How Austin Mwape betrayed Savenda for Stanbic job, money

How Austin Mwape betrayed Savenda for Stanbic job, money

This is Dr Austin  Mwape.

He is the chairman of Stanbic Bank Zambia.

Before his appointment as head of the board of Stanbic Directors, Dr Mwape was the deputy governor of operations at the Bank of Zambia. He was also a consultant with the World Bank as a senior financial sector consultant on a financial sector formalisation project for the Central Bank of Somalia. No doubt he is one of Zambia’s most respected financial experts.

But here is the rot involving this well-educated and experienced son of the soil.

When Stanbic Zambia negligently reportedly a local company Savenda to the Credit Reference Bureau, the matter was first taken for arbitration.

During the arbitration, Dr Mwape was the expert witness ( key witness) for Savenda Management Services. In his submissions to the arbitrator, Dr Mwape condemned Stanbic Bank for its bad, unethical and predatory banking practices.

As is already known, this matter later went to the High court where Stanbic lost and was ordered to compensate Savenda K192 million, but later the matter reached the Supreme Court were judges were bribed.

Surprisingly, and in order to compromise Dr Mwape and deprive the courts of his expert statement, Stanbic appointed him chairman of the bank, at the height of the court proceedings. So Dr Mwape could not be called as expert witness in court. Now he is the one defending Stanbic from Savenda. How do some people sleep at night? Indeed, every man has a price. In Zambia, ethics do not exist even among the elite.

Anyway, we just thought you should know that the corruption in the matter was not just at Supreme Court level.

In the case of Savenda v Stanbic, the High Court ordered Stanbic to compensate Savenda K192m for loss of contracts after Stanbic negligently and maliciously reported Savenda to the credit Reference Bureau. But the Supreme Court trashed the High court Judgement and instead ordered Savenda to pay costs from the time the case started, generating public outcry and suspicion that the Supreme Court has been bribed. The bill which Silwamba wants Savenda to pay the Bank is K10 million.


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