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Sale Of Finance Bank To FNB Set To Be Reversed
The sale of Finance Bank Zambia Limited is poised to be reversed. Highly placed sources have disclosed this to Tumfweko.
The new Patriotic Front (PF) Zambian government under the leadership of President Micheal Sata is set and poised to reverse the sale of Finance Bank Zambia to FirstRand of South Africa.
However, New PF Matero Member of Parliament, Miles Sampa was Saturday Mid-Morning seen and spotted going to Mathani’s house which is above Finance Bank Headquarters purportedly to discuss how the process of re-acquisition will be handled.
During his last rally before the elections, republican President, Michael Sata was clear on the matter.
“Finance Bank had the largest branches in Zambia. Finance Bank doesn’t belong to Rupiah Banda and Caleb Fundanga (Bank of Zambia Governor).”
“Finance Bank was not under liquidation and therefore Rupiah Banda cannot sell it because the buildings of Finance Bank alone are more than K27 billion, ”
Sata said.
The sale of Finance Bank to FirstRand was sealed last week but it is not yet clear if FirstRand has already paid the money.
Tumfweko has not yet established whether the money has already been paid or not, Finance bank now belongs to FirstRand and the reversal of the sale will bring a new wave of controversies to the bank. It remains to be seen on what will be next.
Posted by Editor
on September 25, 2011. Filed under BUSINESS, LATEST NEWS.
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Rockido
September 25, 2011 at 6:12 am
The reversal is necessary and inevitable. Mahtani worked hard all these years to put together the infrastructure. We need investers to come and setup their own structures and not ride on other peoples sweat. I urge the Govt to look at the conduct of Barclays who are using containers for branches. We need permanent structures in place.
Chileshe.H.B
September 25, 2011 at 6:21 am
Wonderful,Ulupato-Ci-Rb
GUEVARA
September 25, 2011 at 7:22 am
I LOVE ZAMBIA. HOW ON EARTH DO YOU DO THAT. SO THAT IF PF REVERSES THE SALE YOU START POINTING ACCUSING FINGERS THAT THEY ARE CHASING INVESTORS,EVEN WHEN YOU KNEW IN THE FIRST PLACE A WRONG WAS BEING COMMITTED. WONT BE SUPRISED TO SEE CALEB MAKING A TURNAROUND ON THIS ISSUE BOMA NI BOMA.BA rb WHATS SO WRONG WITH ZAMBIANS TO OWN BUISNESSES(BANKS) GO TO NIGERIA AND SEE YOU EVEN WELCOME THEM,SA AS THO THEY ARE SUPERHUMANS OVER YOUR OWN PEOPLE(AM NOT BEING RACIST OR…) ALL WE NEED IS GOVT SUPORT EPELA.
meswin
September 25, 2011 at 7:27 am
Give him back the bank he worked hard for it to be where it is now,let’s be fair with mahtani.
pedro
September 25, 2011 at 8:21 am
RB has a history of mismanagement..he mismanaged the loan he got from finance bank and hence he could not pay back the loan.so the bank took over his house in lusaka and he was sent packing to his farm. Hence after he re-surfaced as a president, he set persecution of Martany as his first agenda. This guy thinks so low..
Enock Samakupa
September 25, 2011 at 8:31 am
Let Mathani continue with his good work. If RB was allowed to have shares in Finance Bank he was not going to persecute Mathani. But Mathani’s principles deterred RBs investment in Finance hence the persecution. Though Mathani had shares in that bank more than what was expected of öne to invest in a company, he breached the laws of Zambia. He did not do that for selfish gains but for thousand of Zambians who were employed under that bank. Unlike Rupiah who would have loved to do it for James,Thandiwe and himself. Probe about these transactiöns and find how people were involved in this scandal, you will be surprised. Ask Oddys the one who is building the multi milliòn hotel opposite Arcades. He will tell you more about this issue of Rupiah and Finance bank
Icho
September 25, 2011 at 8:32 am
The bank was very viable and didn’t require selling espcially to south africans.Caleb fundanga shud resign before he’s fired for politicising financial intitutions inorder to pliz rb.Moreover,fnb hve got branches in some towns and the best commercial decision was to help them expand using their own resources.Our bank caleb you must bring back becoz your decision to sell was full of greed,malice & was politically motivated
Ex-zamtel girl
September 25, 2011 at 8:42 am
Reverse sale is the best.former zamtel workers are dying and retired young ones are depresion striken. We beg our dady ba zambian mandela ba Sata to help.
Fortune Nalube
September 25, 2011 at 9:00 am
Like in my comment in The Post news paper yesterday, i can’t wait to see the way forward on this issue.
K27 billion is working capital for a medium business.We all know that this whole thing was about Mathani as a person and not the institution!
James
September 25, 2011 at 9:52 am
Reverse the sale, this is a Zambian bank built by Zambians was managed by Zambians,it is Zambian sweat that did this and it is Zambian wealth, why give it to foreigners??? we are proud of this bank as purely and truly Zambian so give it back to the Zambian owners.
