First Capital Bank chair, Sydney Mtsambiwa has stepped down as chair of a Zimbabwe Stock Exchange-listed bank, following his implication in the Tongaat Hulett forensic audit conducted by PwC.
Mtsambiwa, who was Tongaat Hulett interim chief executive officer and managing director of Tongaat’s Zimbabwe operations is being accused of extorting Tongaat’s sugar sales in Zimbabwe, grossly misinforming investors for several years
Although Mtsambiwa is denying the allegations, he has lost his position as chair of FCB formerly Barclays Bank in Zimbabwe.
The Bank revealed in a statement Thursday that Mtsambiwa had “relinquished his position as Director and Chairman of the Bank, to enable him to address the issues arising from the PWC report on Tongaat Hullett”.
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