By Amb. Emmanuel Mwamba
The trouble with this Investrust Bank liquidation by Bank of Zambia is that the good assets (buildings, branches and customers’ accounts) accounts have been taken to the Zambia Industrial Commercial Bank (ZICB) in a Purchase and Assumption (P&A) Agreement while the bad assets, debts and issues such as staff matters will be subjected to liquidation.
Clearly this will delay and jeopardize redundancy or severance benefits and other terminal dues such as leave pay and lieu of notice due to the workers.
And of the 320 Investrust workers, ZICB will only pick a few workers and there has been no competitive process of recruitment announced.
This doesn’t guarantee that banking staff and other workers will be paid and paid on time. A liquidator has a scheduled and payment list and the workers, many times, rank lower.
And the big question remains…why didnt Government allow Investrust Bank to survive especially that the major shareholder ZCCM-IH held over 71.4% of the stake of the Bank, an investment entity with capacity to recapitalise the bank?
Mwamba mutola nkani. A renowed propagandist
Ba Mwamba take your I’ll gotten wealth there. Get an accountant or lawyer to explain to you what happens to employees when their a bank closure instead of acting out of ignorance and expecting people will think you are smart with solutions for everyone
PF would never have paid a coin! UPND cleared all retirees that PF neglected to pay for 10 years. They camped at Ministry of Justice, if not injustice in that era, braving the rains and stormy weather, but they were toast around like a yoyo.
Sometimes it is better not to make people look like they don’t think.
An indegenus Zambian formed a Bank c called Invest Trust, us the Zambian we kill the company and SUPPORT OTHER BANKS THAT ARE NOT ZAMBIAN.
Please my ZAMBIANS let’s learn to support each other.
BoZ is not the employer of Investrust Bank workers. What the workers who have lost jobs will be paid is a matter of bank insolvency law and not a matter for the central bank to decide as it pleases.