Fred M'membe panics over house

Tue, 14 Feb 2017 08:54:06 +0000

…as Investrust Bank decides to sell US$ 800, 000 Post debt

By NATION REPORTER

FRED M’membe is fighting a desperate battle to save his house from going under the hammer in the liquidation process of the Post Newspaper.

According to impeccable sources, and in inexplicable circumstances M’membe in his personal capacity, applied for and obtained an  exparte injunction from  High Court Judge Dr Winnie Sithole   Mwenda  preventing  Investrust Bank from selling its US$779,000 debt owed by the Post Newspaper (in liquidation).

Upon realising the unilateral award of the injunction, Investrust Bank challenged the order and now Judge Mwenda, has reversed herself and has set February 21, 2017, as the date for the inter-parte hearing.

The Post in liquidation apparently owes more than US$20 million.

The Investrust Bank loan, according to Post Newspaper (in liquidation) workers, was secured by among other assets the house belonging to Mr M’membe in which he is currently living.

It is not clear how Mr M’membe as an individual obtained the injunction when the Post Newspaper in liquidation matter is before Judge Sunday Nkonde.

Attempts to access affidavits and other documents supporting the application by Mr M’embe at court drew blanks as they were reportedly under lock and key.

Earlier, High Court officials told the Daily Nation that the documents, which should have been scanned and made available for public search, were still being held by judges.

According to reliable sources from the courts, Investrust Bank, which is owed almost US$800,000 by the Post Newspaper (in liquidation), had already found a buyer for the debt and paid 50 percent down payment towards the debt.

Effectively, once the US$779,000 is paid the buyer would have complete custody of all the chattels and equipment pledged as security to the loan by the Post Newspaper.

Attempts to get Post receiver Lewis Mosho failed, however sources revealed that Fred M’membe acting in his personal capacity obtained an injunction in which Ms Justice Mwenda ordered and directed Investrust was restrained from assigning the Post Newspapers Limited debt to Mr Mosho (the liquidator) or any entities or persons associated with him or introduced to the defendant by him

But on February 8, 2017, Judge Mwenda ordered: “That the ex-parte order of interim injunction granted on the February 7, 2017, was set aside pending determination of the same inter-parte.”