BONI Wins Legal Battle Against Bank of Zambia Over Investrust

Michael J. Prest's BONI triumphed in a landmark legal case against the Bank of Zambia (BoZ) regarding Investrust Bank PLC.

The High Court, presided over by Justice Charl Zulu, dismissed two procedural applications filed by BoZ aimed at nullifying BONI's notice of discontinuance. This ruling preserved BONI's challenge against the compulsory liquidation of Investrust's assets, which threatened to wipe out BONI's 24.8% shareholding.

The dispute traces back to 2021 when BONI acquired its stake in Investrust as a licensed broker on the Lusaka Securities Exchange. After being informed that formal recognition of its shareholding required BoZ's approval, BONI submitted the necessary documents but faced a prolonged legal impasse.

In January 2024, BoZ formally notified BONI that it would not recognize its shareholding, leading to significant economic losses for BONI. The High Court's rulings on December 31, 2025, and May 6, 2025, upheld BONI's legal standing and allowed for judicial review, ensuring the protection of investor rights.