Media Statement: STANBIC BANK BOTSWANA LIMITED AND THE NATIONAL PETROLEUM FUND

1. There have been recent newspaper articles that allege amisappropriation of about P2 million by Stanbic Bank Botswana Limited (Stanbic) from the National Petroleum Fund (NPF).
2. The Board of Stanbic would like to placeon record, that the Bank has not misappropriated any funds of the (NPF).
3. 3. In the Parliamentary session of 14 December 2017,the Minister of Finance and Economic Development Mr Kenneth Matambo has confirmed that as far as he is aware Stanbic has neither violated any banking ethics/conduct nor misappropriated any monies held in deposit for the NPF.
4. In addition, there has been a recent article in the local media wherein the NPF management committee is stated to be comprised of Government representatives and the Managing Director of Stanbic.
5. While the NPF Order of 1986 did provide that the Managing Director of Stanbic must be a member of the NPF committee, this was repealed by a subsequent Order of Parliament (NPF Order of 1988), which removed this requirement.
6. There has been no participation in the management committee of the NPF by a Managing Director of Stanbic since 1988.
7. The Board recognises the strong service and contribution to Stanbic made by Leina Gabaraane in the past ten years and we wish him well in his new role in Zambia, a commendable promotion within the Standard Bank Group.  The transfer of Leina Gabaraane outside of Botswana is in line with the Standard Bank Group policy of developing local and regional resources and giving all executives equal opportunities to grow within the greater Group.
8. We assure the public that as a Regulated Entity all our operations are guided by and compliant with the prevailing Banking regulations.

By order of the Board