STANBIC BANK SCANDAL SHOCKER
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By Derrick Sinjela
Stanbic Bank is a financial institution with a rather bizarre profile across the African continent and some of these bizarre corporate shenanigans are filtering their way into Zambia at a very fast rate. Last year, Stanbic was fined US$ 1.3million following a bribery scandal traced directly to Stanbic Bank. The vigilant Government of Tanzania passed a resolution to investigate the privately owned “scandal ridden” Stanbic Bank because the Government was concerned with Stanbic’s unprofessional behaviour and conduct and the impact bribery has in undermining national development. In September 2012, Stanbic Bank secured financing worth US$ 3 billion for an Iron Ore and Mining Project, in this project Stanbic Bank was again involved in a FRAUD SCANDAL!
In Ghana, Stanbic Bank awarded a “STANBIC BANK” award to a bank’s agent/employee. Huge adverts were made all over town, but when a scandal was unearthed following a swindle linked to the STANBIC BANK award winning agent, Stanbic Bank in typical “Judas Iscariot style” disowned the agent/employee to save face, however when pressed with the glaring truth and facts, the Bank admitted their gross error feebly.
In Nigeria, the Federal High Court in Lagos ordered Stanbic Bank to pay a customer for breach of contract in the sum amount of N2.5 billion. The Honourable Judge Justice Charles Achibang ruled that the bank (Stanbic Bank) acted “unwise and unprofessionally”
Judge Charles Achibang of Nigeria like Judge Justice Chashi of Zambia issued a judgment that exposed Stanbic for their wrongs in business transactions and the need to do right.
As I mentioned in my earlier articles one cannot miss the obvious; that Stanbic has a knack for going out of its way to ensure that they get their desired outcome even when there are guilty. It seems to me based on the above that Stanbic across Africa has attempted to short change their clients by conducting themselves in a manner that one can only liken to “MAFIA-LIKE” behavior and conduct.
The Honourable Judge Justice Justin Chashi passed Judgment which judgment is in the public domain, my take on this landmark judgment is that the Judge did indeed sufficiently apply his mind correctly in arriving at this award to Savenda Management Services in the sum amount of K192.5million. Reading through the judgment one cannot miss the legal demands incumbent upon Stanbic Bank in the Savenda vs Stanbic matter. Looking at the conduct of Stanbic Bank in Africa as alluded to in this article and indeed previous articles preceding this article, the Savenda Management Services award of K192.5 million is NOT the shocker! The shocker is the CONDUCT of Stanbic bank when they are found wanting. Stanbic Zambia recently submitted to the Court of Appeal to grant the bank leave out of time because they had “PROSPECTS OF SUCCESS”!
