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Islamic Finance Briefing - Categorized | Banking, Compliance, Tax, Legal, Regulatory, Market Moves more

FNB shakes up Shariah division

Posted on 20 January 2012

First National Bank’s sharpie banking division is in a state of flux after it was hit by a corporate governance scandal in which its chief executive, Obi Patel, was put on “special leave” for almost a month while an internal probe was conducted. Patel has been reinstated, but is facing disciplinary action.
There has also been a mass exodus of members of the sharpie board, which is meant to approve products. There were claims of misappropriation of funds, conflicts of interest, unfair labour practices, and mistreatment of staff, board illegitimacy and fraud………………………………………..Full Article: Source

 
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