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Safeguard security company claims lack of notification on $4 million cash movement

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BY NOKUTHABA DLAMINI

In a stunning revelation, Safeguard Security Company has stated that it was not informed by Ecobank that it would be transporting a staggering $4 million in cash on the day of the armed robbery in Bulawayo.

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The company’s CEO, Andrew Mallon, released a statement emphasizing that the sum was “well outside” the contracted limits for cash movement.

According to Mallon, Safeguard security guards were unaware of the large amount of cash they were transporting and were only instructed to pick up the money from Ecobank’s NRZ Building branch and deliver it to Harare.

The guards were on October 3 ambushed by six armed men, who subdued them and made off with the cash boxes.

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Safeguard is now hinting that its insurers may not compensate Ecobank for any loss above the undisclosed limit agreed upon by the two companies.

Mallon stressed that customers have a responsibility to work within their contracted limits and communicate clearly with Safeguard if a cash movement is unusual.

The police investigation into the robbery, the largest cash heist in Zimbabwe’s history, is ongoing. Commissioner Paul Nyathi stated that no arrests have been made and dismissed social media reports suggesting otherwise.

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This incident highlights the significant risks associated with cash holding and movement, as emphasized by Safeguard.

The company’s failure to communicate the unusual amount of cash being moved “places the safety of our staff, our security teams, and your cash at considerable risk,” Mallon warned.

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