Post creditors’ claims soar to K188 million

Tue, 15 Nov 2016 08:01:34 +0000

CLAIMS of up to K190 million have now been lodged against the Post Newspaper in liquidation, provisional liquidator Lewis Mosho has announced.

Mr Mosho said a number of commercial enterprises had joined the proceedings and that his office had received claims amounting to almost K190 million without the inclusion of employees claiming in unpaid emoluments.

Mr Mosho said among those that had engaged him were the Development Bank of Zambia (demanding K97, 248 505.12 in loan guarantee), Zambia Revenue Authority (claiming K79, 569 974.21) and Investrust Bank Zambia (claiming K7 952 015.79).

“The office of the Provisional Liquidator of the Post Newspapers Limited (in Liquidation) has continued to receive claims as creditors against the Post Newspaper (in Liquidation)  which claims have grown the Post debt portfolio from K187 857 803.17 as at 6th November, 2016 to K188, 822 867.31 as at today (Monday),” Mr Mosho said in a statement.  Mr Mosho disclosed that the Post Newspaper also owed KOBS Transport Limited K678 132 in claims for loss of business, as well as K220 800 to the Xinhua News Agency Lusaka Bureau over the use of news feed from the agency, and K66, 132.14 owed to G4S Security (Zambia) Limited in security services rendered to the company.

Meanwhile, High Court Justice Sunday Nkonde has granted ZRA the application to join the petition to wind up operations of the Post Newspaper in liquidation.

Mr Justice Nkonde has granted the order to join the revenue authority to the Post petition proceedings as the 6th petitioner initiated by five former Post Newspaper employees over unpaid dues.

The Post owed almost K80 000 in unpaid taxes, income tax and Pay As You Earn to ZRA.

Mr Justice Nkonde set December 5, 2016 for hearing all applications in the matter including Post Newspapers proprietor Fred M’membe’s application to set aside the liquidation order, as well as a stay to appoint new lawyers for the company in liquidation.

Mr M’membe has asked the Court to stay the decision to place the company under liquidation, and also to revoke appointment of Mr Mosho as liquidator to allow for the petition to be heard interparte.

He claims the company management was not given an opportunity to be heard on the petition charging that he had the ability to pay the amounts being claimed in the petition including all other charges demanded by the five former employees.