A Mozambican court cleared the former head of Standard Bank Group’s local unit of accusations made by the nation’s central bank that he was involved in manipulating the foreign-currency market.
Adimohanma Nwokocha, who the Banco de Mocambique in July barred from corporate positions at local lenders, had no role in boosting the strength of the local currency, according to a ruling by the Tribunal da Policia da Cidade de Maputo. The metical’s appreciation Standard Bank was accused of influencing was instead caused by the central bank’s own policy measures, the court found in a decision on Nwokocha’s appeal of fines and other sanctions.
A spokesperson for the central bank didn’t immediately respond to an email seeking comment.
In a separate judgment, the court upheld the Banco de Mocambique’s finding that the South African lender was operating a payment system based outside the country without central bank approval.
The Banco de Mocambique last year temporarily suspended Standard Bank from currency trading in the country for suspected foreign-exchange manipulation, before fining the lender and its management.
Moneyweb and Bloomberg