SBM Bank’s Chief Executive Suspended on 28th March

Premchand Mungar has been suspended from his role as Chief Executive of SBM Bank (Mauritius) Ltd. The decision was made during an emergency board meeting held on Friday, 28th March.

The board of SBM Holdings confirmed the suspension in a statement released later on, stating:

“Premchand Mungar has been suspended from his duties until further notice,” a declaration that has sparked widespread speculation.

As the bank grapples with this sudden change, Rita Gujadhur has stepped in as Officer-in-Charge, tasked with overseeing operations until a new Chief Executive is appointed.

Mungar has been in the banking arena for over 37 years and had only recently taken on his role at SBM Bank on 22 November 2023.

Before this, he held significant positions as Chief Executive and Executive Director of MauBank from 2018 to 2023, and had also served in various capacities at the Eastern & Southern African Trade & Development Bank (TDB), including General Counsel and Senior Director.

The precise reasons behind Mungar’s suspension remain undisclosed, adding to the intrigue surrounding the situation.

Efforts by Defi Media to contact him for clarification proved fruitless, as his mobile phone was reportedly turned off.

Source: Defi Media