NEDBANK MANAGER FIRED FOR ‘SHYLOCKING’

MBABANE – A Nedbank Swaziland Limited Operations Manager has been dismissed for engaging in money lending activities at work.

Glory Mkhwanazi, who occupied the position of Operations Manager at the Matsapha branch before being transferred to Manzini, was found guilty of violating the conflict of interest policy which prohibits employees of the bank from carrying out business in competition with their employer.
She was also found guilty of providing false information about transactions in her account. Mkhwanazi was dismissed with another employee, Bertha Vilakati, who was based in the head office while Robert Masilela was cautioned.

The former employee said she was approached by Nonhlanhla Mkhonta and Masilela who were based at the head office for financial assistance.
Mkhonta required a sum of E1 500 after electricity was disconnected at her residence due to default in payment. Masilela requested money amounting to E10 000 for university fees for his two children who were enrolled at the University of Swaziland.
Interest on both loans was charged at E300 and E4 000, respectively.

Mkhwanazi said she acted as the middleperson between Vilakati, Mkhonta and Masilela. However, a trail of the money transfers showed that Mkhwanazi made a transfer to Mkhonta before she even received the money from Bertha. When the loan amounts were repaid, some of the money would be remitted to Bertha by Mkhwanazi. The former operations manager conceded that the loan transactions between the two were in contravention of the bank’s policies and as such was wrong.
She justified her involvement by pointing out that at the time, she was not a custodian of the policy and she was not aware of it since this was before her promotion to the managerial position.

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