutimutema confirmed the development.
“Arrests of certain Nedbank staff have been made on
allegations of unlawful conduct. Nedbank will fully cooperate with law
enforcement agencies on this matter,” she said.
“Nedbank upholds the highest standard of ethics, and
integrity is the hallmark of Nedbank’s dealings. Nedbank strives to ensure that
employees comply with values of integrity and good ethical practice. Nedbank’s
processes are also designed to complement this, and where these are
compromised, Nedbank does not hesitate to take appropriate action.”
Nedbank Zimbabwe’s parent is listed on the Johannesburg
Stock Exchange and holds more than R1trillion in assets. Sunday Mail
0 comments:
Post a Comment