Zambia Union of Financial and Allied Workers is satisfied with assurances that Finance Bank employees will retain their jobs after the sale of the company.

The Bank of Zambia has announced a 27 billion Kwacha sale of Finance bank to FirstRand Group of the South Africa.

ZUFIAW President Cephas Mukuka said that a tripartite meeting for the central bank, FNB and ZUFIAW officials agreed on a non-laying off plan for all employees.

Mr Mukuka has further expressed optimism of good results with the sale of Finance Bank as was the case with ZANACO.

And Commenting on jobs, FNB chief executive officer Sarel Van Zyl said as part of the condition, the bank will not cut any jobs, but will instead make job offers for those employees that intend to work for the bank.

He said employees taking  job offers will have to work on new contracts. Mr Van Zyl, however, said the bank will pay off terminal benefits to employees

On Monday Bank of Zambia (BoZ) announced the takeover of the troubled Finance Bank Zambia Limited by First National Bank Limited of South Africa nine months after the central bank took over running of the bank.

[pullquote]Bank of Zambia Governor Caleb Fundanga said that FNB Zambia fended off competition from five local and international banks to assume the running of Zambia’s fifth largest bank at a cost of K27 billion.[/pullquote]

Bank of Zambia Governor Caleb Fundanga said that FNB Zambia fended off competition from five local and international banks to assume the running of Zambia’s fifth largest bank at a cost of K27 billion.

Dr Fundanga said the decision by BoZ to award FNB the running of Finance Bank was within the central bank’s statutory powers under the Banking and Financial Services Act (BFSA).

He said BoZ followed the transfer procedure to the book, and that the renowned international financial institution Deloitte LLP of London was engaged to oversee the transfer process.

“The Bank of Zambia is pleased to announce that in terms of restructuring programme implemented pursuant to section 84B (a) of the BFSA, the Bank of Zambian has agreed to the acquisition by First National Bank Zambia of selected assets and liabilities of Finance Bank Zambia Limited,” he said. Dr Fundanga said the acquisition would bring sound business practices, financial stability and protect the local financial system as well as protect the depositor base of Finance Bank Zambia, which was grossly abused.

He said BoZ was also interested in maintaining employment of bank staff and maintaining the well-distributed bank network coverage. He said Deloitte advised BoZ of the competing interests which saw FNB Zambia, a subsidiary of First Rand Limited of South Africa, beat First Alliance Bank Zambia, Exim Bank of Tanzania, I&M Bank from Kenya and two other South African banks – JM Capital and Quantile Capital.

[pullquote]He said BoZ followed the transfer procedure to the book, and that the renowned international financial institution Deloitte LLP of London was engaged to oversee the transfer process.[/pullquote]

On December 10 last year, BoZ took over the running of Finance Bank Zambia after it was discovered that the commercial bank was breaching several banking rules, including risking of deposits and breaching loan granting limits.

Dr Fundanga said FNB was taking over 96 per cent of what Finance Bank Zambia owned, leaving four per cent of the toxic assets and liabilities which were either in court or in form of bad loans on the Finance Bank books to the central bank. With this acquisition, FNB would take over all 34 Finance Bank Zambia branches, 16 agencies and 61 automated teller machines (ATMs) in all the nine provinces of Zambia.

[pullquote]Dr Fundanga said FNB was taking over 96 per cent of what Finance Bank Zambia owned, leaving four per cent of the toxic assets and liabilities which were either in court or in form of bad loans on the Finance Bank books to the central bank.[/pullquote]

“The restructuring of Finance Bank, implemented as a purchase and assumption transaction, involves FNB Zambia purchasing certain assets and assuming certain liabilities”. Accordingly, FNB Zambia will operate all the 34 branches, 16 agencies and 61 ATMs currently serviced by Finance Bank,” he said.

And  First  National Bank Zambia Limited (FNBZ) is to inject over 100 million rands (about K70 billion) in the operation of Finance Bank Zambia Limited (FBZL) after the acquisition of the bank.

FNB CEO Sarel Van Zyl said there is need for the bank to capitalise the newly acquired bank according to BoZ conditions and regulations.

Mr Van Zyl said investing in infrastructure is substantial since the bank needs to conduct a detailed assessment.

