Heads roll at Steward Bank

TELECOMMUNICATIONS group Econet Wireless-linked banking institution, Steward Bank, has suspended two senior managers in ongoing investigations over fraud, the Financial Gazette has learnt.

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Mambondiani

Stewart Bank’s acting CEO, Lance Mambondiani

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The developments comes barely two months after former Steward Bank chief executive officer (CEO), Kwanele Ngwenya, was forced out of the banking institution after the board of directors refused to renew his contract due to corporate governance malfeasance.

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It also comes barely a month after the bank announced the resignation of Bright Mahere, its former chief finance officer under a cloud.

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This time, the axe has fallen on the bank’s head of operations, Naison Sebstain, and Freeman Dhliwayo, who was in charge of the Information Technology department.

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The two are said to have been well- placed within the bank to have detected and foiled the alleged fraud, which involved the creation of fictitious accounts meant to swindle the bank.

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The accounts were reportedly used to buy air tickets and goods in foreign countries. A significant amount was also withdrawn for other personal use from the credit accounts.

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Stewart Bank’s acting CEO, Lance Mambondiani, yesterday said the two had been suspended subject to ongoing internal procedures and could not comment on the issue further.

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A former employee, Albert Chinamano (35), has since appeared before magistrate Milton Serima over the credit cards which he allegedly used bearing names of non-existing clients.

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Chinamano, who resides in Borrowdale, Harare, was found in possession of 150 credit cards when he was arrested.