By ROGERS KALEROWORKERS from Mopani Copper Mines, who acquired loans from Stanbic Bank, have threatened to close their accounts, accusing the financial institution of unfairly treating their deductions.The miners, who gathered at Katilungu House in Kitwe, yesterday gave Stanbic Bank 14 days in which to explain why their loan deductions had prolonged when the agreement stated that the loans would be recoverd in five years, in some cases.Mineworkers Union of Zambia (MUZ) President, Joseph Chewe, said Stanbic and Mopani agreed that the loans would be recovered through the payroll within a specific period, but that deductions had prolonged.When asked if the loans were fixed rate or loans that are linked to the Monetary Policy Rate whose repayment period fluctuates, Mr Chewe could not give a categorical answer.Mr Chewe said the union and its members were disappointed that loans which were expected to last for five years had lasted for eight years and the bank was […]
MINERS PROTEST ‘PROLONGED’ LOAN RECOVERY
