Absa Group has initiated disciplinary proceedings against several employees following a forensic investigation that revealed serious misconduct related to the unauthorized disclosure of sensitive company information.
The investigation, conducted by ENS Forensics, was commissioned after internal concerns surfaced regarding potential breaches of confidentiality.
According to Absa, the findings point to “prima facie evidence” implicating certain staff members in leaking internal information without following formal whistleblowing protocols.
“The individuals involved did not disclose their identity through the bank’s Protected Disclosures Act channels or our internal whistleblower systems,” the bank said in a statement. “Absa supports the responsible reporting of misconduct, but this case falls outside of our accepted frameworks.”
Absa emphasized that it will follow a fair and confidential process, with internal disciplinary hearings to be chaired by an independent senior counsel.
The bank has not confirmed the specific nature of the leaked information or the employees involved, citing the sensitive nature of the ongoing proceedings.
The revelations have stirred speculation regarding the sudden early retirement of former Group CEO Arrie Rautenbach.
However, Absa maintains there is no direct link between the forensic findings and his departure, reiterating that the reasons were outlined in its official August 2024 SENS announcement.
This development comes as Absa continues to navigate a period marked by executive transitions and growing scrutiny over governance practices. The group faced a separate cybersecurity challenge in 2020, which raised questions around its information security systems.
Absa reaffirmed its commitment to upholding the highest standards of ethics and governance.
“Our integrity as a financial institution depends on our ability to protect confidential information and deal decisively with breaches,” the statement concluded.
As the disciplinary process unfolds, the financial sector and regulatory stakeholders will be closely watching how Absa addresses internal compliance and accountability concerns.
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