COMMENT - Let the MMD explain this. This is not the only insitution that was corruptly 'privatized'. Let's look at the mines.
FBZ's continued profitability exposes MMD's selfish motives - Chikwanda
By Gift Chanda
Mon 17 Sep. 2012, 10:20 CAT
FINANCE Bank's continued profitability exposes the MMD's selfish motives and madness for wanting to sell a bank so profitable for peanuts, says finance minister Alexander Chikwanda.
Finance Bank has paid income tax of K19.8 billion to the treasury, only K7 billion short of the amount the bank was sold for to South Africa's First Rand Bank by former president Rupiah Banda's government.
Meanwhile, audited results for the last three financial years have revealed that Finance Bank is solvent, contrary to the previous government's claims of mismanagement and non-compliance of the banking and financial services Act.
Commenting on the findings in an interview, Chikwanda said the credibility of the government's action to restore Finance Bank Zambia has been redeemed.
Finance Bank was sold for K27 billion to FirstRand's subsidiary, First National Bank Zambia, whose top officers were appointed to run the bank after it was forcibly taken over by the Bank of Zambia last December.
According to the audited accounts by PwC, formerly PricewaterouseCoopers, in 2010, the bank made a net profit of K8.6 billion after recording a loss of K23.6 billion in 2009. In 2011, net profit grew to K35 billion while income tax paid during the year under review was K19.8 billion compared to K7.9 incurred in 2010. The bank's operating expenses stood at K129.8 billion in 2011 compared to K158.7 seen in 2010.
Customer deposits also saw an increment to slightly over K1 billion from K737.8 billion received in 2010. Its total assets stood at K1.3 trillion compared to K1.2 trillion in 2010 while its liabilities were recorded at K1.1 trillion for both years.
"Their profitability just reveals that people had ill-conceived motives," Chikwanda said.
"It had nothing to do with the performance of the bank and that is why we restored the ownership to the previous owners."
He said the motives for the draconian decision by the MMD to sell the bank which had proved so profitable was not in any way noble.
"That kind of performance redeems us and the credibility of our action in restoring the bank because the reasons that were used for the draconian measures by the previous administration cannot be justified when the fact that the bank has made such huge tax contribution more than what they wanted to sell it for," Chikwanda said.
"It was madness and it just shows the ill motives for wanting to sale a bank so profitable for peanuts because the assets of the bank far exceeded the consideration price... the motives for that draconian decision did not seem to have been noble."
He said both the previous government and the Central Bank then acted in ways that were totally unethical and defied morality.
And Chikwanda has congratulated the FBZ management on the performance of the bank.
"The future of the bank is now in the hands of the owners but we wish them well and I congratulate Finance Bank for their splendid performance and effort," said Chikwanda.
Finance Bank was seized by the BoZ last year for allegedly breaching financial laws and was then managed by FirstRand. It has about 1,000 employees and 39 branches. FNB already operates in Zambia and has a presence in six other African countries, excluding South Africa and Zambia.
Labels: ALEXANDER CHIKWANDA, CORRUPTION, FINANCE BANK, MMD, PRIVATISATION
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Rupiah and his fears
By The Post
Fri 16 Mar. 2012, 12:00 CAT
RUPIAH Banda says he feels he is being persecuted by Michael Sata's government. And Rupiah says there is need to give each other respect so that the country moves forward and a way of resolving matters with him must be found before removing his immunity.
There is no one persecuting Rupiah and members of his family. Michael's government has treated Rupiah with a lot more respect than he had treated them when they were in opposition. Rupiah was ruthless and merciless with those who opposed him, those he detested.
But there is no element of revenge on the part of Michael and his government and others who Rupiah mistreated, persecuted. We can with all honesty and sincerity say we are part of the people Rupiah persecuted. Rupiah abused our country's judicial process to fix us, to punish us and destroy us.
And there were judges of our High Court and our Supreme Court who connived with him, who allowed themselves to be used in this attempt to crush us. And the Chief Justice of this Republic, Ernest Sakala, cannot in all honesty deny what we are saying. But there is no bitterness in us, there is no element of hatred or revenge in us. This can also be said about Rajan Mahtani.
Rupiah and his judges connived to finish off this man and his bank. These are also matters that can be proved. Rajan is lucky to be among the living today.
The pursuit of justice must be a fundamental norm of the state. And the rule of law requires equality before the law. If Rupiah and his sons did something wrong, the law, as Michael has correctly pointed out, should take its course.
We have adequate laws that govern the prosecution of a former president. Those laws should be followed if need be. If investigations reveal that Rupiah abused his office to enrich himself, his sons and his friends, he should be prosecuted. Doing this is not setting a culture that will follow every president after he leaves office.
Doing this is setting a culture that does not allow impunity among those elected to govern and administer the affairs of our country. Taken to the extreme, if we were left with only two choices to prosecute every former president for corruption or to allow impunity, a situation where a president steals from his people and goes scot-free, we would not hesitate to choose the former.
The need to respect each other also extends to respect for public property, for the rights and dignity of others. Stealing public resources or abusing public office is disrespect for others, for the rights and dignity of fellow citizens, people one is elected to lead.
Rupiah is suggesting that the government must find ways of resolving matters with him before removing his immunity. What matters? Let him give his suggestions on how these matters he is talking about can be resolved with him.
Let him state what he is offering on this score. But is this the way everybody who has committed a crime or who is suspected of having committed a crime should resolve matters? All of us should be given an opportunity of finding ways of resolving matters with the state before we are prosecuted or sent to prison! We are saying this in the light of the right to equality before the law or equal protection of the law, which every citizen should enjoy.
If Rupiah and his sons are innocent as he claims, let them do what people who feel they are innocent do: subject themselves to investigations and prosecution. When there were claims of Rajan having done something wrong at his bank and threats were being issued for his arrest, Rajan, who was in the United Kingdom attending medical treatment, abandoned that and came back home, against the advice of most of his friends, to face his accusers.
He didn't run away. His prayer was that if he had done something wrong, let him be taken to court so that he can have his day and clear his name. He was more concerned about clearing his name in court and not about the persecution he was indeed subjected to. Equally, when Rupiah was accusing us of having pocketed US$30 million from state institutions, our cry was: arrest and prosecute us if we have stolen anything from anyone.
