Stanbic Bank – EXPOSED!
BY DERRICK SINJELA
I continue to warn the nation about the unprofessional conduct of Stanbic Bank Limited in Africa and how the bank has the ability to do anything to have their way. In this article I want the readership to judge for themselves based on the naked facts in the Savenda vs Stanbic Bank, and why I continue to argue that Hon Judge J Chashi was on firm ground in making a judgement in favour of Savenda Management Services. This landmark judgment has first and foremost attracted the attention of the journalistic family in the SADC and COMESA region.
Let me dwell on the facts surrounding this matter by reproducing to this readership the core premise on which judgement was arrived at by Judge Chashi.
It is an undisputed fact that Stanbic Bank Zambia where having internal operational challenges with the loan administration of Savenda Management Services due to computer systems failures that affected the integrity of the loan account held by Savenda Management Services.
These system challenges were admitted in writing by the bank itself to Savenda Management Services. Following their own admission the integrity of the loan account held by Savenda Management Services rendered an adverse loan integrity position on the Savenda account. The simple question at this point is who caused the account to show the Savenda loan account to present the adverse picture? Friends, the answer is obvious Stanbic Bank Limited.
Based on the defective picture presented and occasioned by the bank, the bank went ahead to list Savenda on the CRB thus making it impossible for Savenda to procure loan facilities from potential financial lenders. Clearly, for no fault of Savenda the bank based on a defective internal computer system which was miss posting loan repayment to a suspense account instead of the loan repayment account, a default position emerged which position was not a true reflection of the status of the loan account.
The core issue in this matter then, is that a system failure within the bank led to the client account (Savenda Management Services) to present a default position occasioned by the Stanbic Bank itself which acknowledged in writing that it was having internal system challenges.
The matter then went to court, the bank lost the case and appealed. Now readers given the basic facts before you summaries herein do you think that Stanbic Bank Limited was prudent to allow this matter to escalate to court or were there alternative ways to manage this situation without alarming so much negative publicity owing to arrogance and pride?
In an earlier article I told you how a Judge in Nigeria adjudicating over a Stanbic matter mentioned in his Judgment relating to a matter in Nigeria that Stanbic Nigeria was unprofessional and unwise. Clearly in the Savenda Management Services I share the sentiments of this Hon Judge that in the Savenda Management and Stanbic Bank Zambia that the bank was again unprofessional and unwise.
Let us again look at the Stanbic Bank bribery matter in Tanzania. What were the facts here?
Well here the bank failed to report a bribery matter involving Stanbic Tanzania and had to pay about US$33million in fines. In this matter the bank (i.e. Stanbic Bank) was negligent and suffered heavy fines. In the Zambian matter the Bank was again negligent in the Savenda Management Services and occasioned business loss to the tune of US$ 20 million due to Savenda Management Services. Who unearthed the Stanbic scam in Tanzania? It was the Serious Fraud Office in the UK.
Here in Zambia the court in its ruling said that there was no mala fides (bad faith) in the application from Stanbic Bank. That indeed may be so but given what I know now and the evidence I am gathering I see that there is something seriously wrong not with the court but with Stanbic Bank. I must again ask two questions – is Stanbic Bank able to give suspicious evidence to get their way? – The answer based on their own record in Africa is yes! Is the Bank able to bribe their way to get business? The answer again is yes! The Stanbic Tanzania financial Scam is the evidence. Due to public interest I will be continuing my investigative work on Stanbic bank and will continue revealing the rot behind that brand name up to December this year, there are certainly strange things that this bank is involved in and my duty as investigative journalist is to expose bad behaviour and conduct by a Bank which claims many good things but is betrayed by bad conducts and unprofessional behaviour by itself.
Look out for more in this whistleblowing developing story