“We could be investing a 100 million rands or more on physical infrastructure, electronic data system and changing the entire image,” he said.

Ballot papers for next week’s general election have arrived in the country from Durban, South Africa were they were being printed by Universal Print Group.

The chartered cargo plane carrying the consignment of ballot papers touched down at Lusaka International Airport at 14 hours.

Stakeholders from the church, the civil society and representatives of various political parties witnessed the arrival of the ballot papers.

Electoral Commission of Zambia Chairperson Justice Irene Mambilima said verification and distribution of the ballot papers will start tomorrow.

Justice Mambilima says the distribution will start with the furthest provinces such as Northern, Luapula, and North western.

Justice Mambilima told Journalists at Lusaka International Airport that all the ballot papers that were printed have arrived in the country.

Justice Mambilima said the printing process was good but noted that the only challenges were the errors recorded on one parliamentary constituency and nine local government ballot papers but that this has since been rectified.

She said the ballots which were corrected are in the consignments of the papers that have arrived in the country.

The ECZ Chairperson has since urged Zambians to ensure that they maintain peace before, during and after the September 20 General elections.

Justice Mambilima also appealed to all Zambians to turn up in large numbers and vote for their preferred candidates next week.

The ECZ chairperson revealed that the commission is more than ready to handle the September 20 elections without difficulties or challenges.

Zambia goes to the polls on Tuesday next week September 20,2011.
[QFM]

Former Vice President Enock Kavindele says there is a vicious propaganda campaign by some sections of the private media to discredit the electoral process.

Mr Kavindele says the campaign carried out by the Post Newspaper and the patriotic Front is aimed at preparing the minds of Zambians to reject the outcome of the polls next week.

He told ZNBC News in a statement that Post Newspaper and PF are achieving this by making wild allegations accusing the MMD of rigging election without providing evidence.

Mr Kavindele has also questioned the authenticity of the opinion poll resulted published in Tuesday’s edition of the Post newspaper because it is inconsistent with other opinion polls which tip President Banda to win this years elections.

He says while the Post Newspaper is free to publish results of their chosen and biased opinion surveys, the newspaper and Patriotic Front should desist from inciting Zambians to violence.

ZNBC

United Stated ambassador to Zambia Mark Storella has urged all young voters in the country to take the tripartite elections seriously.

Ambassador Storella says it is an achievement for the country to have recorded over a million new voters comprising young people.

Ambassador Storella has advised young voters not only to pay close attention to the presidential elections but also the parliamentary and local government elections.

He says it is important to make informed judgment on all their leaders regardless of their level of participation in elections as they would participate in presidential races in future elections.

Ambassador Storella observes that once young electorates make informed decisions on all their candidates, it will also be easy to make them accountable; in case they do not fulfill their campaign promises.
[QFM]

SOME Church leaders have expressed disappointment at Patriotic Front (PF) president Michael Sata and other opposition party leaders who shunned Sunday’s prayer rally in Lusaka which was organised to pray for Zambia’s peace during the election period.

The Independent Churches of Zambia board chairperson David Masupa said it was unfortunate that Mr Sata snubbed the prayer meeting despite it not being organised by the Government.

“On such an occasion which fosters unity, the opposition political parties should make an effort to attend,” Reverend Masupa said.

The PF leader and United Party for National Development (UPND) president Hakainde Hichilema were conspicuously missing from the event organised by the Council of Churches in Zambia, Zambia Episcopal Conference and Evangelical Fellowship in Zambia and was characterised by messages of peace and unity.

Rev Masupa described the prayer service as historical and necessary as it marked peace for the September 20 elections. “It was a historical event especially the releasing of the doves which signalled peace,” he said.

Rev Masupa appealed to Zambians to make a last-minute assessment on whether the socio-economic development that the country was enjoying could continue under some political leaders who did not show interest in making peace with others.

Council of Churches in Zambia secretary general Suzanne Matale said Zambians should cherish the peace that the country was enjoying by conducting themselves above partisan politics.

Rev Matale said it was unfortunate that some political leaders failed to attend the prayer service although she reiterated that the three Church mother bodies that organised the session at the Anglican Cathedral of the Holy Cross achieved their objective.

She said the Church was pleased with the representation from different stakeholders, more so that that all the people in attendance agreed that Zambia would not engage in electoral violence.

