Scandal Rocks POSB as Top Executives Face Allegations of Corruption, Affairs, and Lavish Perks—While Staff Suffer in Silence

Business Reporter

In a shocking revelation, twelve high-ranking executives at POSB, the nation’s oldest financial institution, are embroiled in a scandal of shocking misconduct, with allegations of extravagant perks, questionable affairs, and suspicious hiring practices—all as ordinary staffers sink deeper into poverty.

Sources close to the bank have come forward with explosive claims, suggesting that the institution’s leadership is involved in gross mismanagement and a complete disregard for employee welfare.

The bank’s top brass, now ominously referred to as ‘The Chosen Twelve,’ are reportedly indulging in questionable actions that have sparked a firestorm of resentment throughout the workforce.

One insider revealed to The Humanitarian Post that POSB’s management is turning a blind eye to its own policies, with one particularly suspicious appointment raising eyebrows.

This was after a female staffer (name withheld) , previously a mere contract teller, was suddenly transferred from the Midlands Province all the way to Head Office, bypassing company protocols.

“Neither the line managers nor the CEO were involved in the process in line with the POSB transfer policy . This was a blatant violation of governance principles,” the insider alleged, adding that this could only be seen as a favor for personal reasons.

But the scandals don’t stop there. It appears that POSB’s executives are not only violating hiring protocols but also engineering vacancies to accommodate their preferred candidates.

Multiple sources alleged that these top-level managers are engaging in unilateral retrenchments, targeting specific employees in order to make room for their personal choices.

One insider blew the lid off the situation, revealing that four employees were abruptly retrenched on December 31, 2025—and within days, one of their positions was suspiciously filled by a woman from the Midlands Branch.

“It’s clear that this was no ordinary hiring process. There was no consultation, no due process. It’s just a way to secure positions for their ‘favorites,’” the insider fumed.

But perhaps most egregious of all is the lavish lifestyle  that these executives are leading at the expense of their staff.

Sources alleged  that the Chosen Twelve are indulging in outrageous perks, purchasing top-of-the-line company vehicles for between  US$4,000 and US$5,000 under a controversial scheme offered to top management —despite such assets fetching higher market value.

“It’s a slap in the face,” one disgruntled insider said. “While we are struggling to make ends meet, these executives are driving around in luxury cars, flaunting their wealth. And don’t even get me started on the mortgages and loans they have access to, while mid-level staffers are denied the same opportunities.”

The growing divide between management and employees is causing severe tension within the bank, with morale hitting rock bottom.

Mid-Level managers and general employees are said to be furious, with many feeling that the institution is being run by a corrupt elite who are above the law—and above the welfare of the staff.

Despite repeated attempts by The Humanitarian Post to get a response, POSB’s Public Relations Manager, David Makacha said he was not ready to comment , leaving the dark cloud of scandal hanging over the bank.