Bank of Nevis International (BONI) is suing Zambia’s central bank for $40 million, alleging that the regulator blocked its stake in a listed lender by applying ownership rules that were not yet in force. BONI contends that the Bank of Zambia assessed its investment based on regulations that had not been officially enacted at the time. When contacted by the Zambian Business Times (ZBT), the Bank of Zambia declined to comment, citing the ongoing legal proceedings. “As the matter of Bank of Nevis International Limited v Minister of Finance and National Planning and Others (2024/HP/1121) remains sub judice, we regret...
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