- Stay Connected
Socialize
Bank of Zambia Officially Reverses The Sale Of Finance Bank
The Bank of Zambia has officially reversed the $5.4 million sale of Finance Bank to South Africa’s FirstRand on today, returning the bank to its previous shareholders.
The move was expected after newly elected President Michael Sata said this week he would stop the sale of Finance Bank to South Africa’s second-largest lender, in his latest move against the policies of the previous administration.
The central bank seized Finance Bank from its shareholders in 2010 for legal violations, including insider lending. Finance Bank’s chairman has said the seizure was politically motivated.
The Bank of Zambia said in a statement that Finance Bank had been handed back to previous shareholders as of today , and that it would continue normal operations.
Posted by
Pio
October 7, 2011 at 3:28 pm
GOOD JOB AND STOP JELOUSE YOU POLITICIANS….
herbz
October 7, 2011 at 3:33 pm
thats my president.show them strongman
joseph mulenga
October 7, 2011 at 3:45 pm
thank u very much mr president i salute you for the job well done we seen 90dayz at work wat more 365dayz i guess it wil be paradise inside zambia
Gm
October 7, 2011 at 4:39 pm
Yaku insoni kuli chi fundanga, musokotwane nabashikulu ba mone bwezani. U were rily leavng in foolz paradise. Iwe BWEZANI U EVEN FAILD TO RAN YR COMPANY Allen west in KITWE. Yr workers upto now have not been paid dues iwe cibwesani
Innocent Muluwe
October 7, 2011 at 5:39 pm
Thats a great move, Mr President. You are indeed working. Keep the momentum. Your deeds in such a short time goes to demonstrate just how RB was sleeping!
Ex and Present Finance Bank Employees
October 7, 2011 at 8:03 pm
Since Mahtani says the bank is 4 zambians let him show fairness he so dearly spoke about by paying us our pension that he stole in 1994 through his Leasing Finance Bank
Reply
October 8, 2011 at 10:24 am
Thats it mr President!!! To God be the Glory! u working with 10 commandments indeed!!! may God Almighty give u more wisdom!!!
Hungry Lion yamu America
October 9, 2011 at 5:33 pm
I am glad that they are keeping it, but please
Let’s not let Mahtani get away scot-free
He had taken enough advantage of people and he should be reprimanded
What about the case pending about his unlawful business malpractice?
This shouldn’t be left to sleep
The final say
October 11, 2011 at 12:21 pm
But we should still watch Dr. Mathani – his record since KK times has been very bad, all presidents including Levy were dented with corruption from this man ( e.g Carlington Maize Scandal – FTJ, Govt accounts moving to FBZ and Proffessional Insurance – Levy etc). Further, the insider trading issue is really something to investigate after giving him back the bank…
Justice_demanded
October 13, 2011 at 3:36 pm
If Mahtani is doing what is wrong, he should be investigated and prosecuted as per law!No one is above the law.
-By the way does anyone understand why the commission of inquiry did not do it’s investigation before FBZ was returned to the owner?
-I find this unusual!!!!
Jeromy
October 14, 2011 at 5:51 pm
If you look at the logic behind the sale of FBZ, you wouldn’t be so quick at being sentimental or posting negative comments.
peti
October 15, 2011 at 2:53 pm
Its no wonder at all. Nawakwi was the first to predict this would happen. She warned First Rand against purchasing the bank. She predicted very correctly that a new govt was going to be voted into power and it would reverse the sale!!! What a shame…..
Wren
October 16, 2011 at 9:29 am
I’ve a suggestion! Can’t we make RB FAZ president when Kalu retires? Or sorry he’ll soon be jailed with her daughter Thandiwe!