“It was unfortunate that some opposition members could not attend the service or at least send a representative because it was a platform for seeking God’s intervention in the electoral violence that has been rearing its ugly head,” Rev Matale said.

Meanwhile, Calvary Church Pentecostal Assemblies of God (Zambia) in Livingstone yesterday conducted prayers for peace and re-committed Zambia to God as the country holds the tripartite elections next week.

Leading the prayer meeting, Copperbelt Province-based cleric Bernard Nwaka prayed for peace to prevail in the country, saying Zambia should move forward after the elections.

Dr Nwaka, who is Living Water Global Ministries International overseer in Kitwe, said this under his sermon titled ‘Let’s not sow seeds of hatred which would affect the future generations’.

“We don’t want bloodshed in this country. If we understand the teachings of the Bible, we shall be less careless in what we say. “Whoever takes over the country as president should take the spirit of reconciliation. We pray that the president to be elected shall only choose men and women of integrity who are qualified and chosen by God,” he said.

Southern Province Permanent Secretary Gladys Kristafor, Livingstone Town Clerk Vivian Chikoti, former Information minister Stan Kristafor, provincial defence and security chiefs as well as some Livingstone residents participated in the prayer meeting.

[Times of Zambia]

THE ELECTORAL Commission of Zambia (ECZ) has said it has received reports of vote buying and warned perpetrators of punishment by the law.

ECZ director of elections Priscilla Isaac said in Lusaka yesterday that the commission had been receiving anonymous messages in form of letters and text messages from members of the public in Lusaka and some districts indicating that there was rampant vote buying.

“There have been no specifics and that is why we are making a general statement. People are not being open so we cannot take the bull by its horn. Members of the public should also report such cases to the police and the ACC (Anti-Corruption Commission),” she said.

Ms Isaac urged members of the public to guard their voters’ cards jealously, saying their vote was sacred.

She also said ballot papers for the September 20 tripartite elections would arrive today aboard a chartered plane scheduled to land at Lusaka International Airport between 11:00 hours and 12:00 hours.

She said all those nominated to witness the arrival and inspection of the ballot papers before they are dispatched to polling stations should be accredited with the ECZ.

Ms Isaac said the ECZ would only allow two representatives from stakeholder groups and political parties to avoid congestion as was the case in 2008.

She said the ballot papers would be kept at a Zamcargo warehouse at the Lusaka International Airport, which the ECZ was renting, and would start being dispatched to the various polling stations by road between Wednesday and Friday, after inspection by district electoral officers.

She said ECZ was installing closed circuit television (CCTV) in and outside the Zamcargo warehouse to ensure maximum security.

Ms Isaac appealed to Zambians to allow the safe passage of ballot papers to their respective polling stations to avoid undue delay of the electoral process.

“I appeal to all people to allow the safe passage of the ballot papers. Our trucks should not be disturbed and there should be no undue delay of the papers,” she said.

She maintained that the end of the campaign period was September 18 at 06:00 hours as had been agreed with stakeholders at a meeting in Livingstone last year, and urged all Zambians to observe the end of the campaign period or be in breach of the law.

Ms Isaac said more than 500 international monitors from about 20 organisations and countries, including the media, had already accredited, among them the Electoral Institute of South Africa, Southern African Development Community parliamentary forum, Botswana, Kenya, the Commonwealth and Common Market for Eastern and Southern Africa.

On alleged corruption involving Universal Print Group, Ms Isaac said any direct allegations of UPG and corruption had been forwarded to the ACC as it was the best wing of Government to investigate the printing company.

On public media failing to observe the electoral code of conduct on coverage, Ms Isaac defended the Times of Zambia and the Zambia Daily Mail saying the two public media had tried to ensure equal coverage of all political parties and stakeholders in the elections under difficult circumstances.

She said Zambia National Broadcasting Corporation had also tried to offer coverage to all stakeholders and political parties.

She urged political parties and other stakeholders to make it easy for the public media to cover them by minimising hostility.

On the special vote, she said the ECZ would not be able to offer a special vote for the media and the police but was looking at developing procedures for 2016.

She however said ECZ officials and the police would be given certificates to vote where they would be deployed.

[Times of Zambia]