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The Bank of Zambia has announced its initial payment of up to K500,000 per account to Investrust Bank PLC in Possession depositors, effective April 26.
The Central Bank added that that depositors with balances of up to K30,000 would have to go to designated branches of Investrust Bank PLC In Possession and listed branches of Zambia National Commercial Bank.
In a notice made available to Zambia Monitor by the BoZ Assistant Director-Communications, Besnat Mwanza, it said that payments to the depositors would run from April 26 to May 10, 2024.
Mwanza further stated that due to logistical arrangements, payments for depositors in Lumwana, Luangwa, and Chililabombwe would commence on April 27, 2024.
“All depositors are advised to have details of the alternative accounts to which the funds may be sent,” she said.
On April 2, the Central Bank took over possession of Investrust Bank PLC due to its insolvency.
In a related development, Bank of Zambia has terminated the interest of all shareholders of Investrust Bank PLC effective April 24,2024.
The announcement was made through the Lusaka Securities Exchange (LuSE) and signed by the Chief Executive Officer, Nicholas Kabaso.
This, he said was pursuant to the provisions of Section 71 (g) of the Banking and Financial Services Act.
“Kindly be informed that following the Notice we issued to you on 2nd April 2024 regarding the halt of trading in the Securities of Investrust Bank Plc (ISIN: ZM0000000235) on all LuSE platforms (Automated Trading System (ATS) and Mobile Applications), we hereby wish to further notify all investors that the LuSE has formally suspended the listing of Investrust Bank Plc with effect from 24th April 2024,” Kabaso said.
He said: “Further, following the Notice issued on 2nd April 2024 that the bank of Zambia had taken possession of Investrust Bank Plc pursuant to Section 64 of the Banking and Financial Services Act No. 7 of 2017, due to insolvency, the Bank of Zambia has terminated the interests of all shareholders in Investrust Bank Plc effective 24th April 2024, pursuant to the provisions of Section 71 (g) of the Banking and Financial Services Act.”
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