Stanchart goes after Watungwa

Business Reporter

STANDARD Chartered Bank Zimbabwe has finally come out of the closet and promised to probe its CEO, Ralph Watungwa following a string of allegations he is stands accused of.

News stories broken by NewZimbabwe.com some three weeks ago indicated that  Watungwa  inappropriately authorising face-lifts at Standard Chartered Zimbabwe-owned buildings among other allegations involving abuse of foreign currency.

Breaking almost a month’s long silence , Stanchart  board chairman Lovemore Manatsa this week said the bank had initiated investigations into the conducts of its senior management.

“We are aware of the recent Press reports concerning serious allegations of apparent misconduct by senior management officials within the organisation.

“Standard Chartered’s brand promise, ‘Here for good’ is backed by our strong ethos and commitment to being a force for good for our clients, our employees, our regulators and the communities in which we operate.

‘‘Good conduct by all of our employees is central to this commitment.

“As such, the bank takes allegations of misconduct very seriously and will always undertake a thorough investigation into any concerns,” Mr Manatsa said.

He, however, said the bank may possibly not reveal the nature of the ongoing investigations as that would be in breach of Standard Chartered Bank’s protocol.

“As per internal policy, all matters pertaining to employees of the bank are confidential and it would be contrary to our inherent values of treating colleagues fairly and with respect to act otherwise.

” Any conduct which is found in letter or spirit to conflict with the principles outlined in our code of conduct and which may impair fair outcomes for colleagues, clients and the regulators will be responded to accordingly.

As such the bank is unable to comment on any prevailing media speculation, ‘’ he said.

Standard Chartered which is one of Zimbabwe’s oldest financial institutions now employs around 390 employees in the country after it rationalised its distribution channels, as it became more digital as it adopted a digital way of conducting business to match changing market dynamics.