Malawi Savings Bank (MSB) has suspended its former chief executive officer (CEO) Ian Bonongwe and three of its senior managers, ordering them not to visit any of the bank’s premises.
According to a letter dated November 10 2015 signed by MSB head of human resources Richard Kunjawa, the bank, which until July this year was wholly owned by government, the bank has suspended Bonongwe alongside financial controller James Salaka, head of credit George Sibale and senior treasury and international trade manager Million Hera e.ffective November 6, 2015.
The reasons behind the indefinate suspension have not been communicated but sources indicate it is to do with “mismanagement of loans.”
Salaka, Sibale and Hera—were already on forced leave.
But Kunjawa said should there be any request for information from the suspended managers,” such request should be directed to acting CEO [Ted Chanza].”
Bonongwe was removed from his position as the bank’s CEO to become a member of the Integration Management Office—the team set to oversee the amalgamation of FDH Bank and MSB after the sale of the 75 percent government shares to FDH Financial Holdings Limited in July this year in a controversial and protracted transaction.Follow and Subscribe Nyasa TV :