The Bank of Zambia (BoZ) has discontinued a case against 547 shareholders of the insolvent Investrust Bank Plc.
The Central Bank had sought leave from the Lusaka High Court to issue originating summons out of time to determine the stockholders’ stock value.
According to a notice of discontinuance, BoZ wholly discontinued the action against ZCCM Investment Holdings Plc and 546 other respondents.
BoZ had initially stated that it took possession of Investrust Bank on April 2, 2024, due to insolvency.
It had invoked its powers under the Banking and Financial Services Act 2017 to commence proceedings for determining the share value.
BoZ had asked for the court’s permission of to serve the originating summons outside Zambia, citing the presence of a shareholder resident in the Federation of St Kitts and Nevis.
