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ACC lie over the purchase of a bank and its assets worth K300 million by a former councillor in Lusaka should trigger a commission of inquiry.


REVELATIONS that ACC lied over the purchase of a bank and its assets worth K300 million by a former councillor in Lusaka should trigger a commission of inquiry into the suspected unprofessionalism by investigative wings bent on appeasing the new regime with lies, Citizens Democratic Party (CDP) president Robert Mwanza has said.

The ACC claimed that it was investigating the alleged sale of a bank and assets.

The Bank of Zambia (BoZ) however said it was not in receipt of information for any acquisition of any commercial bank.

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The central bank said the process for obtaining a banking licence or acquiring an interest in a bank was rigorous and applicants were required to comply with the set criteria before approval for a licence or ownership of an interest was granted. 

BoZ said in response to a press query that it verifies the source of capital as part of compliance with international obligations related to Anti Money Laundering, Counter of Terrorism and Proliferation Financing and Basel Core Principles on effective banking supervision.

“BoZ conducts fit and proper assessments including security vetting through state agencies for all persons proposed to be associated with a bank in various capacities,” it said.

According to Daily Nation investigations, this story arises from a previous story published by a UPND related online blog suggesting that Tasila Lungu had bought the Access Bank building along Cairo Road in Lusaka at US$3.5 million cash.

The report claims that Ms Lungu, the daughter of former President Edgar Lungu also bought US$2.5 million shares previously owned by Captain Austin Chewe in Access Bank which had been pegged at US$1 per share translating into US$2.5 million for the shares.

The transaction they claimed was worth US$6 million.

However investigations have revealed that at the time, Access Bank had signed an agreement to merge with Cavmont Bank.

The transaction provided a complementary transaction that combined Access Bank Zambia’s wholesale and trade finance capabilities with Cavmont Bank’s retail and commercial banking operations.

Access Bank Zambia and Cavmont Bank customers were expected to benefit from greater security offered by one of the most capitalised banks in the country, a more sophisticated product and service offering and a broader geographical network.

Following the legal merger of the two banks, the enlarged entity was to be a majority owned subsidiary of Access Bank Plc.

The transaction was concluded and conducted through normal financial formalities.

And Mr Mwanza said serious repercussions should be mated out on ACC for being unprofessional.

He said investigative wings were deliberately being unprofessional in an effort to impress the current government and to protect jobs.

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