THE Bank of Zambia (BOZ) has sued ZCCM Investment Holdings Plc and 546 other shareholders of Investrust Bank (in liquidation), seeking court permission to serve court process outside Zambia to some of the bank’s shareholders based abroad.

BOZ has cited ZCCM Investment Holdings Plc and the 546 other shareholders as respondents in the matter filed before the Lusaka High Court Principal Registry.

In an affidavit in support of the ex parte summons for leave to issue service of originating summons out of time, Lyness Phiri Mambo, Director in the Prudential Supervision Department of BOZ, stated that as at April 2, 2024, it was established that Investrust Bank Plc had 547 shareholders.

BOZ stated that it wished to commence proceedings to determine the share value for Investrust Bank Plc shareholders.

BOZ further stated that service of the originating process outside jurisdiction was, therefore, imperative for the matter to be finally resolved between the parties.

“The board of the applicant (BOZ) resolved to take possession of Investrust Bank Plc (in liquidation) on April 2, 2024 on grounds that the said Investrust Bank Plc was insolvent. As at April 2, 2024, it was established that the shareholding of Investrust Bank Plc comprised of 547 shareholders. In accordance with the powers of the applicant under the Banking and Financial Services Act 2017, the applicant wishes to commence process grounded on an action for determination of share value for stockholders of Investrust Bank Plc. Service of the originating process outside jurisdiction is therefore imperative for the matter to be finally resolved between the parties. The records for the list of stockholders shows that the second respondent is ordinarily resident on Island Main road, Nelson Spring, St. Thomas Parish, in the Federation of St Kitts and Nevis. Since the second respondent to this matter is ordinarily resident outside the jurisdiction of this court and is a necessary or proper party to this action, leave of court must be obtained to issue writ for service outside jurisdiction. That in the interest of justice, the indulgence of this court is sought for leave to issue the originating summons and supporting affidavit for service outside jurisdiction. The respondents will not suffer any prejudice as a result of this application,” stated BOZ.