Stanbic Bank – Zambia in Bribery Investigations!
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BY DERRICK SINJELA
I have warned the nation about the conduct of Stanbic Bank Limited in Africa and how the bank has the ability to do anything to have their way. I have received backlashes from those that have questioned my investigative journalistic skills. Now as I write I know that the investigative wings in Zambia are probing Stanbic Zambia Limited on bribery charges.
What are the facts in my latest findings, well about K75, 000 was paid out from Stanbic to a Government Official at Radisson Blue Hotel on 21st September 2016 at about 13:22hrs. This amount was paid out by a senior bank official from Stanbic Bank Lusaka. The question is why should Stanbic bank be paying out such huge amounts at a location outside the normal withdrawal procedures?
Further, a known senior Stanbic Official from Zambia paid a sum of US$ 60, 000 in South Africa to someone in the Zambian Government in November last year again the question is why? Why should Stanbic Zambia be giving out such large sums of money?
My articles in the last nine issues have shown overwhelming evidence how Stanbic Tanzania was involved in a bribery matter and had to pay about US$33million in fines. I have tried to alert the Zambian readership about how our friends in Tanzania have risen by signing a petition about the conduct of Stanbic Tanzania. I have tried to show how the legislative wing (Parliament) in Tanzania have taken a keen interest in the bribery charges against Stanbic Tanzania. I have laboured to show that Stanbic has lost matters in West Africa and how a brave judge labelled Stanbic bank as “unprofessional and unwise” in their conduct. This is a bank that has been in existence for a long time in Africa and whose foot print of bribery and corruption is littered across the continent. The sad news is that these suspicious foot prints and weird behaviour and conduct has come into Zambia. On 30th November 2015, Lord Justice Leveson at Southwark Crown Court sitting at the Royal Courts of Justice in a matter involving Stanbic Tanzania unearthed a fraud and heavy fines were paid by Stanbic Bank. The Bank escaped by opting for deferred prosecution agreement.
A deferred prosecution agreement applies where the erring party admits guilt and a fine is paid in lieu of prosecution. In the Stanbic Tanzania Scam, the bank was found wanting and they admitted the bribery charges and paid a fine of US33million. The fine alone tells you of the magnitude of the fraud. Why should a bank pay bribes? Well they can only be one reason to cover up something. What is disturbing is that these bribery tactics and other corporate shenanigans that were reported many kilometres away have come to Zambia. Recently the bank won an appeal in the Savenda vs Stanbic Bank Limited and the bank lawyers stated that Stanbic Bank had “PROSPECTS OF SUCCESS”. Now here is a bank with a toxic foot print across Africa applying to be heard outside time and they appeal on grounds that persuaded the court to exercise its discretion to allow the application. This paper has no quarrel with the court system in Zambia we believe in the credibility of our justice system. What we have issue with is the conduct of Stanbic Bank and its ability to have its way at all costs until glaring foot prints of unprofessional conduct is spread before them to admit their guilt. In the Stanbic Tanzania fraud matter, Stanbic as usual resisted and pleaded innocence, but following a thorough investigation by the British they gave in. The Zambian situation is no different my investigations are not yet conclusive but they point to something very ugly. I have data which I must of necessity share with the investigative wings in my believed Zambia because the rot is real and is shocking to what lengths a Bank can go to conceal its short comings at all costs. The court in a ruling that lasted more than two hours last year ruled in part that Stanbic Bank had demonstrated sufficient reason for the court to exercise its discretion to allow the application outside time.
The court has the right to grant such via its discretion, that is not my concern. My concern is the conduct of Stanbic and what they are able to do to secure what is in the discretion of the courts to grant such appeal that is the concern that begs conscience.
In its ruling the court added 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 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! Stanbic Tanzania financial Scam is the evidence. Due to public interest I will be continuing my investigative work on Stanbic bank and revealing the rot behind that brand name, they are certainly involved in very suspicious behaviour and I will be revealing the evidence in my next articles.