Rupiah and his friends investigated us and found nothing. But they had no sense of honesty and dignity to tell the Zambian people that they had found nothing and kept on telling lies and insinuating all sorts of things. This is the man who today is talking about the need to give each other respect so that the country can move forward. What respect for others?
Rupiah has made it very clear that he knows where his son Henry is and he talks to him. Rupiah knows that Henry is wanted by the police here. If the Bandas are as innocent as they want to make us believe, why can't they ask Henry to come back and answer police questions? The truth is, in their heart of hearts, Rupiah and his sons know that they are not as innocent as they are claiming. They also know that nobody is persecuting them.
What they simply don't want is to be made accountable for the wrong things they did, for the crimes they committed. We all know that Rupiah has been working toward this impunity line for some time. In collusion with our discredited judiciary, Rupiah freed Chiluba from going to jail for corruption in order to establish a precedent, a culture where no president who steals goes to jail.
This was denounced long before Michael became president. This has nothing to do with Michael being president. And it doesn't matter who is president, the rule of law must always prevail and reign supreme.
It's clear that to Rupiah, what matters is his personal welfare and that of his close associates. He says he shed tears after his defeat in last year's presidential elections because his colleagues would lose jobs and their children would not go to school. But why should electoral defeat be so painful, so bitter and make an old man of Rupiah's age cry? As Joseph Clark observed, "defeat is not bitter unless you swallow it." It seems Rupiah swallowed it and it made him cry.
Jobs for Rupiah and his colleagues was all that mattered to them and not the plight of the 12 or 13 million other Zambians who did not have jobs in his government. Everything was about themselves and for themselves and by themselves. This is not behaviour that can attract respect for a leader or former leader.
If anyone has in his heart a vestige of love for his country, love for his people, love for justice, one cannot say the things Rupiah is saying. To save his job as president of our Republic and those of his colleagues, Rupiah was shameless and ruthless on those who opposed his rule.
He poured endless streams of lies and slander, poured forth in his crude, odious repulsive language all sorts of malice on his opponents, real and perceived. But the people of Zambia saw through him and refused to swallow his lies, insults and malice and voted him out.
To have believed him for a single moment would have sufficed to fill a man of conscience with remorse and shame for the rest of his life. Rupiah did not even attempt to cover up appearances. Rupiah and his men in our judiciary and other agencies of the state did not bother in the least to conceal what they were doing. They thought they had deceived the people with their lies and they ended up deceiving themselves.
They felt themselves lords and masters of the universe, with power over life and death. Of course, in every society there are men of base instinct - the sadists, brutes who guise themselves as human beings when they are nothing but monsters, only more or less restrained by discipline and social habit.
If they are offered a drink from a river of blood, they will not be satisfied until they drink the river dry. At their hands, and at the hands of their accomplices in robes, the best and noblest, the most valiant, the most honest Zambians suffered.
These tyrants, these corrupt elements called them crooks.
If respecting each other means allowing criminals of all hues to abuse our people, then there is a problem because the man who permits any man to trample and mistreat the country in which he was born, his people is not an honourable man, he is not a self-respecting man and one cannot respect others if one does not respect oneself. There must be a certain degree of honour.
And honour dictates that those who commit crimes against the people, those who steal the people's honour be tried for their crimes.
It is understandable that honest men had to suffer in a Republic where the president is a criminal and a thief.
Probably Rupiah knows very well what type of judiciary he has left behind and he knows that he will not receive a fair trial before it.
This is why he and his children are probably so scared of being prosecuted.
Labels: CORRUPTION, ERNEST SAKALA, FINANCE BANK, MICHAEL SATA, RAJAN MAHTANI, RUPIAH BANDA
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My cases were politically motivated, says Mahtani
By Maluba Jere
Tue 17 Jan. 2012, 13:57 CAT
MY court cases were politically motivated, says Finance Bank chairman Dr Rajan Mahtani.
Speaking after the Director of Public Prosecutions entered a nolle prosequi in a matter where Dr Mahatani and another were charged with obtaining credit by false pretences involving K6.5 billion, Dr Mahtani said all his cases had no substance because they were politically motivated.
He said he was grateful that justice had prevailed over offences he was accused of having committed.
Asked whether he expected yesterday's outcome in the matter, Dr Mahtani said, "I expected there was no case and I was looking forward to trial to hear what the prosecutors would say."
"As a born again Christian, I just wish to say to those who were accusing me that I have forgiven them," he said.
"The state has realised that there is no substance in the case hence the discharge."
Dr Mahtani said although he and his co-accused were harassed for two whole years, he had no intention of suing for wrongful prosecution, saying he was leaving that to God.
In this case, Dr Mahtani and David Peter Kamalarajan Kanaganagam pleaded not guilty to a charge of obtaining credit by false pretences involving K6.5 billion.
The duo first appeared before senior resident magistrate David Simusamba where they both denied the charge against them and the court entered plea in that respect.
After sometime, they were discharged through a nolle prosequi but were later that same day re-arrested on the same charge.
They then appeared before magistrate Mwaka Mikalile where they again pleaded not guilty to the charge.
Particulars of the offence alleged that on dates unknown but between February 1, 2008 and February 29, 2008, in Ndola, Mahtani and Kamalarajan jointly and whilst acting together with other persons unknown, in incurring a debt did obtain K6.5 billion from Finance Bank by falsely pretending that the money was working capital for Cladava Mining Limited when in fact not.
When the matter came up for commencement of trial yesterday, magistrate Mikalile was informed by the state that the DPP had entered a nolle prosequi in the matter.
Magistrate Mikalile then discontinued the matter.
Dr Mahtani was represented in the matter by Michael Mundashi and John Sangwa.
Labels: DPP, FINANCE BANK, RAJAN MAHTANI
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No injustice will prevail - Mahtani
By Maluba Jere
Wed 11 Jan. 2012, 13:59 CAT
FINANCE Bank chairman Dr Rajan Mahtani says no injustice will ever work out against him. In an interview at the Lusaka magistrates' court after criminal proceedings against him were discontinued yesterday, Dr Mahtani said he felt somehow relieved in that justice had been done.
He said he had forgiven those that made false allegations against him. Dr Mahtani said that he needed to make sure that his international reputation which he said was at stake was cleaned.
He said vengeance was not his but for God and that he now seriously needed to consider how to get redress.
"There is the rule of law, justice will prevail and above all, we have the Creator who is the main judge," he said. "No injustice will prevail."
