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Credit ombud fired over R850 000, faces criminal complaint

Oct 17 2019 11:32

The Credit ombud, Nicky Lala-Mohan, has been fired after the institution found him guilty of "financial misconduct" to the value of more than R850,000.

The chairperson of the Credit Ombud Council, Tefo Raditapole laid criminal charges against Lala-Mohan at the Linden police station on Tuesday. 

Last month, Lala-Mohan was placed under “pre-cautionary suspension” and at a disciplinary hearing, was found guilty of financial misconduct.

He was dismissed on Monday.

Lala-Mohan told Netwerk24 on Thursday that he is currently hospitalised and that the disciplinary hearing took place in his absence. He did not want to comment on the allegations of financial misconduct.

The ombud’s office  has to resolve complaints where consumers and businesses are negatively impacted by credit bureau information or when a consumer has a dispute with a credit provider.

Lala-Mohan, who previously headed the Credit Ombud’s Council, was appointed in November 2015.

                                                                     

                                                    Nicky Lala-Mohan

He held various positions within Standard Bank and he was with the Banking Association SA for 11 years.

Recently, the association decided to refer all credit bureau related complaints involving banks to the Ombudsman for Banking Services from the start of this month. In the past, these queries were adjudicated by the credit ombud.


Compiled by Helena Wasserman

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