BREAKING NEWS : SATA Orders Reverse Of Finance Bank And Given To Owner, Mathani

Republican President Micheal Sata has with immediate effect reversed the sale of finance bank to First National Bank.
The president has since ordered that the bank be given to the rightful owner Dr Rajhani Mathani.
The president explained that Dr Mathani laboured for that bank to be where it is today and that it cant just be brought down like that by ‘chancers’ with hidden agendas.
The central bank under former governor, Dr Caleb Fundanga seized Finance Bank from its shareholders in 2010 for for violating the law through unsound practices, including insider borrowing.
“Upon agreeing appropriate terms, (the Bank of Zambia) accepted the offer by FirstRand,” the central bank said in a statement.
FirstRand will operate all 34 branches and 16 agencies of Finance Bank, while the Bank of Zambi would continue to run its problematic assets, such as those which were currently under litigation, the central bank said.
Finance Bank has the largest rural network among Zambian commercial lenders.
The central bank said it accepted FirstRand’s offer because of its superior profile and track record in managing weak banking institutions.
FirstRand already has operations in seven African countries outside of South Africa, including Zambia.

Posted by Editor on October 3, 2011. Filed under HEADLINES, LATEST NEWS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

48 Responses to BREAKING NEWS : SATA Orders Reverse Of Finance Bank And Given To Owner, Mathani

EChipimo2016

October 3, 2011 at 1:04 pm

Way to go Mr President. When God Blesses, no one can take that away.
Civil Slave

October 3, 2011 at 1:06 pm

thats how it should be.
no time

October 3, 2011 at 1:09 pm

His excellency shall also go deeper into the real reasons for extreme action taken by RB. Culprits shall be made to account for all their sins.
Tumbwe

October 3, 2011 at 1:13 pm

This way sir..i applaud you..I like Dr.Mahtani so much!!
DONCH KUBEBA

October 3, 2011 at 1:24 pm

you are the bestv leader ever. i salute you.
misheck collins

October 3, 2011 at 1:34 pm

Dr Mathani could have opted to take the money else where but he chose Zambia,he is one of the finest Zambian .he made that Bank from two branches to where it is now.Dr Rajan take the bank
its yours
THe Cobra has strike again,bite many more
,
GUEVARA

October 3, 2011 at 1:34 pm

BUT THAT DOES NOT TELL US WHAT WAS REALY WRONG AT FB. DONT YOU THINK THAT THE SAME PROBLEM MAY ARISE AGAIN SAY THE BANK GOING UNDER BCOZ OF INSIDER BORROWING. OTHER THAN MAHTANI WHERE ELSE DOES IT SHOW THAT ZAMBIANS BENEFIT FROM FB.ONLY THAT YES IT WAS SOLD FOR A SONG NO WONDER FR WAS SO QUICK TO JUMP FOR THE CHEAP BUT PROFITABLE BUY
VC

October 3, 2011 at 1:36 pm

I voted for Sata, I have always supported Sata, to say the truth the issue of finance bank has been handled carelessly, Finance bank had alot of issues where the insider borrowing compromised the BFSA regulations. Comeon gentlemen we can do better.
Ble

October 3, 2011 at 1:45 pm

Its not the bank that was going down,its the pipo in the govment brought it down. Thanx to the new prisedent.God bless you sir. We hav so many family members and friends, behind them alot of family members too.Thanx for saving them.

To my fellow Zambians i would to ask you to join me in supporting this move. Our families hav their jods.
Amuna Onzuna

October 3, 2011 at 1:47 pm

Has the 30Days for the Commission Of Enquiry elapsed yet?. Hold your fire Mr Sata, try to act logically lest you are misunderstood!
Cobra at work

October 3, 2011 at 1:54 pm

He said within 30 days. So the report can be finalised even within a day.
KEES

October 3, 2011 at 1:59 pm

Its not afta 30 days, its within 30 days. Way to go my president.
Paulo

October 3, 2011 at 2:06 pm

Dig deeper my friend,it appears you are a bit behind!
Mut@le

October 3, 2011 at 2:13 pm

Within 30 days, meaning frm 1 to 30 nt afta! U pipo wich Makerere dd u atend?
Was Said

October 3, 2011 at 2:16 pm

The issue of FBZ is quite interesting, as much as i despise Mahtani things where not rightly handled for Ruphia he had personal grudges, he borrowed from FBZ failed to pay back and the bank got his house, the actual amount the bank was sold for was about $54 million and not $5.4 million where did the rest of the monies go? Zambians wake up you have been robed in broad day light Sata is merely trying to put things right. The ERB findings will reveal alot hope your hearts can contain the pain you will feel from knowing the truth…we had mafia’s in GRZ…let the games begin.
chikayeba

