Safeguard Claims Lack of Notification Regarding US$4 Million Cash Movement Before Heist


Innocent Sibonginkosi Ncube

BULAWAYO – The security company Safeguard whose guards were robbed of over US$4 million in broad daylight, has stated that it was not informed about the movement of such a huge amount by Ecobank prior to the armed robbery that occurred on a busy street in Bulawayo on Thursday.

In a statement released on Friday, police indicated that investigations are ongoing and no arrests have been made so far.

Safeguard emphasized that the amount of $4 million was significantly above “the contracted limits for the movement of cash.” The security guards, who were traveling in a van, had just picked up the money from the Ecobank branch at the NRZ Building and were en route to deliver it to Harare.

According to eyewitness reports, the guards were in the process of loading cash boxes into their van when a white single cab Ford Ranger arrived. Six armed men, wearing face masks and bucket hats, emerged with their weapons drawn. They quickly overpowered the guards and seized the cash boxes.

In light of these events, Safeguard raised concerns that its insurers may not compensate Ecobank for any losses exceeding a previously undisclosed limit. CEO Andrew Mallon remarked,

“We wish to remind all customers of their responsibility to work within their contracted limits… and to communicate clearly with us if a cash movement is to be out of the ordinary. This allows us to plan and approach the risks appropriately.”

Mallon further noted that a US$4 million transaction “obviously poses a significant risk” and is “well outside any contracted limits for Safeguard and almost certainly the security industry Africa wide.” He added,

“A failure to communicate an unusual amount of cash being moved places the safety of our staff, our security teams, and your cash at considerable risk.”

As of Friday, police confirmed that the robbery, described as the largest cash heist in Zimbabwe’s history, is still under investigation. Police spokesman Commissioner Paul Nyathi stated,

“The ZRP is still conducting investigations in connection with the armed robbery incident which occurred in Bulawayo on October 3 at a local financial institution. The police dismiss social media messages indicating that the suspects have been arrested.”

Nyathi assured the public that,

“The police will certainly keep the public and media informed on the latest developments in relation to this case.”

Zim GBC News©2024

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