By Evans Liyali
Four Directors of Ono Initiative Limited have been fined K20 000 each for providing Financial Services without a banking license, contrary to provisions of the Financial Services Act number seven of 2017 of the laws of Zambia.
Byta FM Court Journalist reports that when the matter came up for presentation of written facts before High Court Judge-In charge, Bridget Chilombo Maka Friday morning, the quartet where sentenced to a fine or face nine months imprisonment.
Particulars of the offence in count one are that Mvula, Chilala, Mugala and Ncheema, on dates unknown but between 1st December, 2018 and 22nd July, 2020, jointly and whilst acting together did provide financial services with no license.
In count two, Ono Director, Isaac Mvula, was fined K25, 000 for providing a Banking Business without a license.