Republican President Michael Sata has instructed Finance minister Alexander Chikwanda to with immediate effect return Finance Bank Zambia Limited to the rightful owners.
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.
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.
“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.