CBZ Manager Fired Over RTGS3 000 Scandal
CBZ Manager Fired Over RTGS3 000 Scandal – A former Commercial Bank of Zimbabwe (CBZ) branch manager has lost his fight to overturn a dismissal after being accused of serious financial misconduct involving RTGS3 000.
According to The Standard, the Labour Court threw out Panganai Muza’s appeal, confirming that his sacking was justified.
Justice Samuel Kudya ruled that as a branch manager, Muza was ultimately responsible for ensuring financial discipline and compliance with banking procedures.
Here is What Happened
Muza, who was in charge of a CBZ branch between January and July 2019, was accused of:
- Endorsing falsified EcoCash reconciliations.
- Personally taking RTGS1 584 using IOU notes.
- Letting subordinates misuse funds in the same way.
- Ignoring Reserve Bank of Zimbabwe (RBZ) cash withdrawal limits.
- Failing to enforce EcoCash agent limits and proper accountability for commissions
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After a disciplinary hearing, Muza was found guilty and dismissed. His internal appeal within the bank failed, leading him to approach the Labour Court.
Muza denied the charges, saying no evidence proved he misused the money.
He also offered to repay the missing funds and argued that dismissal was too harsh.
The bank insisted Muza knew the rules and allowed breaches to happen under his watch, undermining client trust.
Justice Kudya said the evidence against Muza was strong and his dismissal was neither unfair nor irrational. He added that paying back the money could not erase the misconduct. The appeal was dismissed with costs.