President Michael Sata's government recently gave back Finance Bank to Dr Mahtani and other shareholders after the Rupiah Banda's regime forcibly took over and sold it to First Rand National Bank of South Africa.
Lusaka Chief Resident Magistrate Joshua Banda yesterday discharged Dr Mahtani who was charged with two counts of unlawfully acquiring 25 per cent voting shares in Finance Bank Zambia Limited and money laundering activities involving the same bank.
When the matter came up yesterday, the state told the court that the case was scheduled for commencement of trial but that they had an application to discontinue the criminal proceedings against Dr Mahtani.
After the state made their application, magistrate Banda discharged Dr Mahtani.
Dr Mahtani, a 62-year-old businessman, was in the first count charged with the offence of acquiring beneficial interest in voting shares of a bank without prior approval in writing of the Bank of Zambia.
The offence is contrary to section 23 (1) (2) (a) and (6) of the Banking and Financial Services Act number 21 of 1994.
It was alleged that Dr Mahtani, on dates unknown but between January 1, 2003 and December 31, 2009, in Lusaka, without prior approval in writing of the Bank of Zambia acquired beneficial interest in voting shares of Finance Bank Zambia Limited to enable him to control more than 25 per cent of the votes that could be cast on any general resolution at general or special meetings of the bank.
In count two, Dr Mahtani was charged with money laundering contrary to section 7 of the prohibition and prevention of money laundering Act.
Particulars of the offence were that Dr Mahtani on dates unknown but between January 1, 2003 and December 31, 2009 in Lusaka jointly and whilst acting together with other persons unknown engaged direct or indirectly in a business transaction that involved the acquisition or retention of more than 25 per cent shares in Finance Bank Zambia Limited whereby K81, 700, 253, 230 was realised from the said illegal activity.
Labels: FINANCE BANK, RAJAN MAHTANI
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The Price of Graft – To reverse or not to reverse the alleged corrupt sale of Zamtel
TIME PUBLISHED - Friday, December 30, 2011, 1:08 pm
By Nkandu Mwenge
As we edge towards the first 100 days of Michael Sata’s reign as president, I can’t help but notice how rigorously his government is fighting corruption. But in all this there is one impending decision that has many people feeling nervous, the possible reversal of the sale of Zamtel.
Many analysts saw the reversal of the sale of Finance Bank by the Zambian government as a highlight of the political hazards of investing in an African country, particularly after a change of government. Faizal Moolla, a banking analyst at Avior, commenting on the reversal of the sale ofFinance Bank in the South African publication Business Day said, “This is the risk of doing business in Africa and if certain political parties are not happy there is the chance they can reverse a deal.”
The likely reversal of the alleged corrupt sale of Zamtel will, if you believe the analysts, scare off Foreign Private Investors. But not reversing the sale could have far-reaching consequences. According to the Bank of Zambia (BoZ) 2010 report on Foreign Private Investment and Investor perception in Zambia, corruption, bureaucracy, electricity supply efficiency and cost continued to affect foreign private investor decisions. This report shows that there is a correlation between Corruption and Foreign Direct Investment (FDI) and that graft is a tax on the Zambian economy. So reversing the sale of Zamtel will send a strong message to corrupt individuals and organisation, improve investor perception of Zambia and reduce the massive inefficiency that takes place when corruption is rife.
I do understand what Mr. Moolla and many other people are afraid of but as a cold-hearted conservative I was angered by the previous government’s frustratingly lackadaisical fight against corruption. And I feel a short-term fall in Foreign Private Investment is a price Zambians should be willing to pay to get rid of corruption.
Labels: CORRUPTION, FINANCE BANK, MICHAEL SATA, ZAMTEL
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MMD under Rupiah Banda externalised K50bn — Mahtani?
TIME PUBLISHED - Wednesday, December 7, 2011, 9:15 am
FINANCE Bank Zambia (FBZ) Limited chairperson, Rajan Mahtani, has alleged that the former regime under president Rupiah Banda, externalised over K50 billion to the United Kingdom and South Africa at the time the bank was under seizure. Mr Mahtani claimed that a total of K52 billion was externalised through the Bank of Zambia (BoZ) to named UK and South African-based companies.
He made the allegations at a media briefing in Lusaka yesterday, saying the previous regime separately externalised K17 billion to a London-based company and US$7 million (about K35 billion) to South Africa.
Mr Mahtani alleged that the K17 billion was transmitted to a company in London that was contracted to audit the bank shortly after it was repossessed while a named forensics company from South Africa was specifically contracted to investigate Dr Mahtani and was paid an equivalent of K35 billion ($7 million).
The FBZ chairperson said steps had been taken to ensure that the bank recovered the money because the fees were unjustifiably too high.?
Dr Mathani displays stitches from his open heart operation in South Africa recently. This was during a press briefing in Lusaka.
Mr Mahtani said what was even more worrying was that the audit was undertaken after the bank obtained a court order to restrain the company from going ahead.?
Dr Mahtani also said the decision by the previous government to repossess and sell the bank was ill-conceived and was done to punish him because of the long-standing differences the bank had with a former government official before he joined the government.?
He alleged that the official borrowed a substantial amount of money from the bank to purchase a house and never paid back until the board decided to grab a house situated in Lusaka’s Kabulonga area.?
On the audit, Dr Mahtani said there had been no firm which had ever charged K17 billion for such services and wondered why the BoZ did not engage a local international audit firm.
He said as board chairperson, he was not involved in the whole transaction about the Kabulonga house and there was nothing legally wrong with the decision by the FBZ.
Dr Mahtani claimed that the sale of the bank to First National Bank at K27 billion was purely a political decision and that within the few months it operated under its original shareholders, the bank had made K60 billion profit.?
According to Dr Mahtani, FBZ made minor mistakes because the officials were human beings but such did not warrant the closure of a viable business.?
He said FBZ shareholders, Credit Suisse have resolved to fund the 500 million Euro bonds the Government intended to float and hoped to act as an agent to resell the bonds as a way of showing appreciation to the Zambian Government which had reversed the transaction.?
Dr Mahtani also said FBZ planned to commence the process of listing on the Lusaka, London and Johannesburg stock exchanges and that 40 per cent shares would be off-loaded by 2014.
He said he faced hardships to seek medical treatment when he was operated on at Milpark Clinic in South Africa while officials from the Drug-Enforcement Commission (DEC) followed him without good reasons.
