New Details Revealed on Why Ex-Steward Bank CEO Lance Mambondiani CEO Was Forced Out from BancABC
New details have emerged on ex-Steward Bank CEO Lance Mambondiani’s abrupt departure from BancABC. The former Managing Director, was accused of violating the bank’s policies and procedures relating to the procurement of vendors.
According to reports from the publication Business Times, the bank’s policies were violated in instances where prices were inflated. This was revealed after several whistleblowers provided information in respect of Mambondiani’s conduct at the bank.
Mambondiani left the financial institution after nearly four years at the helm. It is understood that he was forced to resign last week immediately after the Albert Katsande-led board engaged an independent external firm to begin “multipoint” investigations into his alleged malpractices.
Mambondiani is also being accused of violating the bank’s policies and procedures, including those related to governance breaches and management delinquency, among a number of his personal actions.
The board has since engaged an independent outside investigating firm to probe Mambondiani’s conduct relating to alleged malpractices.
Contrary to rumours swirling in the market that Mambondiani had given BancABC Zimbabwe notice to leave the institution in three months’ time following a buzz that a “hostile” takeover bid was tabled by a new investor to acquire Atlas Mara’s stake in the institution, there is no transaction in respect to the disposal of BancABC Zimbabwe had been agreed, according to well-placed sources at BancABC who spoke to Business Times yesterday.
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Investigations revealed that as soon as the board engaged an independent outside investigator, Mambondiani resigned on February 22, two days after he was placed on forced leave. Also, an Atlas Mara representative flew into Zimbabwe a few days ago to look into the matter and report back to the shareholders.
“Contrary to the narrative in the market that points to the managing director (Lance Mambondiani) and other members of executive management, resigning because of an impending disposal of BancABC Zimbabwe, the MD was sent on forced leave and resigned two days after an external firm was engaged to conduct an investigation into his malpractices, which were brought to the attention of the board by whistle-blowers,” a source at BancABC Zimbabwe, who preferred anonymity said this week.
He added: “These (accusations being investigated) include violating the bank’s policies and procedures those related to procurement of service providers who were engaged without following proper procedures for his (Mambondiani)’s interests, abuse of the bank’s holiday homes and lodges at resorts centres in Kariba and Nyanga, banking facilities and abuse of the bank’s assets including vehicles, governance breaches and management delinquency, among a number of improper personal actions.”
It is understood that Mambondiani was placed on forced leave on February 20, 2023, but proceeded to tender his resignation two days later with Vander Mutenga, who was the substantive finance director, stepping in as acting managing director.