BOZ CLEARS THE MISUNDERSTANDING OF INVESTRUST’S POSSESSION  

 

By Daily News Reporter

Bank of Zambia -BoZ- Governor Denny Kalyalya has said Investrust Bank was on 2^nd of April 2024 possessed because the institution's assets are not enough to meet its liabilities and was due to lose of capital.

Speaking during a Press Briefing in Lusaka, Dr. Denny Kalyalya said the first payment to depositors at the Investrust Bank in Possession, will be made on April 26, 2024.

Government has provided K1bn fiscal support to attend to Investrust Bank in possession.

He stated that the first payment will represent 90% of all deposits from about 57,000 deposit accounts.

He says the maximum payment to be made on each account in the first round will be about K500, 000.

The Central Bank Governor adds that the speed at which payments will be made will depend on how quick depositors share information with the Bank of Zambia to facilitate payments.

He further added that Bank of Zambia will in the next 6-weeks present the financial statement of affairs to fully understand the financial status of Investrust.

And he also revealed that at the time of possession, ZCCM held 71.4% shares in the Bank, while Bank of Nevis International held 24% shareholding and others held 4.5%.