{"id":40394,"date":"2026-07-23T14:27:25","date_gmt":"2026-07-23T12:27:25","guid":{"rendered":"https:\/\/www.channelafrica.co.za\/channelafrica\/?post_type=news&#038;p=40394"},"modified":"2026-07-23T14:27:25","modified_gmt":"2026-07-23T12:27:25","slug":"bank-of-zambia-taken-to-court-over-forced-liquidation-of-investrust-bank","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/bank-of-zambia-taken-to-court-over-forced-liquidation-of-investrust-bank\/","title":{"rendered":"Bank of Zambia taken to court over forced liquidation of Investrust Bank"},"content":{"rendered":"<p>The Bank of Nevis International (BONI) has taken the Bank of Zambia and the Zambian government to court following the compulsory liquidation of Investrust Bank Plc.<\/p>\n<p>&nbsp;<\/p>\n<p>The legal action follows a 2021 transaction in which Nigerian investor Michael J. Prest acquired a 24.8% stake in Investrust for $40 million. Following the purchase, the Bank of Zambia refused to recognize the acquisition, citing a lack of regulatory approval, before shutting down and liquidating the bank in early 2024, effectively wiping out the investment.<\/p>\n<p>&nbsp;<\/p>\n<p>International lawyer Robert Amsterdam, Founder of Amsterdam &amp; Partners LLP, is representing the firm. Speaking on the dispute, Amsterdam questioned the regulator&#8217;s actions and warned of the wider economic impact on the country.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8220;To me, there is only one explanation, would be a possibly improper purpose that the bank was looking after the interest of some other investors and some other financial institutions, because I have no way of understanding why a regulator would literally damage the prospects for a fintech hub. The government and the regulator should be sitting down to negotiate what should have happened years ago and guarantee that this won&#8217;t happen to another investor.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p>&#8211;ChannelAfrica&#8211;<\/p>\n","protected":false},"featured_media":40395,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-40394","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"Bank of Nevis International sues Zambia over $40m bank liquidation dispute","published_date":"2026-07-23 13:38:21","news_description":"Bank of Nevis International sues Zambia over $40m bank liquidation dispute","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/40394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/40394\/revisions"}],"predecessor-version":[{"id":40396,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/40394\/revisions\/40396"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/40395"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=40394"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=40394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}