Local FBZ shareholders challenge takeover of their bank
Local FBZ shareholders challenge takeover of their bankBy The Post
Thu 19 May 2011, 04:01 CAT
Zambian shareholders of Finance Bank are seeking to restrain First Rand Merchant Bank which trades locally as First National Bank - Zambia from taking over Finance Bank.
Following Bank of Zambia’s forcibly takeover of Finance Bank last December on account of the shareholders abrogating Banking and Services laws, managers from First Rand National Bank had been running the bank.
The indigenous shareholders of Finance Bank, Finsbury Investments Limited, Clarkwell Limited, Job Albert Samuel and Chewe Puta the administrator of the estate of Pat Bwalya Puta are contesting that BoZ should not sell or enter into agreement over Finance Bank until the matters before the courts of law in Zambia are disposed off.
First Rand Merchant Bank is expected to take-over operations of Finance Bank, in a deal that was expected to be concluded before the next presidential and general elections largely expected this September.
Lawyers for the minority shareholders, Simenza and Sangwa advocates served the service of petition on First Rand Merchant Bank on May 10, 2011 with the help of Carl Ellis Boden of JJS Manton Attorney of Johannesburg.
The affidavit of service is in respect of the petitioners request that the High Court of Ndola grant them an interim relief in the form of an injunction, until after determination of their human rights and that during the period, both BoZ and First Rand Limited whether themselves, their officers, servants or agents from interfering with or dealing with any manner whatsoever with the Petitioners’ share in Finance Bank Zambia Limited.
The petitioners were also seeking the court’s authority to prevent BoZ or BoZ and First Rand Limited whether themselves, their officers, servants or agents from selling Finance Bank Zambia Limited whether as a going concern or its assets.
Labels: BANK OF ZAMBIA, CORRUPTION, FINANCE BANK
posted by MrK @ 1:32 PM
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