THE Lesotho Post Bank boss, Molefi Leqhaoe, could have been suspended after he resisted political pressure to give loans to undeserving politically connected people. Leqhaoe was suspended a fortnight ago together with the chief sales officer ‘Mathabo Tshehlo and the chief digital banking officer ‘Mamohau Mapota.
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In a brief statement, the bank said the suspensions were meant to “conduct impartial investigations while protecting all parties involved, including witnesses”.
The statement didn’t go into further details about the nature of the investigation.
Nor did the board explain the issues to the staff which is now said to be apprehensive about the implications of the probe on the bank.
An investigation by thepost indicates that the issues surrounding the bank are so complex that they include interference from higher-ups in the government and pressure on the management to bend lending rules to benefit some connected people.
The investigation revealed that Leqhaoe and his team have always faced pressure from some senior officials to fund certain people and projects that did not qualify.
Some of those projects required funding that runs into tens of millions but Leqhaoe and his team were reportedly reluctant to cough out the money because they were considered too risky.
Some of those projects have senior government officials as their drivers and shareholders.
And when they resisted those instructions, they courted the ire of the officials who are now said to be behind the efforts to nudge Leqhaoe out of the bank.
That political pressure to grant loans has coincided with corporate governance issues exposed by a PWC forensic report commissioned by the Central Bank of Lesotho (CBL).
The report has been kept under wraps and is in the hands of only a few CBL officials, select government officials and the Post Bank’s board.
The probe that led to the report was allegedly instigated by a “whistleblower” who was a former senior manager who had left the bank under a dark cloud.
Highly placed sources briefed about the report say its major findings centred on corporate governance issues that include alleged insider loans and conflict of interest.
That report is the basis of a Directorate on Corruption and Economic Offences (DCEO) investigation that has dragged on for months.
The investigation centres on a vehicle loan scheme from which nearly 100 people, including government officials and MPs, benefited.
Under the scheme, the bank was funding Basotho to buy cars to lease to the government.
The financing was based on a lease contract from the government.
thepost has been told that the DCEO has been scrutinising those loans, worth about M70 million, and questioning some of the customers who benefited from the scheme.
A DCEO source said they suspect that some of the loans could have been granted to proxies of the bank’s senior officials.
Leqhaoe is due to be questioned by the DCEO today in an interview likely to drag on for hours. Tšehlo and Mapota are also expected to be interviewed today.
The DCEO has confirmed the investigation but refused to give further details about its exact nature.
Post Bank’s acting managing director, Mahase Mahooana, said the current position is that the bank is not commenting or granting interviews.
thepost has however been told that although there are some questionable corporate governance issues, the bank’s financial position remains strong.
Last night Leqhaoe said he could not comment about the bank and its operations because he was bound by confidentiality rules.
Staff Reporter
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