FOUR MSB BOSSES SUSPENDED

Information reaching faceofMalawi indicates that Malawi Savings Bank (MSB) has suspended its Chief Executive Officer (CEO) Ian Bonongwe and three other senior managers.

This has been disclosed in a letter dated November 10 2015 signed by MSB head of human resources Richard Kunjawa seen by FOM’s reporter.

Bonongwe has been suspended alongside financial controller James Salaka, head of credit George Sibale and senior treasury and international trade manager Million Hera.

According to the statement, the four have also been ordered not to visit any of the bank’s premises.

Although this is the case, the reason behind the suspension is not provided in the letter.

But inside sources have told this publication that the suspension is linked to mismanagement of loans at the bank which led to the bank anchoring huge toxic loans.

Apart from Bonongwe, the three—Salaka, Sibale and Hera—were already on forced leave.

In July this year, the government of Malawi sold 75 percent of the shares to FDH Financial Holdings Limited chief executive officer Thom Mpinganjira.

The controversial sale of the bank received criticisms from all corners with others accusing the government of being inconsiderate.