VARIOUS STAKEHOLDERS HAVE EXPRESSED CONCERN OVER THE TAKEOVER OF INVEST TRUST BANK BY THE BANK OF ZAMBIA (BOZ) DUE TO ITS INSOLVENCY.
REACTING TO THIS DEVELOPMENT ADVOCATES FOR NATIONAL DEVELOPMENT AND DEMOCRACY (ANDD) EXECUTIVE DIRECTOR SAMUEL BAND SAYS THE CLOSURE OF THE BANK IS DUE TO THE LACK OF GOVERNMENT’S FAILURE TO MAKE SOUND ECONOMIC POLICIES.
HE ADDS THAT THE CLOSURE OF THE BANK WILL AFFECT INDIVIDUALS IN THE ECONOMIC VALUE CHAIN, STATING THAT PEOPLE WILL LOSE EMPLOYMENT AMIDST THE HIGH UNEMPLOYMENT LEVELS COUPLED WITH THE HIGH COST OF LIVING.
MEANWHILE ECONOMIST TREVOR HAMBAYI SAYS BOZ SHOULD HAVE TAKEN ACTION EARLIER TO SAFEGUARD THE PEOPLE’S INTERESTS, HIGHLIGHTING THAT THEY DELAYED UNTIL THE SITUATION BECAME CRITICAL.
HE ADDS THAT THOUSANDS OF ORDINARY ZAMBIANS HAVE THEIR MONEY LOCKED UP IN INVESTRUST BANK, STATING IT WILL TAKE THEM YEARS TO RECOVER, WHICH WILL DESTROY THEIR BUSINESSES.