Bank of Nevis sues Zambian government over Investrust Bank liquidation
Bank of Nevis International Limited, a 24.8 percent shareholder in Investrust Bank Plc, has filed a lawsuit against the Zambian government, challenging the bank’s compulsory liquidation.
The lawsuit seeks a judicial review and an order compelling the Minister of Finance and National Planning, Situmbeko Musokotwane, to establish an ad hoc tribunal.
This tribunal would allow the shareholder to contest the liquidation decision.
The legal action, represented by Chibesakunda & Co. Advocates, names the Minister of Finance, the Attorney-General, and the Bank of Zambia as respondents
Bank of Nevis or Bank of Mevis, so all along this Bank was run by crooks? Bank of Zambia just take- screw those thieves.
Well said….The issue of this bank was inadequate capaitalisation. Why didnt these appeallants not subscribe more capital into the bank (pump money into the bank)?
Under the Chairmanship Jacob Mwanza Investrust was advised that they were under capaitalised.
Oloso..why did they expose the bank to Zambian Airways? As reported that debt affected the balance sheet of the bank. They (shareholders/board) should have sued to lift the corp veil of the Shareholders of Zambian Airways for the debt.
Today Fred Mmembe is still “sitting pretty” after failing two institutions. The Shareholders were derelict in my opinion in pursuing the debt that was owed to the bank.
Why are you two making comments without understanding the law? Why the BoZ and MoF have failed in their statutory duty to comply with the Act?