Former Investrust Bank Employees Renew Appeal for Immediate Payment of Redundancy Packages

More than two years after the closure of Investrust Bank Plc (In Liquidation), former employees have renewed their appeal to the Zambian Government for the immediate settlement of their outstanding redundancy packages.

In a statement issued on July 10, 2026, the former employees said more than 310 workers have gone without receiving their lawful redundancy benefits since their employment was terminated in July 2024.

According to the group, the prolonged delay has left hundreds of families facing severe financial hardship, with many struggling to afford basic necessities such as food, accommodation, healthcare, and their children’s education.

Appeal to Government

The former employees noted that Investrust Bank was a Government-controlled institution through ZCCM Investments Holdings Plc (ZCCM-IH), which held more than 74 percent of the bank’s shares.

They said they have pursued every lawful avenue available, including submitting appeals to President Hakainde Hichilema and the Ministry of Finance and National Planning, but say their efforts have not yet resulted in payment of the outstanding redundancy packages.

“We are not asking for special treatment. We are simply asking for the immediate settlement of our outstanding redundancy packages,” the statement reads.

Financial Hardship

The former employees say many affected workers have exhausted their savings, lost businesses, failed to meet rental obligations, and struggled to provide healthcare and education for their families while waiting for benefits they say were earned through years of service.

They argue that the delay has had devastating consequences for many households.

Questions Over Available Funds

The group further claimed that available financial information indicates staff liabilities amount to approximately K135.9 million, while Investrust Bank Plc (In Liquidation) reportedly holds approximately K192.1 million in cash balances.

According to the former employees, these reported funds appear sufficient to settle the outstanding redundancy obligations. Zambian WiFi has not independently verified these figures.

The employees also referenced previous Government interventions involving other distressed financial institutions, including the Development Bank of Zambia (DBZ), while acknowledging that each institution has its own legal and financial circumstances.

Background

The Bank of Zambia assumed management control of Investrust Bank Plc on 2 April 2024 after determining that the institution had become insolvent.

According to the central bank, Investrust’s assets had fallen below its liabilities, resulting in a negative capital position. The bank had also accumulated significant losses over several years, with reported losses exceeding K11 million at the time of the takeover.

The former employees are now calling on the Government to intervene and bring the matter to what they describe as a fair and compassionate conclusion.

As of the time of publication, there has been no immediate response from the Government, the Ministry of Finance and National Planning, ZCCM-IH, or the Bank of Zambia regarding the renewed appeal.