StanChart Starts Probe After Reports CEO Suspended

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STANDARD Chartered Plc said it’s investigating allegations of misconduct involving senior management in Zimbabwe more than three weeks after a media organization reported that the chief executive officer of the unit in that country had been suspended.

In two separate reports in January said Ralph Watungwa had been suspended and tied him to alleged abuse of a foreign currency auction run by the central bank, as well as allegations of improperly authorized renovations at buildings owned by the bank. The news website cited people it didn’t identify.