.Bank of Zambia released a statement on their website informing the public that it had taken possession of Intermarket Banking Corporation on account of the fact that the entity was insolvent. Insolvency breaches Section 81 of the Banking and Financial Services Act (BFSA):
The Bank of Zambia is empowered by section 81 of the bfsa to take POSSESSION of a financial service provider, where in its opinion, an inspection of the financial service provider instituted under this act shows that:
Intermarket Bank is one of 19 registered commercial banks in Zambia. It is majority owned by Afriland First Group of Cameroon. Their website is currently down and their is'nt any publicly available data to ascertain how many depositors have exposure to this bank.
Glencore Suspends Copper Mining at Katanga and Mopani Mines for 18 months
Glencore also said it had suspended copper production for 18 months from its Katanga operation in the Democratic Republic of Congo and its Mopani project in Zambia. The decision will remove about 400,000 metric tons of copper cathode from the market, Glencore said. Copper prices rose as much as 1.7 percent in London. (Read more)
Trying to decipher this puzzle that is Zambia by using a variety of publicly available data (structured and unstructured) in conjunction with my own skill/experience. * * *