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Over 550 former staff of Meridian Banque Internationale pour Afrique Occidentale Bank Zambia Limited (MBBZL) are calling for the intervention of the Minister of Finance, Situmbeko Musokotwane, to direct the Bank of Zambia (BOZ) to settle all their terminal benefits.
Patrick Mwale, the Chairperson of ex-staff of Meridien Bank BIAO told Zambia Monitor that apart from the terminal benefits, the Central Bank must be compelled to pay gratuities, pension benefits and other outgoings by July 31, 2023.
The ex-Meridian Bank BIAO Staff through Mwale are also demanding that the Pensions and Insurance Authority (PIA) directs Madison Life to submit a list of all MBBZ-IL ex-staff pension and insurance claimants and settle their pension and insurance claims immediately, as these funds are still in the books of Madison Life since 20 May 1995.
He explained that Meridien BIAO Bank was a result of a merger between Meridien Bank and Banque Internationale pour Afrique Occidentale – BIAO), a network of 11 banks in West Africa bought by late Andrew Sardanis.
Mwale added that Mr. Sardanis was the founder of the ITM group which was associated with Meridien BIAO Bank, the greatest pan African Bank group at the time.
“Meridien BIAO Bank Zambia Limited – (MBBZL) collapsed and was taken over by the Bank of Zambia (BOZ) and immediately placed under LIQUIDATION on 19 May, 1995,” he said.
Mwale is saddened that the liquidation of MBBZL has been going on for 28 Years, which is over one quarter of a century and that this was probably the longest liquidation process for any corporate body in Zambia, if not on the entire African continent.
He said as part of the liquidation process, the BOZ issued a Press Statement announcing the payment of claims to various creditors of MBBZ-IL.
“The statement from the BOZ did not state whether ex-staff of MBZL, numbering well over 550, living and others under Estate administration, were included in the creditors to receive their outstanding payments and claims through Zanaco,” Mwale said.
He said although the group remains thankful to government and the BOZ for its committment to paying out all creditors by by September 2023, it remains extremely and gravely disappointed that government had permitted the liquidation of the Bank to take as long as 28 years to conclude.
Mwale said the time value of money and its associated benefits then, now and in the future that were to accrue to ex-MBBZ Staff can only be yearned for with ‘teary’ eyes of living staff, departed staff, their children and as a matter of fact their children’s children.
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“These monies have since been yielding exponential returns for the shareholders of the pension fund. We demand that BOZ and the Liquidator make a public disclosure on the liquidation process, since the BOZ, which took over the bank is a public body. We demand that the liquidator’s reports to BOZ be copied to the Ex MBBZ-IL Committee so as to track movement of funds from the disposal of former bank assets and other collections,” he said.
Mwale is also demanding that BOZ publishes and submits to the ex-MBBZ-IL staff committee a list of names of staff and their revalued dues and accrued interest for reconciliation and record purposes.
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