Malawi Savings Bank which was bought from government by FDH Holdings in controversial circumstances at K9.5bn ($21.1 million) has sent two of its managers on forced leave after being discovered to have accumulated excessive leave days that would create a huge liability if they were to stop working for the bank.
According to published report, Deputy Chief Executive Officer Kayisi Sadala and Treasury Manager Million Hera, have been asked to go on leave after accumulating 88 and 150 days, respectively
FDH’s Chief Executive Officer, Thom Mpinganjira said they have discovered that many MSB employees have excessive leave days, with one manager accumulating 300 days
Mpindanjira said the new MSB management led by his FDH, has decided to let everybody clear their days to reduce liabilities
“This is abnormal and dangerous for the bank,” said Mpinganjira as quoted by Daily Times.
“I don’t understand how it was allowed to happen. We cannot allow it to continue like that because if one of them was to resign, it will cost us a lot of money to pay them for the unused leave days, “added Mpinganjira.
Mpinganjira said more MSB employees will be asked to go home and clear their leave days.
On his part, Sadala told the daily newspaper that he accumulated over 80 days leave since 2007 when he joined the bank.
He said limited staff compliment made it impossible for some members to take all their leave days when due
“On my part, for example, my entitlement is 30 days but I have only been able to take 20 days every year. And the bank was supposed to pay me for those days at the end of each contract but that didn’t happen,” Daily Times quoted Sadala as saying.
Sadala’ current contract expires in December this year.
Government finalized the sale of MSB on 2 July, 2015 despite heavy resistance from Parliament.
Malawi government now holds only 25% shares in MSB while FDH Holdings has 75%.
Reports indicate MSB posted a pre-tax profit of K2.5 billion (US$6 million) between January and May 2015.-Follow and Subscribe Nyasa TV :