BancABC MD Lance Mabondiani sent on forced leave

Zim Now Writer

ABC Holdings Limited-owned BancABC Zimbabwe has sent its Managing Director Lance Mambondiani on forced leave, pending investigations into alleged malparctices.

Mambondiani, who joined the Botswana-headquartered banking group in 2019, reportedly fell out with the financial services group’s board over a protracted period on a slew of issues relating to misgovernance and fraudulent practices, according to impeccable sources.

This is not th4 first time that Mambondiani has left a bank post unceremoniously, having been booted out of Steward Bank in 2019 over alleged use of foreign currency among other wrong doings.

A part of Atlas Mara, BancABC has its primary listing on the Botswana Stock Exchange and a secondary listing on the Zimbabwe Stock Exchange.

The Group's shareholders include, Old Mutual, Botswana Insurance Fund and the International Finance Corporation.