On 19th July 2012, the Board of Directors
of the National Bank of Commerce announced that Mr Lawrence Mafuru, the
Managing Director of National Bank of Commerce had been requested and accepted
to go on leave in order to allow investigations into irregularities allegedly
perpetrated at the Bank.
The allegations which originated from a whistleblower
report raised issues around irregular governance practices, fraud and
corruption against the NBC Executive Management team. Driven by the values of
the Bank and need to maintain high standards of good corporate governance the
Board of Directors of National Bank of Commerce initiated thorough
investigations into all the issues raised by the whistleblower with a view of
establishing the validity of the allegations for appropriate actions to be
taken.
Speaking about the investigation, the Chairman of the
NBC Board of Directors Dr Mussa Juma Assad said, I am pleased to say that the
Board has resolved appropriately all the matters arising out of the
investigation and that Mr Mafuru will be returning to work immediately.’’
Dr Assad further said that, “it was a necessary
process for all the stakeholders in our business, be they customers, employees,
shareholders, regulators and the public at large, that a thorough investigation
take place to ensure that our executive management is indeed running the bank
in accordance with the best corporate governance processes.’’
Mr Mafuru, who has returned to work after a two month
leave said, ‘’I am very happy that we have reached this point. As I pointed out
previously, after investigations, our customers, employees, shareholders,
regulators and the public will have a lot more confidence in NBC. Although this
was a difficult period of my career, I remain very positive that this
process was necessary for the interest of an organisation that embraces good
governance practices. We will put all this behind us now and focus on what we
do best and that is serving our customers through our conveniently placed
delivery channels across the country.’’
BOARD OF DIRECTORS NATIONAL BANK OF COMMERCE
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