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(LUSAKATIMES) Sikota slams people condemning Finance Bank takeover

Sikota slams people condemning Finance Bank takeover
Wednesday, December 22, 2010, 13:2

United Liberal Party (ULP) president Sakwiba Sikota has charged there is lack of patriotism in the manner politicians are reacting on the Bank of Zambia’s decision to take over operations of Finance Bank Zambia Limited (FBZ). Mr. Sikota who is also Livingstone Central Member of Parliament said this to Qfm in an interview in Lusaka today.

He says it is unfortunate that politicians are reacting with emotions on the issue without knowing the facts surrounding the possession in order to gain political mileage.

The ULP leader has further said that people should realize that Finance Bank is an important institution to the country’s development and that the interests of depositors and creditors have to be protected.

Mr. Sikota adds that there is an insatiable desire for political players in the country to rise to power at all costs adding that Zambians should not cause an economic melt down arising from Finance Bank as they will be the ones to lose once the Bank crumbles.

The Bank of Zambia recently took over Finance Bank following the findings from inspections on FBZ between October 2009 and October 2010, where a number of serious breaches of the Banking and Financial Services Act (BFSA) were observed.

BOZ Governor Caleb Fundanga said that the move was taken in order to protect the interests of depositors and other creditors of the bank, and to ensure the stability of the banking sector in Zambia as a whole.

[Qfm]

Labels: CALEB FUNDANGA, FINANCE BANK, SAKWIBA SIKOTA

posted by MrK @ 2:24 PM