Zambia President Michael Sata is sworn in BACKGROUND: FINANCE BANK OF ZAMBIA Finance Bank Zambia Limited (FBZ), commonly referred to as Finance Bank, is a commercial bank in Zambia. It is one of the 18 licensed commercial banks in the country, as of October 2010. The bank has a subsidiary, Zambia Portland Cement Limited, in which the bank maintains 100 percent shareholding. FBZ is a medium sized retail bank serving individuals and business across Zambia. As of September 2009, the bank controlled approximately $ 370 million in assets, with shareholders equity of about $ 416 million. His predecessor sold Finance Bank despite public protests. Mr. Sata had promised during campaign that he would preserve the sale. He also dissolved boards of Zambia Revenue Authority and the national pension scheme body. Zambias President Michael Sata reversed the previous governments sale of privately-owned bank to South Africas FirstRand, dissolved several parastatal boards and revealed that the nation, including State House, was stinking with corruption. Speaking at State House after he swore in permanent secretaries and other senior government officials, President Sata, who was elected two weeks ago, cancelled the Rupiah Banda-administration sale of Zambian-owned Finance Bank of South Africas FirstRand for $5.4 million. I have been doing a search [on] the so-called sale of Finance Bank, there isnt even any document for sale. Therefore, I am instructing the Ministry of Finance to take the bank back to the owners of the bank immediately, President Sata said in a verbal decree. The Banda-administration sold Finance Bank mid last month despite public disapproval. Mr. Sata had promised during campaign that he would reserve the sale. President Sata also dissolved, with immediate effect, the boards of the Zambia Revenue Authority (ZRA), state-run power utility Zesco, the National Pension Scheme Authority (NAPSA). Before his election, he had accused the three institutions of graft. Before his election, he had accused the three institutions of graft. I have with immediate effect retired in national interest the person who was fraudulently employed at Zesco (the managing director Enerst Mupwaya) and reinstated the person who suffered the dismissal in a corrupt manner, comrade Cyprian Chitundu, he said. The President also sacked Banda-appointed police chief, Francis Kabonde, and replaced him with Dr. Martin Malama. The police have to help us sweep. So much corruption that this country stinks and that is why people cannot get what they want, said President Sata, 74. Zambia is so dirty, even my own office, some of the people who are supposed to be guarding me they even benefited from corruption, he said. He vowed to fight corruption. I dont need any corrupt money for my campaign or for my re-election or PF re-election, said President Sata, adding that he want his government to serve Zambians not him as an individual. The Zambian leader dismissed all 72 district commissioners that were appointed by the previous government, saying they were politicians, and ordered them to immediately vacate their offices and houses. We cannot have civil service positions given to political parties, he said. I have therefore fired all the district commissioners and appointed civil servant to take over from them, said President Sata.