Finance Bank Chairperson Rajan Mahtani has stepped down from his position with immediate effect.
Board member Willaim Nyirenda has since been appointed to act as board chairperson.
This is according to a press statement made available to ZNBC news on Tuesday by Assistant Director Marketing and Products Chawanda Longwe.
Dr Mahtani was Tuesday morning arrested for alleged illegal transfer of 500 million shares from Zambezi Portland cement to his company Finsburg Investment Limited but was later released on bond.
Dr Mahtani allegedly obtained the forms that are believed to have been signed by the Directors of Zambezi Portland Cement yet the directors were not involved.
The offences are alleged to have been committed on December, 12th 2006.
He is expected to appear in court soon.