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...