Business / Companies
Zambia's Sata reverses sale of Zambian bank to South Africans
03 Oct 2011 at 07:10hrs |
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LUSAKA - New Zambian President Michael Sata on Monday reversed the $5.4 million sale of the nation's Finance Bank to South Africa's second-biggest lender FirstRand.
"There's no document of sale for Finance Bank and I am directing the Ministry of Finance to take the bank back to its owners immediately," Sata said.
The Zambian central bank said last month FirstRand would pay $5.4 million for the bank, which it seized from its shareholders in 2010 for violating the law through unsound practices, including insider borrowing.
"There's no document of sale for Finance Bank and I am directing the Ministry of Finance to take the bank back to its owners immediately," Sata said.
The Zambian central bank said last month FirstRand would pay $5.4 million for the bank, which it seized from its shareholders in 2010 for violating the law through unsound practices, including insider borrowing.
Source - Reuters
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