{"id":2566,"date":"2021-07-15T17:46:55","date_gmt":"2021-07-15T17:46:55","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=2566"},"modified":"2021-07-15T14:41:48","modified_gmt":"2021-07-15T14:41:48","slug":"mozambique-standard-bank-hopes-to-clarify-allegations-aim-report","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-hopes-to-clarify-allegations-aim-report","title":{"rendered":"Standard Bank hopes to \u201cclarify\u201d allegations"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.net\/mozambique\">Mozambique<\/a>. <\/strong><\/span>A day after the Bank of Mozambique suspended Standard Bank from foreign currency trading for a year, it has responded with a promise to continue to work with the central bank to \u201cclarify all the allegations against it\u201d, and to safeguard the interests of its clients.<\/p>\n<p>The Bank of Mozambique also imposed heavy fines on Standard Bank and on two of its senior managers, the Chief Executive Officer, Chukwuma Nwokocha, and the director of the Corporate and Investment wing of the bank, Carlos Madeira.<\/p>\n<p>A Monday statement from the central bank said that an on-site inspection of Standard Bank had found that it committed \u201cserious breaches of a prudential and exchange rate nature.\u201d The bank had allegedly \u201cmanipulated fraudulently the exchange rate\u201d, and, among other violations, had undertaken \u201cirregular operations in financial derivatives for covering the risks of exchange rate fluctuations\u201d.<\/p>\n<p>Tuesday\u2019s brief statement from Standard Bank reminded customers that the suspension does not cover day-to-day operations in Mozambican currency, which \u201care continuing as normal\u201d.<\/p>\n<p>The bank added that it has \u201ca clear plan\u201d for continuing its business. Part of this plan is the appointment of an interim CEO. The statement does not name this man, but the independent newssheet \u201cMediafax\u201d says it has learnt that he is Gomezgani Neba, a Malawian citizen, who was formerly financial director of the bank. Neba regularly stood in for Nwokocha when he was absent.<\/p>\n<p>\u201cStandard Bank is committed to doing business in an ethical and responsible manner\u201d, said the statement, claiming that its governance procedures are strict \u201cbecause its reputation is a valuable asset\u201d. The statement says nothing about the validity or otherwise of the allegations made by the Bank of Mozambique.<\/p>\n<p>Before the suspension, Standard Bank controlled about 46 per cent of the foreign exchange market in Mozambique. Major foreign currency investment projects, United Nations agencies, the World Bank, the IMF and foreign embassies all use Standard Bank: this dominant position in the market is a hangover from the days, decades ago when Standard was the only commercial bank authorised to hold foreign currency accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Mozambique. A day after the Bank of Mozambique suspended Standard Bank from foreign currency trading for a year, it has responded with a promise to continue to work with the central bank to \u201cclarify all the allegations against it\u201d, and to safeguard the interests of its clients. The Bank of Mozambique also imposed [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":2563,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-2566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Standard Bank hopes to \u201cclarify\u201d allegations - Mozambique<\/title>\n<meta name=\"description\" content=\"A day after the Bank of Mozambique suspended Standard Bank from foreign currency trading for a year, it has responded wi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-hopes-to-clarify-allegations-aim-report\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Standard Bank hopes to \u201cclarify\u201d allegations\" \/>\n<meta property=\"og:description\" content=\"A day after the Bank of Mozambique suspended Standard Bank from foreign currency trading for a year, it has responded wi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-hopes-to-clarify-allegations-aim-report\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-15T17:46:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/07\/img-60f048e6540da.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"813\" \/>\n\t<meta property=\"og:image:height\" content=\"471\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-hopes-to-clarify-allegations-aim-report#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-hopes-to-clarify-allegations-aim-report\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Standard Bank hopes to \u201cclarify\u201d allegations\",\"datePublished\":\"2021-07-15T17:46:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-hopes-to-clarify-allegations-aim-report\"},\"wordCount\":352,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-hopes-to-clarify-allegations-aim-report#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/07\/img-60f048e6540da.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-hopes-to-clarify-allegations-aim-report#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-hopes-to-clarify-allegations-aim-report\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-hopes-to-clarify-allegations-aim-report\",\"name\":\"Standard Bank hopes to \u201cclarify\u201d allegations - 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