Bank of Mozambique opens two more cases against Standard Bank managers

The Bank of Mozambique announced this Friday the opening of two more "contraventionary processes" against two Standard Bank managers, who will also have to pay, each one, a fine of a little more than one million meticais.

Claudio Banze, director of Information Technology, and Adimohanma Chukwuma, former deputy administrator, committed "serious offenses related to the implementation of an illegal payment network based outside the country," according to a central bank statement.

In addition to the fine, the two managers are barred from holding corporate positions and management positions in credit institutions and financial companies in the country for a period of three years.

O Standard Bank was suspended from the Interbank Foreign Exchange Market on June 23 after the Bank of Mozambique found "serious infractions" during inspections, most notably fraudulent manipulation of the exchange rate.

At the time, the central bank announced the opening of two misdemeanor cases against Standard Bank managers, among them Adimohanma Chukwuama, who had been forced to pay a fine of six million meticais and banned for six years from holding positions in credit institutions in the country, this being his second case.

The commercial bank was also required to pay a fine of 290 million meticais and a resident inspector was appointed to monitor the institution's activities.

One month after the suspension, the Bank of Mozambique authorized Standard Bank to carry out foreign exchange activities of currency conversion with its clients, although it remains barred from participating in the Interbank Foreign Exchange Market.

Data from the Mozambican central bank released in April indicated Standard Bank as the third in the list of the three systemically important banks in Mozambique, in a list led by Banco Comercial e de Investimentos (BCI) and with Banco Internacional de Moçambique (Millennium Bim) in the second position.

Lusa Agency

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