Tumbwe
September 25, 2011 at 12:20 pm
chiluba the late was the major architect coz of his hate for Rajan..!give the man back his dues..
Marinus boy
September 25, 2011 at 12:27 pm
It is time to set things straight once and for all. Give us back Finance Bank, it is ours as is everything that is Zambian and we are willing to work harder as Zambians to make our country a better place for ourselves and our children!!!!!!
enoch
September 25, 2011 at 12:35 pm
The entire sale of fbz was shrouded in controversy,hate,vengence and persecution.with the limited knowledge i have,it was in bad faith for govt(boz) to reposes the bank for an aleged breach of the banking and financial services act by a major shareholder Rajan in this case.Certain punitive measures should have been instituted against the particular individual in breach of the act.unfortunately what we saw in Rb is vengence,he wanted to teach Rajan a lesson for reasons best known to himself.Anway we know that this unprecedented and indefinate repossesion and finally sale of an innocent indigenous’bank which he and his collegues worked hard to build will forever haunt all the individuals involved.
Tiger Man
September 25, 2011 at 12:44 pm
Ex zamtelgirl please dont compare president Sata to mandela they are two totally different people with different personalities and idealogies its not like i have some against our president sata but am trying to call a spade a spade congulatulations to our new elect president sata viva PF
tommy lee jones
September 25, 2011 at 6:16 pm
but let rajan M stop what he used to do to his friends,am happy that the bank will be given back to him.
joseph
September 26, 2011 at 6:45 am
Pf make us proud zambians.in zambia, for zambia and outside zambia. mmd made me to try to change
my nationality.
TINA
September 26, 2011 at 3:54 pm
when you a man advanced in age marries a teenager, he starts behaving like the girl to please her. you will find very little wisdom in such a person. Rb came to have his honey moon with Tandiwe and it is over. thank God for that.
Engines
September 26, 2011 at 4:34 pm
What about the sale of KCM and ZANACO are we going to look at it as well?
change
September 26, 2011 at 5:06 pm
Let the Government direct BOZ to rescind its decision and if for some technical reasons it cannot be done, let it issue new banking licence to Dr. Mahtani to start a new bank and provide full support it to grow to its old glorious days.
Also compensate the shareholders of Finance Bank for what they went through under RB and his minions. Let BOZ be given autonomy to work professionally and in the interest of Zambians and free from political mis-influence.
change
September 26, 2011 at 5:09 pm
Let the Government direct BOZ to rescind its decision and if for some technical reasons it cannot be done, let it issue new banking licence to Dr. Mahtani to start a new bank and provide full support it to grow to its old glorious days.
Also compensate the shareholders of Finance Bank for what they went through under Rupiah and his minions. Let BOZ be given autonomy to work professionally and in the interest of Zambians and free from political mis-influence.
RP Capital, ZNBS, NAPSA and Zamtel shall also be revisited as shall be ZESCO, ZSIC and other parastatals that were conduit of money transfers.
change
September 26, 2011 at 5:09 pm
Moderation!
Let the Government direct BOZ to rescind its decision and if for some technical reasons it cannot be done, let it issue new banking licence to Dr. Mahtani to start a new bank and provide full support it to grow to its old glorious days.
Also compensate the shareholders of Finance Bank for what they went through under Rupiah and his minions. Let BOZ be given autonomy to work professionally and in the interest of Zambians and free from political mis-influence.
RP Capital, ZNBS, NAPSA and Zamtel shall also be revisited as shall be ZESCO, ZSIC and other parastatals that were conduit of money transfers.
lelolelo
September 26, 2011 at 6:01 pm
Give to Caesar what belongs to Caesar.
Finanbce Bank back to Zambian shareholders.
change.
September 26, 2011 at 6:02 pm
Let the Government direct BOZ to rescind its decision and if for some technical reasons it cannot be done, let it issue new banking licence to Dr. Mahtani to start a new bank and provide full support it to grow to its old glorious days.
Also compensate the shareholders of Finance Bank for what they went through under Rupiah and his minions. Let BOZ be given autonomy to work professionally and in the interest of Zambians and free from political mis-influence.
RP Capital, ZNBS, NAPSA and Zamtel shall also be revisited as shall be ZESCO, ZSIC and other parastatals that were conduit of money transfers.
Ray-Ray
September 27, 2011 at 2:30 pm
HOPE THE ZAMBIAN TAXPAYERS WON’T BE MADE TO PAY WHEN FIRST RAND TAKES GRZ TO COURT. LET RB & CALEB PAY.
doc2m
September 27, 2011 at 3:46 pm
Mahthani worked hard to build FBZ, it should be given back. RB, its becoz of such things that you lost, doing things that are clearly wrong just to settle scores, its a shame
Jonathan
September 30, 2011 at 9:33 am
The bank should be give back to righful owners. Its a Zambian back to serve Zambia pipo. There no country in in the world which developed without its own indginous bank.
Jonathan
ict managed services
November 18, 2011 at 2:43 am
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