Investrust finally joins Post liquidation case

Fri, 03 Feb 2017 10:22:34 +0000

By Chikumbi Katebe

INVESTRUST Bank has finally joined the winding up proceedings of the Post Newspaper in Liquidation after parties agreed to uphold a consent order to withdraw all applications in opposition to the action.

High Court Justice Sunday Nkonde signed a consent order that put an end to all applications filed before his court including one to stay the execution of his ruling against the bank’s intention to be joined to the proceedings as second respondent.

He said all the conditions of the consent order must be observed or the court would proceed to issue dates for fresh hearing.

“By consent of all parties herein through their respective advocates, it is hereby agreed and ordered as follows: that hearing of the following applications be adjourned sine die pending an amicable settlement between the respondents.

“That the orders herein shall lapse on the 14th day of February 2017 if on or before this date the respondents shall not have concluded the ex-curia negotiations and that this honourable court shall issue fresh dates for the hearing of the applications,” he said.

This is in in a matter in which five Post employees applied to the Lusaka High Court to wind up operations of the company owing to a huge debt owed to them and other entities which risked being lost if the company continued in its business.

The five included Andrew Chiwenda, Roy Habaalu, Bonaventure Bwalya, Mwendalubi Mweene and Abel Mbozi who cited the company’s failure to pay their salary arrears and also active court cases against the publication owing to huge sums of money which they did not believe the company could afford to offset, among them Zambia Revenue Authority’s unpaid taxes for which the Supreme Court ruled must be immediately paid.

ZRA has since joined as a petitioner in the action.

Among the applications in reference included the following:

1. a) The 1st -5th petitioners’ application to quash the appointment of Mr Kaoma Musonda as receiver of the 1st respondent currently returnable on the 9th of February 2017 at 14:30hours.
2. b) The 2nd respondent’s application to set aside the ex-parte order for stay of the said 2nd respondent’s appointment of Mr Kaoma Musonda as receiver of the 1st respondent currently returnable on the 9th of February 2017 at 14:30hours.
3. c) The 2nd respondent’s application to stay execution of the ex-parte order for stay of the said 2nd respondent’s appointment of Mr Kaoma Musonda as receiver of the 1st respondent currently returnable on 6th of February 2017 at 16:00hours.
4. d) The 2nd respondent’s application for a stay of execution ending an application for leave to appeal the ruling dated 19th January 2017 joining the 2nd respondent to this action.
5. e) The 2nd respondent’s application for leave to appeal the ruling dated 19th January 2017 joining the 2nd respondent’s to this action.