Absa Faces Major Scandal as Probe Uncovers Serious Misconduct and Leaked Information

Absa Bank has confirmed the conclusion of a high-level independent investigation that found prima facie evidence of serious internal misconduct — including the leak of sensitive company information.

The findings, disclosed by the bank to Daily Investor, have set the stage for formal disciplinary hearings, which will be overseen by an independent senior counsel.

The investigation, conducted by ENS Forensics, was launched after suspicions arose around the unauthorized sharing of confidential internal data — some of which is believed to have contributed to the exit of former CEO, Arrie Rautenbach, in August 2024.

“The investigation has concluded that there is prima facie evidence of serious misconduct, which will be presented in a formal disciplinary enquiry,” the bank stated.

Whistleblower Channels Ignored

In an important clarification, Absa said that none of its official whistleblower channels were used during the episode. Employees allegedly involved in the leak did not identify themselves as whistleblowers or claim protections under the Protected Disclosures Act.

“Absa is firmly committed to upholding our whistleblower policy. We value the critical importance of whistleblowers in maintaining organisational integrity,” the bank noted, highlighting multiple secure and anonymous reporting mechanisms available to staff.

The bank added that it is now following strict internal procedures to ensure fairness for all parties and will not be providing further public comment while the disciplinary process unfolds.

Leadership Instability Looms Large

The scandal adds yet another chapter to what many view as ongoing instability in Absa’s executive leadership. Since 2019, the bank has seen six different individuals — both interim and permanent — serve as CEO, following the 10-year tenure of Maria Ramos.

Rautenbach’s departure came amid reports of dissatisfaction from Absa leadership, citing weak commercial performance and a slow pace of transformation under his watch. Interim CEO Charles Russon took the reins in October 2024 and will soon be replaced by newly appointed permanent CEO, Kenny Fihla, effective 17 June 2025.

Additionally, Chairman Sello Moloko will step down on 15 July 2025, to be succeeded by René van Wyk.

A New Chapter Ahead?

With the leadership transition underway, Absa says it is focused on stability, transparency, and rebuilding trust within its ranks and with shareholders.

However, the revelations from this latest misconduct investigation signal deep internal fractures the bank must urgently address — especially in areas of governance, confidentiality, and employee conduct.

As disciplinary proceedings progress behind closed doors, industry watchers will be keeping a close eye on how Absa handles the fallout — and whether its new leadership can steer the institution toward a more stable future.

{Source: BusinessTech}

Follow Joburg ETC on Facebook, Twitter , TikTok and Instagram

For more News in Johannesburg, visit joburgetc.com