October 3, 2011 at 2:19 pm

FBZ was a bank that was put under preassure for not supporting the RB Gvt. The issues at the BoZ showed that there were underhand methods in the handling of the take over and the sale. Dr Fundanga should clear the air on this so that we are clear on what his dealings were. BoZ should come out to determine as to how they acted in the manner they did. They might have been right we wnat answers. Mr President the 10 days have been overwhelming for. The acts you have done unprecedented. You have made the right decissions and acted in a right way. We needed that kind of leadership which is selfless and aimed at serving the people.
Mponda

October 3, 2011 at 2:22 pm

Well done Mr President, justice should prevail
a salt with a deadly pepa

October 3, 2011 at 2:44 pm

please those who need English lessons, “within means from day 1-30“ and not on the 30th…try to read and understand…!!hes just within his promise…bravo father Sata..!!
Broom stick

October 3, 2011 at 2:45 pm

Ba Sata ba kateka kale balika.
kamenga D

October 3, 2011 at 2:46 pm

justce has really prevailed on mathani thats his propertie mwebantu. RB lelo lelo
Moscow(OP)

October 3, 2011 at 2:49 pm

Man of action at work.The way to go my man!!
please fight corruption and bring dignity to the people of Zambia.
Jochieng

October 3, 2011 at 2:53 pm

wey tu go mistira prisident. From China
kibz

October 3, 2011 at 2:53 pm

who needs 90 days? 11 days and the ‘man of action’ is showing what he means
by changing the country. i am reliably told that Ubwato has been fitted with a brand new Engine……its now a Speed Boat!!!!
Humpty dumpty

October 3, 2011 at 3:09 pm

@kibz he he he he let it be as fasts as possible we need to come back home
Moscow(OP)

October 3, 2011 at 3:16 pm

UPND with their corrupt chap underfive should watch out.Tribalism won’t work in Zambia in favor of Him.Infact it will bring him down.we HH’s history.let Sata fight corruptin and clean our country.HH would have made Zambia more poorer if he had become a president.Really i made a right choice to vote for PF.We need a strong president who can stand firm when it comes to fighting corruption.
Kitwe

October 3, 2011 at 3:21 pm

In less than 90 days, the cobra has already started putting money in pipo’s pockets. chambishi Mine increased salaries for its workers by 80%, casual workers have been confirmed. Uko! Man of Action, ifintu fileicitikilafye ifine.
Lupiya Buyer (RB)

October 3, 2011 at 3:31 pm

VC, who hundled the transaction carelessly? is it the pipo who sold or reversed? why is insider borrowing only applying at FB? why did they check only FB.. i think u are an opposition card carrier!
Celeb in the Making..

October 3, 2011 at 3:34 pm

Ifintu filechitika Munchende! Zambia yandi,am now pulaudi Zambian.
FELISTUS

October 3, 2011 at 3:39 pm

I LOVE HH AND I SUPPORT HIS DECISION….WITH U O THE WAY
HH

October 3, 2011 at 3:49 pm

HH this is what u suppose to fight, corruption, u chap HH u have destroyed UPND that mazoka worked hard to build, mazoka was not about trabalism, but was loved by all zambians may his soul rest in peace, just a brief history of how this chap has destroy UPND, he has never improved from the time he started managing UPND
2001 26.76% upnd
2001 3.35% PF
2001 26.69% MMD

2006 25.3% upnd
2006 29.4% PF
2006 43.0% MMD

2008 19.70% upnd
2008 38.13% PF
2008 40.09% MMD

2011 18.5% upnd
2011 43 % PF
2011 36.1% MMD
Katiya Toonse

October 3, 2011 at 3:50 pm

Bravo!
I suspect that the same hidden forces behind the closure of Meridian Bank were geared to do the same to Finance Bank.
THE HIDDEN POLICIES FOR CONTINUED EXPLOITATION OF MAN BY MAN THROUGH MANIPULATION AND USE OF BRAINWASHED NATIVE NICKUMPOOPS ARE MEANT TO FRUSTRATE ANY EFFORTS TO HAVE A LOCAL BANK GROW AND FRUCTIFY.
James

October 3, 2011 at 3:51 pm

I appreciate you Mr. President for all the job you are doing, thats a way 2 go. now lay a hand also on the parthetic working conditions of a poor TEACHER in Zambia.
AUGUSTINE

October 3, 2011 at 3:55 pm

THESE ARE WHAT WE WAS EXPECTING TO HAPPEN FROM YOU MR PRESIDENT.JOB WELL DON KEEP IT UP
,MORE BLESSINGS TO YOU MR PRESIDENT.
AUGUSTINE

October 3, 2011 at 3:57 pm

THESE ARE WHAT WE WHERE EXPECTING TO HAPPEN FROM YOU MR PRESIDENT.JOB WELL DON KEEP IT UP
,MORE BLESSINGS TO YOU MR PRESIDENT.
PIKE

October 3, 2011 at 4:42 pm

lelo! lelo !lelo! ngawalilyamo muli sale ya finace bank celu yakwikata. GO MCS
pof.*****

