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| Mr Mafuru |
Allegations of bad management, corruption and theft made against the
National Bank of Commerce (NBC) Managing Director, Mr Lawrence Mafuru, have
been cleared and the suspect has resumed duties.
In a statement, the NBC Board of Directors Chairman, Mr Mussa Juma,
said that Mr Mafuru, who was forced to go on a two-month leave last July to
pave way for investigations, has been allowed back on duty with immediate
effect.
Dr Juma 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.”
He further noted that it was
necessary to suspend Mr Mafuru pending the investigations in order to maintain
high governance standards among its shareholders and the general population.
“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,” Dr Juma said in a brief statement.
A whistle blower report raised issues around irregular governance
practices, fraud and corruption against the NBC executive management team which
forced the board to order an investigation.
The board chair said a thorough investigation has been conducted to
establish the authenticity of the allegations which however have proven to be
untrue.
On July 19, this year, the bank’s Board of Directors announced that Mr
Mafuru was requested to go on leave in order to allow investigations into
irregularities allegedly perpetrated at one of the country’s largest commercial
banks.
Source: The Daily News,http://www.dailynews.co.tz
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