This statement is unfounded and based on a misunderstanding of the fiduciary relationship between Stanbic Nominees and its clients.
The report linking Stanbic Bank specifically to Commercial Bank of Zimbabwe is based on the assumption that Stanbic has a beneficial shareholding in this bank through Stanbic Nominees.
In fact, as is normal practice in many jurisdictions, Stanbic Bank Zimbabwe has provided nominee services to its clients, who themselves beneficially hold shares and exercise their rights at their own discretion. Stanbic Bank merely acts on the instruction of these shareholders.
Standard Bank does not beneficially own shares in the institutions named.
Post published in: Politics