The Madison Financial Services Group says it is still a viable business.
They have been unverified reports circulating stating that Madison Group recently defaulted on a USD3.5 million guarantee, for which a court Judgement has awarded USD9 million to FNB.
But in a statement released by Corporate Communications Manager Patience Chisanga, the company said it notes with deep concern the publication of false, incorrect and fabricated statements making rounds on some sections of social media about the financial status of Madison Financial Services Plc and its subsidiaries.
“The said falsehoods being circulated by persons with ill intent have gone viral via Whatsapp Messenger and online blogs claiming that Madison is closing down.”
“We would like to state out rightly that these statements which are malicious and meant to harm our group of companies have been peddled for some time by elements who clearly hold ulterior motives for reasons only known to themselves. We wish to state that Madison Financial Services Plc and its subsidiaries are sound going concerns trading normally and will continue to do so,” the statement read.
It said the Madison Group has been growing year on year with revenues on an upward trajectory over the last few years and the trend is expected to continue.
“The Group wishes to assure its clients and stakeholders that despite the challenging economic environment the Group will strive to achieve positive results in 2020 and beyond.”
“We wish to clarify that one of our subsidiaries MGen did issue a financial guarantee to one of its clients in the normal course of insurance business and if the said Guarantee is called upon MGen will perform as the Guarantee is secured.”
It said, “The Madison businesses are in the financial services and therefore are regulated entities and thus operate under the strict supervision of the various regulators. We urge all our customers, policy holders and stakeholders to remain confident in the Group.”
“Madison Financial Services Plc, a proudly Zambian brand remains a market leader competing favourably amongst internationally affiliated peers in the financial and insurance sector. We trust that our customers; business partners and stakeholders will continue to support us as we strive to push forward the economic development agenda of Zambia.”