Stanchart shareholders question Managing Director’s conduct

Minority shareholders last week questioned the Standard Chartered Bank Zambia Plc Board of Directors at the company’s AGM on their decision to shield and protect the Ghanaian Managing Director Andrew Fening Okai , accused of abusing and mistreating a senior female member of staff who subsequently resigned and sued the bank.  They queried why senior members of staff have been leaving the bank ever since Mr Okai took over as CEO and MD. Among those to have scampered since Okai’s arrival are Arjuna Chandrasekar Balasingham (head of Corporates), Kelvin Mubanga Musana (Chief Financial Officer), Celine Meena Nair (head of Legal, compliance and company secretary) and James Jamu Koni ( the new Chief Financial Officer).
During the question and answer session, the minority shareholders took the Chairman to task when they asked what the Board had done to clear the MD of the accusations of abuse, harassment and mistreatment of the former Company Secretary.  It was however no surprise when the Chairman rushed to the rescue of his friend and advised the shareholders that the matter was in Court and could therefore not be discussed. One shareholder told the board chairman not to use the excuse of saying the matter is in court because we own standchart bank that has been taken to court so as owners let talk about the case, this is not public where the court will hold us in contempt. The shareholders however have planned to meet separately outside the meeting as they feel the Board is sweeping something under the carpet.  They will be meeting to strategize their next move including petitioning the very quiet Bank of Zambia to look into the cases of the senior resignations.
Concerned person

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