Dr Mahtani said the bank was expected to pay K20 billion in taxes by the end of the year while the number of workers would rise to around 1,000 before the end of next year.?
Meanwhile, FBZ has, with immediate effect, increased salaries for its 734 workers by K2 million across the board with the lowest paid getting at least K4.5 million per month.
[Times of Zambia]
Labels: CORRUPTION, FINANCE BANK, MMD, RAJAN MAHTANI
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Sata assures Finance Bank shareholders government support
By Masuzyo Chakwe
Thu 24 Nov. 2011, 13:59 CAT
PRESIDENT Michael Sata says what happened between Finance Bank and former president Rupiah Banda is now history.
During a closed-door meeting on Tuesday at State House with Finance Bank shareholders, representatives from the Central Bank and government officials who included finance minister Alexander Chikwanda, President Sata said the Bank of Zambia had been like a "jumping castle" for a long time.
He assured Credit Suisse, who are shareholders in Finance Bank Zambia Limited, that the government would give them the necessary confidence and support.
"What happened between yourselves and my predecessor is now history. The Bank of Zambia has been like a ‘jumping castle' for a long time. This has to change because the reserve bank must command the confidence of all market players without yielding to political pressure," he said.
This is according to a statement issued by special assistant to the President for press and public relations George Chellah.
President Sata urged the banking sector to expand their investments and services to rural areas.
He said the government would only support banks that invest and service the rural parts of the country as well because Lusaka was not Zambia.
"No doubt, we need service to the people in rural areas. Our people in rural areas equally deserve reliable banking services," said President Sata.
The Rupiah Banda government through the Bank of Zambia took possession of Finance Bank for alleged unsafe banking practices and offered to sell it to FirstRand Bank of South Africa for K27 billion.
But President Sata on October 3, 2011 reversed the sale of Finance Bank and gave it back to Dr Rajani Mahtani and other shareholders.
President Sata said there was no documentation on the sale of Finance Bank to South Africa's FirstRand that bought the institution for only K27 billion in September.
"I have been doing a search on the so-called sale of Finance Bank, there isn't even any document for sale. Therefore, I am instructing Ministry of Finance to take the bank back to the owners of the bank, immediately. The K30 billion which was siphoned from government, Finance Bank, we want a report about that," said President Sata.
Labels: BOZ, FINANCE BANK, GEORGE CHELLAH, MICHAEL SATA
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Justice Minister Summons Dora Siliya to answer allegations on the sale of Zamtel
TIME PUBLISHED - Tuesday, October 25, 2011, 4:23 pm
The Commission of Inquiry tasked to investigate the sale of Zamtel and Finance Bank has asked Former Communications Minister Dora Siliya to avail herself before the commission and answer the allegations leveled against her over the sale of Zamtel.
Mr Zulu, who is also Justice Minister, said that the rule of natural justice demands that Ms Siliya appears before the Commission to give her side of the story on the sale of Zamtel.
This follows allegation by Transparency International Zambia(TIZ) that the sale of Zamtel was illegal and that there was blatant disregard for the law when disposing off the company.
TIZ Executive Director Goodson Lungu alleged that former Communications Minister Dora Siliya usurped the powers of Zambia Development Agency by signing a Memorandum of Understanding for the sale of the telecommunications firm.
Mr Lungu was speaking when he made a presentation before the commission of Inquiry set up to investigate the sale of Zamtel, which started sitting in Lusaka on today.
He said that the former Minister did not get consent from the Zambia Procurement Authority to go ahead with the sale of Zamtel, which was blatant disregard for legal advice on the matter.
Mr Lungu also said that the former Minister over committed herself by agreeing on a five percent sale commission to RP Capital for the evaluation of Zamtel assets.
Meanwhile, the inquiry into the sale of Finance Bank to First National Bank will delay because the matter is in court. The Commission of Inquiry tasked to investigate the sale of Zamtel and Finance Bank, says it cannot investigate the sale of the Bank until the case is disposed off in the courts of law.
Commission Chairperson Sebastian Zulu made the ruling after Finance bank Chairperson Rajan Mahtani and his Lawyer John Sangwa has told the commission that Finance Bank Shareholders have instituted three legal suites against the Bank of Zambia over the transaction.
Mr Zulu has asked Mr Sangwa to avail the commission the details of their legal suite against the Bank of Zambia.
ZNBC
Labels: CORRUPTION, DORA SILIYA, FINANCE BANK, JOHN SANGWA, PRIVATISATION, RP CAPITAL PARTNERS, ZAMTEL
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Sata calls for civil service cleanup
By Roy Habaalu and Bright Mukwasa
Fri 21 Oct. 2011, 15:10 CAT
THE appointment of political party cadres in the public civil service has led to the worsening levels of corruption, a situation which needs urgent cleansing, says President Michael Sata. And President Sata has dissolved the Zambia Wildlife Authority (ZAWA) board with immediate effect.
Swearing in foreign affairs permanent secretary Ambassador Peter Kasanda and Public Service Management Division permanent secretary Dr Roland Msiska at State House yesterday, President Sata said political cadres appointed in the service were more obligated to their sponsoring party than to the public.
"There are so many cadres or MMD cadres who are creating a lot of difficulties for those who have been appointed district commissioners please let me have a report. We want Zambia for Zambians not Zambia for MMD or Zambia for PF. It must be Zambia for Zambians," President Sata said.
"The country would be creating problems by appointing party cadres in public service because their allegiance is to a political party and when that political party was no longer in power their allegiance changes to corruption."
On the new foreign affairs permanent secretary, President Sata urged him to clean up the foreign service.
"I welcome you to foreign affairs and you are not new to foreign affairs but foreign affairs has got a lot of cobwebs you have to help Zambia to remove those cobwebs in foreign affairs," he said.
President Sata said the former foreign affairs ministry complained when he wiped out the entire mission leaving only one person.
"Our duty is to remove cobwebs, Public Service Commission remove the cobwebs because once we remove the cobwebs then people will be attended to. We should not look at the face of the person or ask them what (political) card you carry for us to attend to you. Zambia's are entitled to a service by this government.
Zambians are entitled to serve in any position not only to serve PF because the people who voted some of them don't know how to shout the PF slogan but they need the service and we are not going to provide employment in to all the Zambians who voted but if we provide services to these people then they are going to appreciate. Let's make a change for this government," President Sata said.
