FDH Financial Holdings Limited shareholders are in shareholding discussions, which may result in changes of shareholding structure of the group.
This is according to an FDH Financial Holdings subsidiary, FDH bank’s cautionary statement.
The development comes following the conviction of the group’s founder and one of the major shareholders, Thomson Mpinganjira.
Section 13 subsection (b) of Fit and Proper directive of 2018 contained in the Financial Services Act forbids convicts from holding shares of a financial institution.
The law says a person shall not be eligible to serve as a shareholder if he has been convicted of dishonesty or fraud, forgery, perjury, money laundering or any other material breach of the financial service law.
Mpinganjira is currently serving a nine-year jail sentence for attempting to bribe Constitutional Court judges who tried the presidential election case.
