The High Court in Blantyre has blocked the Reserve Bank of Malawi (RBM) from taking over management of a local insurance company, Prime Insurance Limited.
Charles Chuka governor of Reserve Bank -Announced take over of Prime Insuarance
At a news conference on Friday in Lilongwe, RBM announced it was putting the insurance company under its administration to recapitalise it or risk being declared insolvent.
Chuka said central banks decision follows months of monitoring of the insurance firms financial records and negotiations amid reports of failure by the company to honour claims by clients.
But Prime Insurance through lawyer Patrick Mpaka sought court relief which Judge Kenyatta Nyirenda granted an injunction the central bank …
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