ECL’s Daughter Tasila Denies Buying Cavmont Bank Worth Over K300million

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The Former Presidents daughter Tasila Lungu has been accused as having bought Cavmont Bank through a proxy shareholder at Access Bank Zambia Limited, Kachepa360 understands.

According to a media briefing held in Lusaka on Wednesday morning, the Anti-Corruption Commission (ACC) blew the trumpet when they addressed the media that a former councillor was being investigated for having bought a bank with over K300million together with all its assets.

Kachepa360 understands the bank in question is Cavmont bank which recently was bought off by Access Bank Zambia Limited.

And in a statement to Kachepa360, the former Presidents daughter denied ever buying the bank as she claimed to not have had any capacity to buy a bank and all its assets.

She writes Kachepa360 that;

It has come to my attention that fake news is being peddled on social media on crown TV page, The Candidates and other online media alleging that I am being investigated for a suspicious purchase of a bank together with its assets worth K300 million. I wish to state as follows;

1. I have not purchased any bank nor its assets, neither do I have the capacity to do so.

2. I am not aware of any investigations by any agency against myself.

3. I have since instructed my lawyers to commence legal proceedings against all peddlers of this misinformation.

Tasila Lungu Mwansa

The Zambian subsidiary of Nigeria’s Access Bank agreed to buy Cavmont Capital Holdings, the Zambian arm of Namibian financial services group Capricorn, for a nominal fee of 1 kwacha ($0.0014), Capricorn said.
The Namibian entity owned 98.03% of Cavmont Capital Holdings, which owned 100% of loss-making Cavmont Bank. Under the terms of the deal, Access Bank Zambia acquired the entire issued ordinary share capital, assets and liabilities of Cavmont Bank.

Capricorn after the take over claimed it had agreed to reinvest 300 million kwacha into the new entity as part of the agreement.

Access Bank bought off Cavmont bank

Cavmont Bank recorded a loss after tax of 19.8 million Namibian dollars (US$1.14M) in 2019, an improvement on a 46.6 million Namibian dollar loss the previous financial year.

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