Did a leak force Absa CEO’s exit? Forensic probe uncovers major breach

One of South Africa’s biggest financial institutions, Absa Group, finds itself at the centre of a growing controversy involving a major internal leak, a forensic investigation, and the sudden departure of its former CEO, Arrie Rautenbach.

An independent forensic report by the highly regarded ENS Forensics, a division of ENSafrica, has revealed prima facie evidence of serious misconduct by certain Absa employees, who are alleged to have leaked highly confidential information linked to Rautenbach. This development has led many to question whether the leak contributed directly to the CEO’s early exit.

A Quiet Exit with No Clear Explanation

In August 2024, Rautenbach unexpectedly announced his early retirement, effective April 2025, cutting short his term by over two years. At the time, the announcement came amid criticism of his leadership, particularly around controversial decisions perceived to undermine racial transformation and leadership diversity within the bank. This included the replacement of several senior black executives, sparking concern both internally and externally.

Despite speculation, Absa remained tight-lipped when recently asked if Rautenbach’s departure was linked to the internal leak, stating only that the issue falls within a “legally privileged investigation” and that no further comment would be made.

Serious Allegations and Forensic Evidence

According to Reuters and News24, Absa commissioned the ENS Forensics unit to conduct a thorough investigation into internal misconduct. The investigation confirmed that sensitive information was improperly shared and that several employees were implicated. As part of the standard internal process, those involved have agreed to take a leave of absence while proceedings unfold.

Daniel Munslow, Absa’s Managing Executive of Group Communications, confirmed that the findings of the ENS probe have resulted in disciplinary processes being initiated. However, no employees have been dismissed as yet.

“These matters now proceed through formal internal disciplinary channels,” said Absa in a statement. “We are bound by our commitment to strict confidentiality to ensure procedural fairness for all parties involved and to safeguard the privacy rights of our employees.”

A Culture of Confidentiality Under Scrutiny

The bank has reiterated its intention to follow due process, with all hearings chaired by an independent senior counsel. The potential breach of internal confidentiality protocols raises wider questions about governance, whistle-blower protection, and corporate ethics within South African banking.

While Absa has been reluctant to confirm any direct link between the leak and Rautenbach’s exit, the timing and content of the forensic findings have only fuelled speculation.