The Bank of Zambia has with immediate effect placed Zampost Micro Finance Limited into Compulsory Liquidation.
Central Bank Deputy Governor Operations Francis Chipimo said this is in line with the requirements of section 127 (2) of the Banking and Financial Services act.
Dr Chipimo has advised shareholders, Directors, depositors creditors and any other interested party that they may within 30 days from the date of this notice file an appeal against the liquidation order to the Court stating the grounds for objection in accordance with section 127(30 of the Banking and Financial Services Act.
He said during the liquidation period the activities of the Zampost Micro finance Limited will be restricted to the realization of Assets and discharging of the institution’s obligation.
Dr Chipimo said in a statement that the Bank has since appointed a Liquidation Manager to overseer the activities of the Liquidation process.
He explained that the Bank of Zambia has prepared a statement of Affairs of the Assets and Liabilities within the 90 days stipulated in section 72 of the Banking and Financial Services Act 2017 following the possession of the Zampost Micro finance Limited on 19th July 2019.
Dr Chipimo said the statement of the Affairs has determined that the Zampost Micro finance Limited was indeed insolvent as defined by the Banking and financial Services Act at the time of possession.