government has provided K1bn fiscal support to attend to Investrust Bank in possession insolvency
government has provided K1bn fiscal support to attend to Investrust Bank in possession insolvency.
The level of insolvency at Investrust Bank in possession is estimated at K850m.
Bank of Zambia -BoZ- Governor DENNY KALYALYA says Investrust Bank has been possessed because the institution’s assets are not enough to meet its liabilities.
Speaking during a Press Briefing in Lusaka, Dr. KALYALYA said the first payment to depositors at the Investrust Bank in Possession, will be made on April 26, 2024.
Dr. KALYALYA says 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 says modalities of the payments will be advised as soon as possible.
And Dr. KALYALYA said the Bank Of Zambia will in the next 6-weeks present the financial statement of affairs to fully understand the financial status of Investrust.
And Dr. KALYALYA has 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%.
On the status of Investrust employees, Dr. KALYALYA said the workers have been asked to be home for now and will be advised on the way forward once the statement of affairs regarding their institution is prepared.
ZNBC