Oct. 8 (Bloomberg) -- The managing director of Absa Group Ltd.’s Tanzanian unit returned to work two months after he was asked to step aside during a probe into “irregular governance practices, fraud and corruption,” the bank said.
Lawrence Mafuru, managing director of Absa-controlled National Bank of Commerce Ltd, was sent on leave on July 20 after a whistle-blower complained.
“The board has resolved appropriately all the matters arising out of the investigation, and that Mafuru will be returning to work immediately” National Bank said in a statement handed to reporters today in Dar es Salaam, Tanzania’s commercial capital. Mafuru said the process was “necessary,” according to the statement.
Absa, the South African bank that’s controlled by Barclays Plc, owns 55 percent of National Bank of Commerce. Absa has been scrutinized by investors and analysts since saying on June 26 that profit may fall as much as 10 percent after it failed to set aside enough money for bad debts.
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