M’MEMBE FACES BANKRUPTCY

Mon, 07 Nov 2016 09:39:15 +0000

THE Development Bank of Zambia (DBZ) has joined the petition to have the Post Newspaper liquidated and is demanding K97 million from the newspaper now under compulsory liquidation, heightening fears that the newspaper and its owner Fred M’membe may be tottering on the verge of bankruptcy.

And Lewis Chisanga Mosho, the provisional liquidator of the Post Newspaper, has charged that The Mast, the reincarnation of the Post Newspaper, is infringing on the copyright of the Post Newspaper and has asked the Zambia Police to investigate all persons in the production, publication and distribution of the newspaper.

Mr Mosho said in a statement yesterday that the list of claimants who had submitted claims as creditors against the Post Newspaper in liquidation now included National Pensions Scheme Authority apart from the Zambia Revenue Authority and Investrust Bank. Mr Mosho disclosed that the Post Newspaper (in liquidation) had accumulated a total of K187, 857,803.17 in its combined debt from Investrust Bank, ZRA, DBZ and NAPSA.

He said that the updated list of claimants who had submitted claims to his office as creditors against the Post Newspaper as at yesterday had seen the inclusion of DBZ which was demanding K97 million in form of loan guarantee. He explained that the total debt of K187, 857, 803.17 being claimed against the Post Newspaper by institutions who had joined the petition to have the Post Newspaper liquidated did not include the amount being claimed by the newspaper’s employees as well as persons who had not yet formally submitted their claims.

“The office of the provisional liquidator of the Post Newspapers Limited (In Liquidation) has so far received claims as creditors against the Post Newspapers Limited from the Development Bank of Zambia who are claiming K97,248,505.12. ‘‘Others that have since submitted their claims include ZRA which is demanding about K97 million in unremitted taxes in VAT, PAYE AND Income Tax, Investrust Bank demanding K7.9 million in loans and overdraft secured over assets and NAPSA which is claiming K3 million in unremitted contributions plus penalties. ‘‘The total debt being claimed as of today is standing at K187, 587,803.17 excluding employees’ claims,” Mr Mosho said.

And Mr Mosho has written to the Inspector General of Police Kakoma Kanganja to investigate the production, publication and distribution of The Mast newspaper whose publication he said constituted copyright infringement of the Post Newspaper of which he is a provisional liquidator. Mr Mosho said it had come to his attention that some unscrupulous people had rebranded the Post Newspaper as The Mast and were currently publishing, selling and marketing the newspaper. He said the publication, selling and marketing of The Mast violated the Copyright and Performances Rights Act, Chapter 406 of the Laws of Zambia. Mr Mosho stated that the publication, selling and marketing of The Mast amounted to a fraud on the creditors of the Post Newspaper Limited (In Liquidation).

“This is to notify you that by the High Court Order dated 1st November, 2016, the High Court for Zambia placed the Post Newspapers Limited under compulsory winding up and I was appointed as provisional liquidator of the company thereof. It has come to my attention that some unscrupulous people have rebranded the Post Newspaper as The Mast and are currently publishing, selling and marketing the newspaper under the aforesaid name.

Publication of The Mast constitutes copyright infringement of the Post Newspaper and violates the Copyright and Performances Rights Act. The activity also amounts to a fraud to the creditors of the Post Newspaper. I hereby seek the indulgence of your office to investigate this matter in respect of all persons involved in the production, publication and distribution of The Mast Newspaper,” Mr Mosho said.