Zambian opposition leader Michael Sata (R) is sworn in as President at the supreme court in the capital Lusaka September 23, 2011.
LUSAKA (Reuters) - New Zambian President Michael Sata on Monday reversed the $5.4 million sale of the nation's Finance Bank to South Africa's second-biggest lender FirstRand.
"There's no document of sale for Finance Bank and I am directing the Ministry of Finance to take the bank back to its owners immediately," Sata said.
The Zambian central bank said last month FirstRand would pay $5.4 million for the bank, which it seized from its shareholders in 2010 for violating the law through unsound practices, including insider borrowing.
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