Business Reporter
The recent US$4.4 million robbery at the Ecobank branch in Bulawayo has sparked a complex dispute involving Ecobank, its security contractor SafeGuard Security, and insurance companies. The Zimbabwe Republic Police (ZRP) has indicated that there may have been inside help in the robbery, complicating the situation further.
Details of the Incident
The robbery occurred in just 149 seconds, with six armed robbers targeting a SafeGuard cash-in-transit van. An anonymous Ecobank employee revealed that the money was being transported to Harare when the robbers attacked the security guards outside the bank, taking the cash just as it was about to be loaded into the vehicle. This incident places the onus of security on SafeGuard after leaving the bank premises.
Blame Game Between Ecobank and SafeGuard
SafeGuard’s CEO, Andrew Mallon, criticized Ecobank for not disclosing the large sum of money being transported, stating that such a transaction was well outside their contracted limits. He emphasized that this lack of communication jeopardized the safety of their staff and the cash being transported. This raises potential issues regarding insurance coverage, as insurers may refuse to compensate losses that exceed agreed-upon limits, complicating Ecobank’s recovery efforts.
Police Investigation
The ZRP has confirmed that they are investigating the possibility of insider collusion, with Commissioner Paul Nyathi stating that they believe someone may have leaked information about the cash movement. All possible suspects are being questioned as part of the investigation.
Insurance Implications
The Insurance Council of Zimbabwe (ICZ) has outlined the types of insurance policies available to banks, including cash-in-transit insurance and fidelity guarantees. They clarified that Ecobank, as the policyholder, is responsible for paying the insurance premiums, and any breach of security measures could lead to claim repudiation. The claims process involves several steps, including notification, detailed filing, assessment, and settlement.
Conclusion
The aftermath of the Ecobank heist highlights significant issues regarding security protocols, insurance obligations, and the potential for internal complicity. As investigations continue, both Ecobank and SafeGuard face challenges in addressing the fallout from this audacious crime.
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