Standard Chartered exec resigns with dignity

Ajay Kanwal, the head of Standard Chartered’s Asean and South Asian operations, left the bank after failing to disclose some details of his past personal investments.

Bloomberg News reports that Kanwal said some of his disclosures about investments in businesses outside the bank didn’t meet the company’s “very high standards,” according to a statement from the bank on Monday.

“Though I do not own these investments any more, as a senior leader my actions should be beyond reproach,” Standard Chartered cited him as saying.

Kanwal couldn’t be reached through his office phone in Singapore.

In memos to staff this year, Chief Executive Officer Bill Winters said the bank would take a “zero tolerance” policy on compliance issues after discovering transgressions concerning some employees’ outside business interests, close financial dealings with co-workers and excessive expenses.

To access the complete Bloomberg News article hit the link below:

StanChart’s Asean CEO Kanwal Resigns Over Disclosure Lapse

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