Inter market Bank goes under liquidation

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The Intermarket Banking Corporation Limited has been placed under liquidation. This was announced barely few hours after ZCCM-IH was granted an order to appoint a liquidator for Zambians biggest Mine, Konkola Copper Mine (KCM)

According to the Bank of Zambia Communique addressing Depositors, Creditors, Directors and interested shareholders, the bank has been dissolved following a resolution by its board on May 22.

“In accordance with the Board Resolution passed on 22nd March 2019, The Intermarket Banking Corporation Limited has been placed into compulsory liquidation in accordance with section 127(1) of the Banking and Financial Services Act No. 7 of 2017” read part of the statement.

The statement further states that, a liquidation manager will be appointed by the Bank of Zambia to be in charge of the liquidation process. During the time of liquidation, the business operations of the bank will be restricted to realization of assets and discharging of obligations of the company.

The Bank of Zambia further stated that in accordance with Section 127(2) of the Banking and Financial Services Act, Directors, Shareholders, Depositors and Creditors of Intermarket Banking Corporation Limited have thirty (30) days from the date of notice to file an objection or appeal to the court.

The move might a direct reaction from the liquidation of KCM and the uncertainty surrounding it.

Meanwhile the KCM liquidator, Milingo Lungu has announced that he is in charge of operations and management of the mine until such a time the court intervenes through the interparte hearing with Vedanta Minerals. Lungu was speaking in Chingola at Nchanga Mine with a high powered delegation which included presidential aides, ministers and labour leaders.

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Start: 2019-07-01 End: 2019-07-31