And President Sata said government would have to assess the performance of the ZAWA board if it was to be reconstituted.
"There are certain other institutions which have more respect for animals than for human beings. I have today dissolved the Zambia Wildlife Authority (ZAWA) board and I have to look at it to reconstitute it. If you look in our prisons there are more people related to ZAWA (wildlife related offences) than other offences. We cannot run a country like that, God gave us animals for our admiration not animals to turn against us," he said.
On Finance Bank Zambia whose sale was reversed recently, President Sata has said the Ministry of Justice had effectively dealt with the fraudulent sale of the bank.
"And the report is underway on the corrupt sale of Zamtel shortly as soon as we have the report which the Honorable minister has instituted with his colleagues," said President Sata.
Labels: CIVIL SERVANTS, CORRUPTION, FINANCE BANK, MICHAEL SATA, ZAMTEL, ZAWA
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Bank of Zambia officially reverses the sale of Finance Bank
TIME PUBLISHED - Friday, October 7, 2011, 2:57 pm
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.
[Reuters]
Labels: BOZ, FINANCE BANK, FIRST RAND GROUP
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‘Finance Bank sale lacked competition’
Written by Situmbeko Sitwala on Monday, 03 October 2011 18:10
By NANCY MWAPE
THE Consumer Unity and Trust Society (CUTS) says the handling of Finance Bank sale by the Bank of Zambia (BoZ) was not in the interest of competition. CUTS chairman Love Mtesa said the sale of Finance Bank to First National Bank (FNB) raises a number of questions and uncertainty.
By NANCY MWAPE
THE Consumer Unity and Trust Society (CUTS) says the handling of Finance Bank sale by the Bank of Zambia (BoZ) was not in the interest of competition.
CUTS chairman Love Mtesa said the sale of Finance Bank to First National Bank (FNB) raises a number of questions and uncertainty.
“If the several reports in the media on the issue are anything to go by, the general view is that the sale of the bank to FNB was not done in an appropriate manner. And this view is justified as events preceding this sale raise eye-brows,” he said.
Mr Mtesa said this in a statement issued in Lusaka recently.
He also called on Government to strengthen the interface between the Competition and Consumer Protection Commission (CCPC) and BoZ at operational level to curb actions that might affect competition in future.
He said for a vibrant, dynamic and competitive market system to be effective it requires a sound regulatory framework across the board that ensures that the tenets of competition benefit the competitive environment and the consumer welfare vis-à-vis promoting economic growth.
Mr Mtesa said the issue is not about the actual sale of Finance Bank or the amount tendered for the bid, but how the whole process was managed by BoZ.
“As an adage says, it is better to understand the disease than the symptom. The embryonic of this whole saga springs from how BoZ handpicked First Rand to manage the affairs of Finance Bank when it was declared unfit after the allegedly breaching of the Banking and Financial Services Act,” he said.
He said of interest in this development is that FNB in Zambia is a subsidiary and a product of First Rand’s greenfields strategy which is part of the group’s expansion into Africa.
Mr Mtesa said this implied that a competitor’s parent company was granted permission to preside over Finance Bank’s affairs, on the understanding that the parent company, First Rand, would not divulge any classified information to its subsidiary.
“As long as other banks knew that FNB was privy to the affairs of Finance Bank, they would not be willing to buy the bank. It is not clear whether this became the case and BoZ faced difficulties in selling the bank to another bank besides FNB. Whether this was the case or not, the BoZ created this mess by allowing interested parties to manage the affairs of a failing bank,” he said.
He said Finance Bank was already compromised after a competitor had the privilege of gaining access to its classified information.
Mr Mtesa said the proliferation of banks in Zambia, now totalling more than 17 since the economic reforms in the 90s, is expected to guarantee a highly-contestable bidding process, with local firm participation.
He said the K27 billion floated by FNB to acquire some of the shares could have favoured a local bidder as this could have retained and guaranteed a fair participation of local entrepreneurs in the seemingly competitive sector.
“But alas, there was not much interest from local firms as other foreign banks such as the First Alliance Bank, Eximbank of Tanzania, I and M Bank Limited from Kenya, JM Capital and Quantile Capital, both from South Africa who also expressed interest in acquiring Finance Bank,” he said.
Labels: CORRUPTION, CUTS, FINANCE BANK, LOVE MTESA
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God is great, says Mahtani
By Chibaula Silwamba
Tue 04 Oct. 2011, 15:40 CAT
DR Rajan Mahtani says the Rupiah Banda-government grabbed Finance Bank from him and other shareholders in a politically-orchestrated manner out of jealousy, greed and pettiness but God is great that President Michael Sata has given it back.
Reacting to President Sata's reversal of the sale of Finance Bank to South African firm - FirstRand, Dr Mahtani told journalists at State House yesterday that he was grateful to the new President.
"I believe the truth has finally prevailed and I am very glad that
Zambian investment has been restored to Zambians for the benefit of
Zambia. And, at least, it safeguards a thousand employees that were
threatened with losing their jobs. Their jobs are now secure," Dr
Mahtani said. "The focus will be to take the bank to greater levels.
We were very fortunate that we had Credit Suisse as a 40 per cent
shareholder and they have continued to support us; they will come in
with us and I think it Finance Bank will end up being the number one
bank in Zambia."
He said former president Banda's government was unfair to the shareholders.
"It was all politically motivated with intentions to extort something
that didn't belong to them. I think it was just from envy, jealousy
and pettiness and greed on the part of those that were working at it,"
he said.
He explained that institutions such as Zambezi Portland Cement,
Odyssey and others that got loans from Finance Bank did not want to
pay back, hence made a lot of allegations which had now been proven to
be false.
He explained to reporters that he had had open heart surgery.
Dr Mahtani removed the lower part of his trousers and shirt to show
the wounds of where doctors cut the arteries from the leg to put on
the heart when they conducted the surgery on him.
"All the arteries were cut on both legs... For the previous regime to
have said that I had run away when there is this evidence could show
what orchestrated agenda they had, but God is great. It's God
Almighty's intervention," said Dr Mahtani.
The Banda-administration grabbed Finance Bank from Mahtani and other
shareholders and sold it to FirstRand for only K27 billion.
