ZACC turns guns to private sector… orders NMB Bank to carry out internal audit

The Justice Loice Matanda-Moyo led Zimbabwe Anti-Corruption Commission (Zacc) has drawn its guns against the private sector with the NMB Bank being the first entity ordered to carry out a forensic audit amid reports of finanial misconduct.

This comes as Zacc moves to investigate and thwart corruption in the private sector.

Insiders told this publication that Zacc has demanded that the bank conduct an internal audit as it moves to uproot the corruption in the private sector.

A document from the bank’s Internal Audit department possessed by the Zim Morning Post shows that an investigation was executed by the bank’s risk department following a Deloitte tip-off on white collar corruption at the bank.

A report was compiled and findings tabled resulting in the immediate resignation of the International Banking Manager Crispen Mukamba and his assistant, the Assistant Manager-International Banking Tawanda Waited.

Reports are that the Chief Banking Officer Lionel Chinyamutangira and Head-Treasury Addison Shoniwa were sent on forced leave to facilitate investigations by Internal Audit.

Allegations are that 34 staff members and nine suspected relatives of staff members were involved in illegal money laundering deals.

Special investigations on the Deloitte tip off revealed that there were allegations of collection of proceeds of corruption by the International Banking Management department.

“Internal Audit’s concern is the collection of suspected bribes for the processing of customer telegraphic transfers (TT),” reads the report.

A summary of staff collections of suspected corruption proceeds (being proceeds received into the noted accounts which were from Bank customers) noted to date by Internal Audit (January 2017 to June 2018) totals $280,347.54.”

Reports are that the banks International banking staff collected bribes to process TTs.

“Internal Audit contacted one of the customers, who indicated that NMB International banking staff collects bribes to process TTs.

“The customer could however not give much information as he is protective of the staff.”

It is alleged that efforts to interrogate Mukamba and Waited were unsuccessful as the two resigned from the bank and Mukamba’s phone was continuously ringing unanswered while Waited made indications to the effect that he was forced to immediately resign and was unwilling to discuss any further.

Reports are that all nostro accounts for Zimbabwean banks were closed and this affected NMB bank’s ability to receive USD inflows and hence the ability to make any foreign payments using their own funds. 

Most of the payments that were allegedly made corruptly were being done from RBZ Allocations with no consideration to the fact that such a decision to allocate the funds was made from the RBZ depending on the strategic nature of the imports.