Mon, 10 Dec 2012 15:07:38 +0000 Monday December 10, 2012 The Bank of Zambia lied to courts of law when it claimed that Access Financial Services was insolvent when it was taken over in 2003. An internal audit has revealed that as at 13th January, 2003 total assets were almost K16billion while liabilities stood at K10billion. Insolvency was the strongest reason advanced for taking of the AFSL. In contrast by October 2011 the Boz had run down the company into insolvency with total assets reduced to nearly K5billion while liabilities had mounted to more than K12billion. Most of the money had either been stolen or mismanaged, while other assets including vehicles sold and proceeds not accounted for. The Bank is now agonising on how to reconcile the severe mismanagement occasioned when the firms were sequestrated by the Task Force on Corruption. The BOZ report admits “AFSL was solvent when the Boz took possession in […]
