FORMER employees of Investrust Bank Plc [In Liquidation] have dragged the Bank of Zambia to Court over unpaid benefits, as the Central Bank insists all claims will be handled according to law. In an update, BOZ through Assistant Director - Communications Besnat Mwanza said it is following the Banking and Financial Services Act, 2017 and

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FORMER employees of Investrust Bank Plc [In Liquidation] have dragged the Bank of Zambia to Court over unpaid benefits, as the Central Bank insists all claims will be handled according to law.

In an update, BOZ through Assistant Director – Communications Besnat Mwanza said it is following the Banking and Financial Services Act, 2017 and will not prioritize any group of claimants outside the statutory order. “Claims will be settled strictly in accordance with the statutory order of priority prescribed by law,” BOZ stated. The Bank confirmed that legal proceedings instituted by some former staff are still before the Courts and said it will await determination through due process. BOZ also told creditors not to expect immediate payouts, saying distributions depend on funds realized from asset sales and completion of legal processes. It warned against rushed disposal of assets, noting this could reduce money available to pay creditors. Government, BOZ added, intervened mainly to protect small depositors after the bank was found to be insolvent. Advertisement Advertise here Reach readers inside premium article pages.

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