Labels: CORRUPTION, FINANCE BANK, RAJAN MAHTANI, RUPIAH BANDA
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TIZ cautions on Zamtel, FBZ sale investigations
By Ernest Chanda
Tue 04 Oct. 2011, 12:50 CAT
TRANSPARENCY International Zambia (TIZ) has appealed to President Michael Sata to ensure that investigations into the sale of Zamtel and Finance Bank Zambia Limited are handled professionally to avoid the country losing out.
Welcoming President Sata's order to probe the hasty sale of the two institutions by the MMD administration, Zambia chapter president Reuben Lifuka said it was important to avoid vindictiveness in the exercise.
"Transparency International Zambia wishes to welcome the intention of the PF Government to probe the circumstances surrounding the sale of Zamtel and specifically the valuation exercise conducted by RP Capital and the Finance Bank deal.
Generally, we want to believe that President Sata and his administration should satisfy themselves thatb these deals were conducted above board and there is no wrongdoing associated with these transactions at all," Lifuka said on Saturday.
"We would like to urge President Sata, however, to ensure that such probes are conducted in a professional and objective manner and should not be motivated by any malice or vindictiveness. Zambia will miss the benefit of such probes if these are influenced by narrow political interests.
It is our view that such probes should provide firstly, information on any possible wrongdoings and secondly recommendations on how government can avoid the noted shortcomings in the future." He said it would be necessary for the President to acquaint himself with the Justice Dennis Chirwa Tribunal findings and take some of the recommendations into consideration as he decided the way forward.
"Finally, we would like to advise President Sata to reassure investors that such probes were well intended and not meant to harass those that have genuinely invested or are willing to invest in this country," said Lifuka.
"It is an undeniable fact that Zambia still needs foreign investment but this should not limit the government's intention to probe all possible wrongdoings in the manner that some of the transactions such as Zamtel were handled."
After he swore in Vice-President Guy Scott, Cabinet and deputy ministers at State House on Friday, President Sata ordered his justice minister to probe the sale of the two institutions.
He further ordered the Minister of Justice to probe the National Pension Scheme Authority's US $98 million funding of the Zambia National Building Society expansion project.
"I've appointed the Minister of Justice to look into the sale of Finance Bank. We want to see the sale of Finance Bank; was it transparent or was it fraudulent? And you have to look into the sale of Zamtel. The people of Zambia suffered to build Zamtel, so it cannot just be given away like that. So I need that report within 30 days," said President Sata.
The MMD government hastily sold 75 per cent of Zamtel shares after then communications and transport minister Dora Siliya single-sourced RP Capital Partners of Cayman Islands to valuate the company's assets.
And four days before the recent general elections, the MMD government announced the sale of Finance Bank to First National Bank of South Africa at a giveaway price of K27 billion, despite public resentment against the transaction.
Labels: CORRUPTION, DORA SILIYA, FINANCE BANK, NAPSA, RP CAPITAL PARTNERS, RUEBEN LIFUKA, TIZ, ZAMTEL
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Mahtani gets back Finance Bank
TIME PUBLISHED - Monday, October 3, 2011, 3:17 pm
Republican President Michael Sata has instructed Finance minister Alexander Chikwanda to with immediate effect return Finance Bank Zambia Limited to the rightful owners.
Finance bank had been sold to First Rand Bank of South Africa by the previous government for alleged breach of the Banking and Financial services Act
President Sata says after carrying out a research, he has noted that they are no proper documents for the sale of Finance bank.
The president was speaking at State house this morning during the swearing in ceremony of Amos Malupenga as new Information and Broadcasting services permanent secretary.
The Bank of Zambia, last year, seized Finance Bank from its shareholders for violating the law through unsound practices, including insider borrowing.
The Central Bank last month announced the sale of Finance bank to South Africa’s First Rand at a cost of $5.4 million, a move that raised a lot of concerns from various stakeholders.
And former Finance bank chairman Rajan Mahtani says the truth on the sale of the bank has finally prevailed.
Dr. Mahtani says Zambian investment has been restored to Zambians adding that at least a thousand jobs that were at stake have been secured.
Speaking to journalist at State house this morning, Dr. Mahtani said the sale of the bank was politically motivated by the previous MMD government for reasons known to themselves.
[QFM]
Labels: FINANCE BANK, MICHAEL SATA, RAJAN MAHTANI
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Sata orders probe of Zamtel, FBZ sale
By Ernest Chanda and Patson Chilemba
Sat 01 Oct. 2011, 11:30 CAT
PRESIDENT Michael Sata has ordered the Minister of Justice to probe the sale of Zamtel and Finance Bank. And President Sata has with immediate effect dissolved the Energy Regulation Board (ERB). Meanwhile, the President has ordered labour minister Fackson Shamenda to quickly work out a meaningful minimum wage for all workers across the country.
Speaking after he swore in Vice-President Guy Scott, Cabinet and deputy ministers at State House yesterday, President Sata said he needed a report on the sale of the two companies within 30 days.
First Republican president Dr Kenneth Kaunda and senior chief Bright Nalubamba of the Ila people of Namwala district also attended the swearing-in ceremony.
He further ordered the Minister of Justice to probe the National Pension Scheme Authority (NAPSA)'s US $98 million funding of the Zambia National Building Society expansion project.
President Sata also promised to constitute a commission of inquiry into the operations of Zesco Limited.
"I've appointed the Minister of Justice to look into the sale of Finance Bank. We want to see the sale of Finance Bank; was it transparent or was it fraudulent? And you have to look into the sale of Zamtel. The people of Zambia suffered to build Zamtel so it cannot just be given away for nothing. So I need that report within 30 days," President Sata said.
"We also heard corruption in Zesco and I intend to set up a commission of inquiry. What we need to do is do unto others as you would wish them do unto you. And Justice deputy minister Dr Simbyakula you can also probe the US $98 million NAPSA issue."
And President Sata said he dissolved the ERB because of massive corruption in the procurement of fuel.
He has since appointed a six member commission of inquiry to be headed by Lusaka lawyer Wynter Kabimba to probe the operations of the dissolved Board.
"The corruption in ERB; we have been buying fuel which has been purchased without tender. And the Minister of Energy was supposed to look at the benefits of the people of Zambia. We were supposed to have three price reductions of pump fuel," he said.
"Therefore we have resolved to deal with this matter. And the measures we have done is, I have with immediate effect dissolved the Energy Regulation Board. And I have appointed a commission which is going to be headed by Mr Wynter Kabimba. And what we want is to bring transparency," he said.
