Operations at Atlas Mara Head Office in Lusaka have been paralyzed after bailiffs seized office furniture forcing workers to be sent home.
A check at the bank this morning found that workers were forced to surrender their office laptops and were asked to go home.
It was found that the action on the Bank was instigated by one of the Bank’s main creditors.
A white man was seen in the building attempting to confiscate equipment in the Control Room.
The unnamed creditor who was instructing a large team of men from the Bailiffs Office to carry out the operation was heard shouting that he is owed a US$ 1 million since 1996.
“For 23 years I have been waiting for this payment. I will not listen to the Lawyers, you will now listen to the Bailiffs because I cannot be waiting for a single payment since 1996,” the creditor shouted.
Bank officials led by Director of Marketing Kenny Ngondo attempted to convince the white man to at least spare the equipment in the Control Room as that is the heart of the bank’s operations.
Attempts to interview Mr Ngondo failed as he flatly refused to speak to Journalists.
And some Bank employees who spoke on condition of anonymity expressed concern over Atlas Mara’s high level of indebtedness.
“It is clear the Bank was not told the truth about the levels of liability before taking over Finance Bank. All these issues coming up are from Finance Bank days. Imagine, the Bank has 193 court cases from former employees and all of them will likely win the cases and demand to be paid,” one of the workers said.
By broadcast time, workers were still stranded in the car park as the Bailiffs went about their operations.
In 2016, AtlasMara which then owned African Banking Corporation Zambia Limited (BancABC Zambia) completed its acquisition of Finance Bank Zambia Limited, merging the two banks.
SAD
The truck it, belongs to GRZ, look at the VLN. Maybe it’s Bowman Lusambo who sent the Bailiffs??
** We have said time after time, anyone who deals with Rajan Mathani ends up being burnt with fire. The man is a crook/dishonest even when he is in his deep sleep.
** Unless otherwise, it is obviously Mathani did not disclose all the { Toxic Assets } to Atlas Mara which has resulted into this embarrassing situation. This is not putting the reputation of the Asian Business Community in a dire grounds, especially looking at what has happened with KCM Mining and its owners.
This will be interesting to watch as the truth unveils !!!!
And how does a truck owned by Government Republic of Zambia with a Number Plate GRZ 410 FC come into this saga. Something is not right here.
It’s Moyo and his cousin Milingo Lungu.
PF subotage at its best. They closed The Post Newspapers, Martha Mushipe, KCM, NDC and now going after Banks cash.
Trouble trouble
We demand explaination, why on GRZ truck. Is that truck from state house?
Kambwili should help us understand what is connections with PF government here, state capture?
I have noticed some misunderstanding … To be clear the BAILIFFS is a government institution and operates under the judiciary system so there is nothing dubious about that truck … Be clear
Take it easy guys. That truck belongs to Judiciary and has been used by the Sherrif’s office for over three years now. Chill.
Thanks
PF has killed the private sector. Businesses are dying quietly. The only way to survive is to become a cadre.
@Shameless @DC 10 – 30. How come other bailiffs don’t use it, like say the bailiffs who raided Stanbic Bank?
Bailiffs, when are Zambia’s creditors going to bring their bailiffs?
Atlas Mara should ask Bowman Lusambo to help them settle the $1 million that they owe the white guy.
Kambwili knows all secrets and deals that even DEC and ACC want
To know from him.He knows all top
Secrets before they come out.
its all james koni fault
Bailiffs are a state institution
It’s d0g eat d0g pa Zed! So depressing! And how the GRZ truck comes into the picture is mind boggling!
Ignorance at its best, bailiffs are from the Sheriffs of Zambia under the judiciary. Why is Atlas Mara crying foul over the creditors. They should have done a thorough due diligence which I believe they did and the sale agreement stated that they were acquiring both assets and liabilities of Finance Bank. Mind you there is another pending case in the supreme court for staff pension, which sadly Finance appealed against after it lost the matter in the High Court. I hope Atlas Mara has made serious provisions to pay off such creditors, it must brace itself for more embarrassing moments like this one.
Proper due diligence was not carried out before the acquisition of the bank. I hear Mathani left with most the property asset portfolio too.
This is a very sad development though.
Can a bank fail to pay $1million dollars debt for 23 years something is not adding up here
They refused to pay lungu a bribe. These are the consequences
The degree of ignorance shown about the bailiffs’ vehicle is beyond belief. The personel are part of the court system and are, therefore, civil servants. Please, don’t be too quick to judge.
Comment: Good development.. had a loan Wth them and it ended this March.. only to come back claiming that I still owe them 13000 ..let them feel Wat we are feeling… some of these banks tefintu
The Mwanawasa Saga…..a film coming out soon. OR maybe retitle it to ….Two dirty guys; Diamond and Mathani, Filthy Lucre……….
The house of cards is beginning to tumble down around ‘smoke and mirrors,’ Mathani and his deeds. First KCM, the Mwanawasa farm and now this. Now we get why Bob Diamond, got up and headed to Africa, ……..the continent of ‘dark deeds.’. He’s not doing great right now…!
Or is this payback for a high profile move to repossess the Mwanawasa farm? STAY TUNED FOLKS.
I remember taking an IT helpdesk call from Bob Diamond at Barclays Capital in Canary Wharf, when he was CEO. I sent it off to IT Engineers marked, …..’VIP, urgent, get it done now guys.’
Never in a million years did I think next mention of him would be in Lusaka Times, a Zambian rag! He was polite and patient which is more than can be said for his Bankers who prefexed every word with ,”F this F that if my dealerboard is not fixed NOW”….as if…..!
Look at those premises and compare with those of ZANACO. Clearly an oversight. There is no way anyone operating such a facility can fail to pay a million dollars. Atlas Mara is the bank inside the ZRA offices. You do not get to do that and offend the govt. Something else is happening. Hope the truth comes out. And Zambians should not rejoice at any business being harassed by the govt. This whole thing of bailiffs seizing property is criminal. It is a money making venture by the bailiffs as they demand a ransom to return the property which they break in the process. This is what happens when people do not take pride in what honest hardworking organisations are doing in Zambia. Such a shame.
Iwe can you Sit down, don’t involve our Zanaco in this case. Atlas Mara should own up and pay its debt. To ensure smooth transactions, ensure measures are put in place to avoid interaction. What more truth do u want?
It serves them right. Atlas Mara are timid. They thought I would sell my Finance Bank if it was in good standing
It serves them right. I told them I had too much nkongole.
I can imagine the inconvenience on the part of the customers.
So sad.
Comment:are the properties in a truck equivalent to $1000000.?if not why confiscate such property.
It serves them right I told them my bank was so much in debts