Is Absa on a witch-hunt? ‘Leakers' placed on leave

The Citizen

22-07-2025

The plot thickens as it is alleged that the leakers are denied access to the report that details the incident.
Absa, one of South Africa's banking giants, is once again making headlines for its questionable ways of handling internal scandals. The bank has quietly placed senior managers accused of leaking company information on leave of absence.
The bank initiated disciplinary action process against these individuals in May, following a report that confirmed the leak.
It remains a mystery what information was leaked. The bank has dismissed suggestions that the information relates to the reason why former CEO Arrie Rautenbach went into early retirement. However, the plot thickens as it is alleged that the leakers are denied access to the report that details the incident.
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Absa places employees on leave
Daniel Munslow, Managing Executive: Group Communications at Absa, has denied allegations that these individuals have been fired, following reports that suggest they have been fired.
'It is not true that any employees have been fired with regards to the ENS investigation,' he told The Citizen.
'Absa commissioned an independent investigation into serious misconduct, including the leaking of confidential company information. As a result, the implicated employees agreed to take a leave of absence as part of the standard procedural requirement.
'The investigation, conducted by ENS Forensics, concluded that there is prima facie evidence of serious misconduct, which will be presented in a formal disciplinary enquiry in accordance with proper protocols and procedures, including being chaired by an independent senior counsel.'
Allegations against Absa
An article by The Sunday Times citing unnamed sources at the bank screams witch-hunt by Absa. First, it is alleged that Absa does not have any hard evidence against these individuals; however, the bank maintains it has established prima facie misconduct by these employees.
Secondly, a source told the publication that the outcome of the investigation is inconclusive, as there is no evidence indicating which employee leaked what information, or whether it was leaked via email or handed over to someone. The investigation could not determine exactly what happened.
Thirdly, another source alleged that the process by Absa denied the accused leakers access to the report that accuses them.
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Whistleblowers channels
Absa's reply to The Citizen maintains that none of Absa's established whistleblowers' channels were used by any of the accused leakers.
'At no point did the employees involved identify themselves as whistleblowers or indicate they were making protected disclosures as defined by the Protected Disclosures Act, or Absa's policy, despite having the opportunity to do so.'
Munslow said the bank cannot provide any further information on the case as they are bound by their commitment to strict confidentiality. This is to ensure procedural fairness for all parties involved and safeguard the privacy rights of the employees.
Change in leadership
Absa has been known for its leadership instability, marked by frequent changes in chief executive officers (CEOs) since 2019. Kenny Fihla began his tenure as CEO in June, replacing acting CEO Charles Russon. Will things be different this time around?
Russon was appointed to act as CEO following Rautenbach's early retirement. No specific reason was given for his early retirement, except that he and the board have agreed on the matter.
Reports have suggested that Rautenbach went on early retirement because of this leaked information. Some trouble surfaced during his tenure, including the appointment of Cowyk Fox to a senior role, despite him residing in the US.
Fox was a US citizen at the time, which potentially implicates Absa in violating American federal tax laws.
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Two black men at the helm? No ways
Among other troubles, Rautenbach had been accused of attempting to remove Saviour Chibiya, the head of the bank's African operations, while failing to take action against senior white executives who had underperformed. Screaming racism.
The bank also announced the early retirement of its chairman of the board, Sello Moloko.
Stating he will focus on his family, personal business interests, and community commitments, unlike Rautenbach's early retirement announcement, which had no reasons.
It is understood Moloko led the process, which saw the appointment of Fihla, but it does not make sense why he would leave before his recruit arrives.
Had Moloko stayed, it would have been the first time Absa has had two black people as CEO and Chairperson.
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