October 3, 2011 at 4:47 pm

U ARE REALLY DOING IT MY PRESIDENT.CUT OFF EVEN THEIR THROATS SO THAT THEY CAN NO LONGER ENJOY ANY DRINK.
kelvin kayewa

October 3, 2011 at 4:58 pm

H.E MR M.C sata you have shown true leadership quality by giving back the bank 2 the rightful owner.how can they sale a bank at K27billion which is about K5,400,000 wich one can use 2 buy a luxuary car.just a remainder the owner of the bank is a zambian who sweated a lot 2 make the bank were it is now and u sale it 2 foreigners at a cheap price becoz of political differences,that was a bad move.let support one another as zambian’s becoz no one is going 2 develop zambia apart from us zambian. gud wrk MR president we ur there 2 support u, god bless.
collinz ngalande

October 3, 2011 at 6:12 pm

BRAVO ANGEL MICHEAL, U ARE SUCH A BLESSING TO THIS COUNTRY..MANY ARE CHOSEN BUT FEW ARE APPROVED BY GOD AND YOU,YOU HAVE GODS APPROVAL R.B. WAS NEVER APPROVED BY ANYONE THATS Y THERE WAS NO APPLAUES CELEBRATIONS E.T.C. WHEN HE STOLE OUR VOTES IN 2008 COBRA BITE THEM ALL UNTIL THEY ARE ALL GONE…FINALLY I WOULD WANT MY PRESIDENT TO BUILD MORE PRISONS FOR THESE MINIOS AND BUNCH OF THIEVES SO THAT THEY REALIZ WHAT IT MEANS TO BE A SERVANT OF THE PEOPLE THAT CHOSE YOU….VIVA COBRA!! VIVA ANGEL MICHEAL.VIVA MY PRESIDENT..VIVA!!! VIVA!!
Chanda

October 3, 2011 at 6:32 pm

HH is a frustrated and tribal chap. Mr president don’t listen to him.
ziman

October 3, 2011 at 7:11 pm

HE M C SATA MAY GOD OF ABRAHAM ISAAC AND JACOB ADD MORE DAYS TO YO LIFE. WHOAOO O BRAVO BA RB TE PA NSONI YABA MWA KA KWA MWA ONA A MUDALA NDIYE MA PRESIDENT ABA NOT ISE BA RB. WHAT OF CEEC & PSs VILLIE LOMBANYA BUY MORE TOILET PAPER MUDALA JAIL IS AROUND THE CORNER. ITS PAY BACK TIME. DID U SEE OUR PRESIDENT STANDING UP IN CHURCH TO SPEAK FOR US THE VOICELESS WHEN FATHER CHILINDA TRIED TO SOLICIT SYMPHATHY 4 CORRUPT RB
LASERBEAM

October 3, 2011 at 7:42 pm

I think UPND lacks credibility they want the president to deliver in 90 days the president is moving making good changes they are saying he is too fast i think they need to slow down
Fridah Kabwe

October 3, 2011 at 9:43 pm

What is the president going to do with the Post office that the MMD sold to Liabia, want our Post office back. and Mr RB and his Son bring the money bac. we are sick and tired of what had happend in our nice country Zambia, no more of selling thiings compaines.

Kabwe Mubemba
CHINGOLAN

October 4, 2011 at 7:13 am

Complainants, Have you ever thought about why everything is costly in Zambia as compared to the other countries in the region.?
uncircumcised William

October 4, 2011 at 8:20 am

Big ups to the president for finishing a 30days job in 3 days, thats wat we need… this way we will save tax payers money from lynching by prolonged commissions of inqiry. wen a case is straight just do the right thing. BOZ officials have given mr sata all the relevant infomation.. WAWA MMD/UPND pact
Natupepe

October 4, 2011 at 8:44 am

Dr R Mathani, be healed in the name of Jesus. The devil stole, destroyed and killed your business, but Jesus came and gave you back what rightfully belonged to you in abundance. All the best Mr President Sata. You have made Zambia proud.
snr citizen

October 4, 2011 at 10:16 am

Was this money paid or not. If paid what will happen to those who paid? If used let those who used the money pay back the owner.
Malilisho

October 4, 2011 at 11:17 am

VC,

I agree with you!Better still why having found that Finance bank was having insider borrowing did Bank of Zambia stop there. We know that other Banks also have insider borrowing like Barclays were Jacob Sikazwe, Chairman has benefited from a lot of loans and his nephews are also heavily indebted beyond their means.

Ba Sata couldn’t you wait for an investigation? This also an oportunity for Government to appoint an independent Banking Ombudsman. This way Central nank can not overstep its boundaries.

Is FNB dereigstered or are they free to operate in Zambia?
BML

October 4, 2011 at 5:06 pm

But ka HH u r a dsgrace. Dont think running affairs of the nation can b compared to running yo ka private business. Go and spend 3 days in Europe and learn what providing checks and balances means. Those, yo imotions wont take u anywhere. balekumwenamofye ama Zambians.Think b4 u oppose. concentrate on rebuilding yo ever sinking party.