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FNB In The Dark Over Reversed Sale Of Finance Bank
South Africa’s FirstRand Bank says it has not received any formal notification that its $5.4 million purchase of Finance Bank Zambia Limited has been reversed.
FirstRand’s chief executive Sizwe Nxasana told Reuters that they will continue to liaise with the Bank of Zambia which was the counterparty responsible for the transaction.
He promised to give a comprehensive statement once they have gotten clarity.
Republican President Michael Sata said there was no document of the sale and directed the treasury to hand the bank, seized by the central bank in 2010, back to its former owners.
Former Finance Bank Chairman Rajan Mahtani who was at State house when the President made the announcement expressed happiness at the move.
A visibly happy Dr. Mahtani expressed gratitude to the President and assured employees of the bank that their jobs were now secure as things will go back to normal.
Dr. Mahtani stated that after the bank was sold by the MMD government, Finance Bank employees worked under uncertainties as they were not sure if they would keep their jobs under the new owners.
He said now that he is taking over the bank, workers will be assured of job security and conducive working conditions.
Posted by
George muma
October 4, 2011 at 10:34 am
GIVE BACK WHAT BELONGS TO CEASER….THE COBRA has fulfied his promise he made in his compaign speeches.Continue skriking,cleaning,and choping the abused govt…GODSPEEDS mr cobra
ZAF MAN
October 4, 2011 at 11:04 am
Thats why we voted for you mr President,Commander-in-Chief of the armed forces.Now sir,fire the defence chiefs coz they are tired and are not following the administration condition of service.ZAF has even stopped promoting.They are just stealing and building.
sandress banda
October 4, 2011 at 12:05 pm
a very gratifying development but we the zambian people agree with the fftuz general secretary that we be furnished with the full report of what transpired at the zambian bank.
i suppose the king cobra will extend the exercise to private companies pantu twachula fwebena zambia mwandi
Enock
October 4, 2011 at 12:06 pm
Just wait and see how Zambia will be cleaned up out of mess. The nation was stinking of corruption every where u go. After mr president finishes scraping the nation,let him give me some of his powers so that i scrap the church where corruption has also infiltrated.
wallace
October 4, 2011 at 3:07 pm
Why appoint a commission to do investigations when hes already decided hes contradicting himself. Anyway give us the report Mr. president
marivine
October 4, 2011 at 4:37 pm
Just give him time to work he knows what he is doing. He too clever a president. i am loving it so much
Kay Hummer
October 4, 2011 at 6:10 pm
It’s good that Sata is cleaning up the system of the mess left by the stinking MMD.
semaj
October 4, 2011 at 7:02 pm
This guy is just settling scores napali nefyo ale cleaner he said 30 days then read out the findings then you can make an informed decision .if its corruption hez fighting why can’t he investigate what conspired prior to BOz decision to put FBZ under first Rand management.we all relationship that’s there between the two.
doc2m
October 4, 2011 at 9:13 pm
clean up the MCS, twachula pafula…..
kamenga D
October 4, 2011 at 9:38 pm
wallace who told u that the president decided before the report? If u re behind wth wat the president is doing u keep quit. Those chaps never bought the bank honestly. If they bought it they reclaim. In think u re MMD WALLACE COZ WE ALL SUPPORTING THE PRESIDENT.
kapula
October 5, 2011 at 9:30 am
am liking what the president is doing,Labour office should also look at private companies.MMD chaps took Zambians for granted.
Patrick Chiwele
October 5, 2011 at 10:24 am
Let those FNB just leave finance bank alone. The President made it very clear.
Black Holes
October 5, 2011 at 11:38 am
BITE HARD BOSS.WE NEED SANITY IN THE COUNTRY.THIS ECONOMY HAS TURNED HONESTY PEOPLE INTO CRIMINALS.CAN WE GET BACK TO THE DAY WHEN HARD WORK WAS REWARDED ON MERITY.CLEAN UP THE TEACHING ENVIROMENT ALSO.LIKEAGE SEEM TO BE THE ORDER OF THE .IT IS DONE IN BROAD DAY LIGHT WITH THE AID OF THE TEACHERS.WE NEED A COMPLETE OVERHAUL.LET US BE PROUD ZAMBIANS, NOT ”PEACE” WITHOUT MORALS.
Sam
October 5, 2011 at 11:54 am
Please lets not just be vuvuzela citizens. Sata has made a terrible mistake which is likely to have negative effects on all of us. Lets do things properly, we should have allowed our legal experts handle this reversal.
BA ZEDI
October 5, 2011 at 1:19 pm
The assets of Finance bank were more than the sale price!!!
Martin
October 5, 2011 at 1:32 pm
Pipo, Raj Mathani worked very hard to make FB what it is. If there was a problem why didn’t they act before the Zambezi Portland and Oddessy saga. The problem there did not call for repossesion. It could have been done the other way. The President is right.