Meanwhile, President Sata has ordered Shamenda to revise the minimum wage for all workers.
"Are we not ashamed that 20 years, the minimum wage is K400, 000? I want that minimum wage revised immediately," President Sata said as people applauded.
"What country are we where K15 billion remains unpaid gratuity to civil servants? And K8 billion to the Judiciary, and some of this gratuity, which I have to appoint a Commission of Inquiry, they were supposed to pay one person K500 million for being at the NCC National Constitutional Conference; that's how extravagant we were."
And President Sata ordered the Minister of Home Affairs to assist police probe the purchase of vehicles by the MMD during the campaign period.
"Police on their own; what they've done is very commendable. We don't want any revenge, we want what belongs to the people of Zambia to be for the people of Zambia. Those who are in home affairs,let's also assist the police because there was also corruption in Zambia Revenue Authority over the purchase of MMD vehicles," he said.
On mining, President Sata said there would be no more export of minerals without the approval of the Bank of Zambia.
"God in His own wisdom gave us wealth through minerals. Why should we just exploit it and let it like that because of corruption? With immediate effect nothing will be exported out of Zambia unless confirmation certificate has been gotten from the Bank of Zambia," said President Sata.
"The kwacha has become weak, and the kwacha can only become strong if it is protected by putting in new measures. I would like to believe that our new measures will protect the kwacha."
Earlier before swearing in the new cabinet, President Sata ordered newly-appointed defence deputy minister Colonel Panji Kaunda to go and dress formally.
Col Panji was dressed in a golf shirt and a pair of shorts before the President ordered him to go and change.
Later Col Panjii came back dressed in a striped grey suit.
Labels: FINANCE BANK, MICHAEL SATA, ZAMTEL
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Sata orders enquiries into Zamtel & Finance Bank
TIME PUBLISHED - Friday, September 30, 2011, 2:08 pm
President Michael Sata has ordered investigations into the sale of Finance Bank and Zamtel. And President Sata has directed Justice Minister Sebastian Zulu to determine how the sale of the two institutions was conducted.
President Sata says the Justice Minister should produce a report of the findings within 30 days. Mr. Sata says a lot of Zambians have suffered as a result of the sale of the two institutions.
He says Zamtel and Finance Bank were very important institutions in Zambia to be sold within a very short period of time.
President Sata was speaking at State House Friday morning when he swore in his new Cabinet.
The Swearing in ceremony was attended by First Republican President Kenneth Kaunda and the traditional leader of the Ila speaking people Bright Nalubamba.
{ZNBC}
Labels: FINANCE BANK, MICHAEL SATA, ZAMTEL
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Zambians want the sale of Zamtel and Finance bank to reversed-Bishop Mambo
TIME PUBLISHED - Thursday, September 29, 2011, 8:14 am
Bishop John Mambo says Zambians expect the Patriotic Front Government to correct the wrongs of the previous MMD regime. Bishop Mambo has cited the sale of Zamtel and Finance Bank as some of the ills that the previous government made.
Bishop Mambo says Zambians want the sale of Zamtel and Finance bank to reversed. He adds that it is high time sanity was restored in the sale of institutions that are a backbone of the country%u2019s economy.
Bishop Mambo explains to QFM Radio that the current government should also ensure that the corruption levels are brought down.
He says since the majority Zambians spoke through the ballot box, republican President Michael Sata should ensure that he addresses the challenges facing most Zambians.
Bishop Mambo has since wished Mr. Sata the best health and God’s guidance in his presidency.
QFM
Labels: BISHOP MAMBO, FINANCE BANK, JOHN MAMBO, ZAMTEL
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Bank of Zambia Governor Caleb Fundanga fired
TIME PUBLISHED - Thursday, September 29, 2011, 8:06 am
Bank of Zambia governor Caleb Fundanga has been fired from his position with immediate effect. Sources have told QFM that the bank governor, who was at the helm of the sale of the questioned procedure of finance bank, was fired earlier this week.
Dr. Fundanga was bidding fairwell to his management and staff at the boz headquaters in lusaka yesterday. Dr Caleb Mailoni Fundanga has served as Governor of the Bank of Zambia since March of 2002.
He was appointed Governor, after serving as Senior Advisor to the President of the African Development Bank in Abidjan, Cote D’voire from 1998.
Dr. Fundanga further served as an Executive Director at the African Development Bank.
Dr. Fundanga also served as Permanent Secretary in the Ministry of Finance for six years at Cabinet Office before finally winding up in the Office of the President as Permanent Secretary in charge of the National Commission for Development Planning.
Dr. Fundanga’s firing is seen as some of the major changes the new patriotic front government is undertaking.
QFM
Labels: CALEB FUNDANGA, FINANCE BANK, RBZ
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We'll stamp out corruption - Sata
By George Chellah and Bright Mukwasa in Lusaka
Sat 17 Sep. 2011, 13:55 CAT
PF is ready to change Zambia for good, says Michael Sata. Addressing a mammoth rally in Mandevu, Sata said the MMD had failed to govern. "MMD tell us what you have done, don't talk about Michael Sata. What we are seeing in Zambia today without Kenneth Kaunda there will be nothing. Rupiah Banda was my MP when I was a councillor in Bauleni," Sata said.
"Rupiah Banda came to take over when I left as Lusaka district governor. I was MP for Kabwata, Rupiah Banda was MP for Munali. So you can ask people of Kabwata and Munali what Rupiah Banda did in Munali and what I did in Kabwata."
He urged the people to liberate themselves by voting for PF next week.
"MMD has ruled us for 20 years. MMD has failed; they brought multi-partism but let us change so that we can tell them that we are ready to change Zambia and change it for good," Sata said.
"If you want to know the number of thieves, give us the vote, we shall show you the thieves. We are going to stamp out corruption and the money which is in Rupiah Banda's pocket will come into your pockets."
Sata also criticised the sale of Finance Bank to FNB.
"Finance Bank had the largest branches in Zambia. Finance Bank doesn't belong to Rupiah Banda and Caleb Fundanga Bank of Zambia Governor," Sata said.
"Finance Bank was not under liquidation and therefore Rupiah Banda cannot sell it because the buildings of Finance Bank alone are more than K27 billion."
He said already FNB, the new owner of the Bank has told workers of Finance Bank to resign and reapply for jobs.
He said President Banda started troubles with Finance Bank because the bank lent him money which he failed to pay.
