FORMER INVESTRUST BANK WORKERS RENEW PLEA FOR REDUNDANCY PAY

MORE than 310 former employees of Investrust Bank Plc (In Liquidation) have renewed their appeal to President Hakainde Hichilema and the Government to facilitate the immediate payment of their outstanding redundancy packages.

The former employees said two years of waiting have plunged hundreds of families into severe financial hardship.

They said in a press statement that they have not received their lawful redundancy benefits since losing their jobs following the closure of the bank in July 2024.

The group said the prolonged delay has also left many struggling to meet basic needs, including food, accommodation, healthcare and the education of their children.

" Today, we respectfully renew our appeal to the President and the Government of the Republic of Zambia for the immediate settlement of the outstanding redundancy packages," they said.

The former employees noted that Investrust Bank was a Government-controlled institution through ZCCM Investments Holdings Plc, which held more than 74 percent of the bank's shareholding, arguing that this placed a moral responsibility on Government to help bring the matter to a fair conclusion.

According to the statement, the affected employees have spent more than two years pursuing various lawful channels to seek payment, including appeals to President Hichilema and the Ministry of Finance and National Planning.

" Throughout this period, we have remained peaceful, patient and respectful of the institutions of the Republic. We have pursued every lawful avenue available and regrettably, despite our patience and restraint, our appeals have not resulted in the settlement of our lawful redundancy benefits," they said.

The former workers questioned what wrong they did to deserve more than two years of financial hardship after losing their jobs through no fault of their own.

They said many of the affected workers were young Zambians supporting families and had exhausted their savings while waiting for benefits they earned through years of service.

According to the statement, some have lost businesses, failed to meet rental obligations, struggled to keep their children in school and faced difficulties accessing healthcare due to the delay in receiving their redundancy packages.

The former employees also argued that available financial information suggests the bank in liquidation has sufficient resources to settle the outstanding obligations.

" Staff liabilities amount to approximately K135.9 million, while the bank reportedly holds cash balances of around K192.1 million, which they say appear adequate to clear the redundancy payments," they said.

The group further pointed to Government's previous intervention in resolving employee obligations arising from other distressed financial institutions, including the Development Bank of Zambia (DBZ), while acknowledging that each case has its own legal and financial considerations.

" We are not asking for special treatment. We are simply asking for the immediate settlement of our outstanding redundancy packages," they said.

They further urged the President to intervene decisively to resolve the matter.

By Sanfrossa Mberi

Kalemba July 11, 2026