Post property sale realizes K7m

Mon, 24 Apr 2017 10:07:36 +0000

By CHIKUMBI KATEBE

THE sale of assets formerly owned by the Post Newspaper in Liquidation at an auction sale on Saturday realize up to K7million aimed at paying towards the K53 million debt.

Provisional Liquidator Lewis Mosho said ZRA has since reduced the debt owed by the Post Newspaper in Liquidation by up to 10 percent following the realization of K7, 408,675 from the sale.

In a statement Mr Mosho said among the properties auctioned were trucks, office furniture, fittings, computers and other assorted items.

And Mr Mosho said Investrust Bank Plc would soon be completing the sale of its loan facility owed by the Post in Liquidation following a High Court Judgment that dismissed attempts to block the sale.

“Meanwhile, Investrust Bank Plc the only secured creditor known so far will soon be completing the sale of its loan owed to it by the Post Newspaper Limited (in Liquidation) following the High Court judgment which dismissed attempts by Mr Fred M’membe to block the sale.

“This follows the transaction update submitted to the Provisional Liquidator (today) on 23rd April 2017 by the purchaser,” he said.

He has since disassociated the name of President Edgar Lungu from all proceedings concerning the Post Newspaper in Liquidation. stating that it was a High Court matter commenced by private citizens over their grievances with the company.

He said the Post Newspaper matter was still an active court case which should not invite public commentary or risk being held in contempt.

“Persons making comments in matters which are before courts of law will now face consequences as prescribed by the law,” he said.