And Sata complained about the double-standards being shown by the Electoral Commission of Zambia.
"My dear young sister Priscilla Isaac ECZ director must realise that she is not the first person to be at ECZ. We had Mr Dan Kalale, where is he? My dear judge justice Irene Mambilima, how can she say we stop campaigning on Sunday and she allows Rupiah Banda on Monday to go and open a stadium?" Sata asked.
"Where I come from they say ukutangila tekufika. Today we are unemployed, today we are suffering… in Nyanja they say chabwela pa muzako chapita, mawa chili pali iwe."
He also cautioned Zesco Limited against being partisan.
"All the radio stations which are supposed to listen to us, they have shut power by Rupiah Banda but on 19th go and sleep outside the polling stations," Sata said. "I want to tell Zesco to be very careful. They are punishing the people of Zambia when they switch off power."
He urged the crowd to be alert and ignore the propaganda from the state media.
"On 19th they will start broadcasting that Mr Sata is dead. I would like to ask Mr Phiri from Times of Zambia, Mr Milimo from Zambia Daily Mail and Mr Mupeso from ZNBC to start counting down," he said.
He advised the crowd to receive all the gifts the MMD was distributing but vote for PF.
"Rupiah Banda is spending lots of money to the people of Zambia but you should just get that money, Don't kubeba," he said.
He said President Banda was a scared person because he did not take over MMD in a proper channel.
"Some few months ago, the same house in Makeni where the MMD was hiding the vehicles and bicycles that's where they are hiding fake ballot papers," he said.
He said the MMD was going round cheating soldiers that when he becomes president, soldiers would be sweeping the streets.
"Today, in the defence and security forces the commanders are those on contract. When PF is in governmen,t we have to reverse that because when you have people on contract you demoralise those who are not on contract," said Sata.
And PF secretary general Wynter Kabimba said the day was coming when President Banda would leave State House.
"For Rupiah Banda to get out of State House, it is going to depend on your vote. For Rupiah Banda to get out of State House, you must go out and vote for Michael Sata. Make sure you vote PF councillors, members of parliament and Michael Sata," Kabimba said.
"You young men and women, you are unemployed today because of Rupiah Banda's government. You have
Labels: CORRUPTION, FINANCE BANK, MICHAEL SATA, WYNTER KABIMBA
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Sale of FBZ saddens Mahtani
By Amos Malupenga
Fri 16 Sep. 2011, 13:55 CAT
DR Rajan Mahtani yesterday said he is saddened to read about the government's sale of Finance Bank, the bank he struggled to build for over 20 years with other stakeholders.
And Finance Bank Zambia (FBZ) employees have expressed displeasure at the bank's new owner, South Africa's First National Bank (FNB), decision to force them to resign and re-apply for jobs without getting their redundancy packages for the many years they worked.
In an interview from Johannesburg where he has been recuperating after undergoing open-heart surgery over a month ago, Dr Mahtani, a former Finance Bank executive chairman, said he had decided to return home against the doctors' advice because he wants to continue his legal battles and prove his innocence. He said no matter how long it would take, the truth about Finance Bank will eventually come out.
"Contrary to the advice of the physicians and specialists who insist on my recuperating for eight weeks after surgery in Johannesburg, I have decided to return to Zambia and recuperate at home instead (in the fervent prayer that there would be no complications)," Dr Mahtani said.
"This will give me the opportunity of continuing the legal battles to prove my innocence to the many allegations made against me and to regain my integrity and dignity. I believe in the rule of law in Zambia and the judiciary's ability to maintain the highest ethics in the legal profession.
"I am indeed saddened to read about the sale of Finance Bank Zambia Limited which took twenty three years to establish through the hard work and dedication of all stakeholders and the employees who built a Zambian institution of pride and to whom I salute with gratitude. These matters are in court and since that makes it subjudice, I will refrain from expressing my sentiments except to assure my colleagues that ‘truth and justice will finally prevail' and that is a Biblical principle."
Dr Mahtani said he was grateful for the mercy and grace of Jesus Christ, the government of Zambia, the churches, the staff at Care for Business in Lusaka and the University Teaching Hospital, all friends and family for the support, prayers, and kindness during his ordeal of a major cardiac open heart surgery.
The surgery consisted of a quintuple coronary artery by pass grafting following his heart attack in Zambia.
"It is sad that this medical condition could have been avoided had I been allowed to seek medical reviews on a regular basis," Dr Mahtani, who was expected in Lusaka last evening, said. And over 1,000 FBZ employees are affected without government's intervention forthcoming.
According to sources at the bank, FNB officials addressed the workers on Wednesday where they told the workers to resign.
"FNB announced during a meeting at Mulungushi International Conference in Lusaka that the only way they could accept to employ us under FNB was if we could write letters to resign our positions under Finance Bank," the source said.
"But workers feel aggrieved because most of them had no plans of resigning, perhaps throughout their work career. It's very unfair for First National Bank to run away from its obligations of paying us our benefits. This situation was not caused by the workers, so there is no way we can lose our benefits which we have worked for, for as long as Finance Bank has been in existence. Some of us have worked for up to 20 years."
The sources said the government had not disclosed the details of the sale of FBZ to FNB and how it would affect the workers.
The sources said the government had not even met the workers to address their problems, particularly the resignation and reapplication process.
"According to a bit of knowledge we have is that labour laws in Zambia do not allow someone to move from one employment to another, like it is happening with FBZ and FNB, without the involvement of the union and the labour commissioner," the sources said.
"Workers don't even know their future under this circumstance. We need to understand the nature of transaction and how it affects us. FNB asked the workers to resign and accept new employment. But the workers are asking, ‘what about the years we have worked? Where are our benefits?' Let FNB declare us redundant or put us on early retirement and then pay us our money after which we decide whether to take up the job offers they are giving us or not."
The sources said FNB was only ready to pay leave days to workers, which was unfair to the employees.
"They are asking us to resign from an organisation that had conditions of services and that we should join an organisation without a signed collective agreement…no signed conditions of services, it's like verbal agreement."
The sources explained that throughout the period, December 2010 to date, workers had not been given a salary increment because the Bank of Zambia (BoZ) refused to do so under the pretext that the FBZ was under repossession.
BoZ this week announced the sale of FBZ to FNB for about K27 billion.
Labels: FINANCE BANK, FIRST RAND GROUP, RAJAN MAHTANI
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