Maravi

Stanbic workers question expatriates' huge bonuses

Stanbic workers question expatriates' huge bonuses
By Ernest Chanda
Mon 26 Mar. 2012, 11:58 CAT

WORKERS at Stanbic Bank Zambia have questioned the huge bonuses paid to expatriate workers at the financial institution. The workers, who sought anonymity, were enraged that some expatriates could get as much as half a billion kwacha when hard-working locals were getting peanuts.

The workers complained that some of the expatriates did not have proper qualifications for the positions they held. And according to documents obtained by The Post, some expatriates received about K500 million in bonuses as of March 19, 2012, while others received about K400 million.

The lowest amount received was about K53 million, while the majority received over K200 million.

And according to a letter from Bank of Zambia acting director Wilson Kalumba dated February 16, 2012, the central bank directed Stanbic Bank managing director Dennis Kennedy not to renew the work permit for Raymond Knott because he did not qualify for the role of head of operations.

This followed Stanbic Bank management's earlier request to have Knott cleared by the central bank.

Kalumba further ordered Kennedy to submit to the central bank a skills development programme for positions held by expatriates at Stanbic Bank Zambia.

"We acknowledge receipt of your letter dated 16th January 2012 in which you are seeking Bank of Zambia clearance to process a work permit for Mr Knott for a period of two years. Kindly be advised that the Bank of Zambia has not granted approval for Stanbic Bank Zambia Limited to renew Mr Knott's work permit on grounds that Mr Knott does not meet the minimum qualifications specified in the job description for the role of head of operations," stated Kalumba.

"Further, you are requested to furnish the Bank of Zambia with a comprehensive skills development programme for positions currently held by expatriates at your bank."

Labels: STANBIC

posted by MrK @ 11:25 PM