BELOW IS THE STATEMENT INTERMARKET BANKING CORPORATION WILL NOT BE LIQUIDATED – MUTATI TELLS PARLIAMENT Mr. Speaker, on 1st December 2016, I addressed this August House on the Bank of Zambia’s possession of Intermarket Banking Corporation (IBC) Zambia Limited on 28th November, 2016. The possession of IBC by the Bank of Zambia was pursuant to Section 81 of the Banking and Financial Services Act, Chapter 387 of the Laws of Zambia, which empowers the Central Bank to take possession of a financial service provider which is insolvent, unable to meet its financial obligations, and consequently posing a threat to financial systems stability. Sir, following the possession of IBC, the Bank of Zambia as required by law prepared a Statement of Affairs of the Assets and Liabilities of IBC within 90 days and engaged the shareholders in order to explore modalities for the restoration of the bank’s solvency. I am pleased to inform the House that the Bank of Zambia has accepted the proposal submitted by shareholders as providing a viable basis for a substantive restructuring of the bank which should lead to the resumption of its operations. Consequently, IBC is now taking steps to implement the restructuring plan as approved by the Bank of Zambia. During the restructuring period, the Bank of Zambia will closely monitor the activities of the bank and the public will be informed in due course regarding the timing of the resumption of its operations. In short, Mr. Speaker, the Bank is not going into liquidation but is being restructured so that it meets its obligations and consequently its capitalization requirements to continue its normal operations. Mr. Speaker, I thank you. Felix C. Mutati, MP Minister of Finance Lusaka ZAMBIA
Man kills step son for urinating on his bed, police say
TWENTY-SEVEN-YEAR-OLD of Kasama has allegedly murdered his two-year-old step son after he urinated on his bed.
Police deputy spokesperson Danny Mwale has told Mwebantu in a statement that Kabwe Boma 27 of Malaya village in Mungwi district allegedly murdered Able Mulenga.
Mr Mwale said the incident occurred on April 15 at around 10:00 hours in Mungwi district.
He said initial investigations revealed that the deceased had urinated on his bed and Boma wanted to discipline him.
Mr Mwale said the child suffered suspected internal injuries as kicks are alleged to have been used in the act.
“The body of the deceased has since been deposited in Kasama General Hospital Mortuary awaiting postmortem and burial,” he said.
Mr Mwale said a manhunt for the suspect has been launched.
Meanwhile, Patriotic Front cadre, Charles Kakula has been charged and arrested with the subject offences of Criminal Trespass.
Mr Mwale said Kakula has further been slapped with Threatening Violence contrary to section 90(a) of the Penal Code of the laws of Zambia.
Church politicians must collaborate, says President Edgar Lungu
PRESIDENT Edgar Chagwa Lungu, has continued meeting various church leaders to strengthen relations between Government and the Church and yesterday met the Lusaka Association of Zambian Diocesan Clergy at State House.
President Lungu urged the Church to continue preaching peace and praying for all political players, as the country heads to the general elections on 12th August, 2021.
The President emphasised the need for the Church to preach peace to all political players and that all stakeholders must embrace the teachings of Jesus Christ.
“It is peace that we should share throughout this season. Let us continue collaborating with the Church and the politicians, and let no one put this collaboration asunder, ” the President said.
The President called on the Church to offer constructive criticism to Government and compliment Government where it has done well.
And Association President Father Gabriel Mwanamwalye said one of the mandates Jesus Christ gave to the Clergy is to preach peace.
Father Mwanamwalye encouraged the President and other political leaders to promote peace among political party supporters. He appealed to Zambians to embrace peace in this election year and regard peace as a commodity which should be guarded.
Father Mwanamwalye appealed to eligible voters to participate in the forthcoming elections.
“As priests we will not embrace partisan politics because the people in church support different political parties, ” he stated, adding, “Peace must be preached before, during and after the general elections to avoid bloodshed. We ask all leaders to restrain their cadres as this is time to promote peace and coexistence. Ours is a nation of One Zambia One Nation and we are one regardless of where we come from. “
Also in attendance were Presidential Affairs Minister Hon. Freedom Sikazwe, and
National Guidance and Religious Affairs Minister, Hon. Godfredah Sumaili. Father Mwanamwalye was accompanied by Father Joseph Sakala and Father Bryson
This is according to press statement issued by Issac Chipampe, Special Assistant to the President for Press and Public Relations.