Q FM Africa's Modern Radio
Finance Minister Felix Mutati picture by Albert Mpezeni
Finance Minister Felix Mutati says the plight of the depositors and employees of the repossessed Intermarket Banking Corporation Limited will only be determined once the Bank of Zambia has carried out an in-depth assessment of the bank with regards to the liabilities, assets and deposits.
In a ministerial statement to Parliament on the Bank of Zambia’s possession of the bank, Mr Mutati says the Central bank will after conducting an assessment of the bank determine the next course of action.
He explains that following the possession of the bank, the Bank of Zambia has three months in which to recommend or take appropriate action including engaging the shareholders with the possibility of injection of capital.
Mr Mutati says had the bank of Zambia not taken possession of Intermarket bank the situation would have been grave.
He also disclosed that the shareholder in Intermarket bank is from Georgia.
And Mr Mutati has dismissed speculation that Investrust Bank is also on the verge of being taken over by the Bank of Zambia.
He says all the remaining banks in the country including Investrust Bank are financially sound and stable.