The Lusaka High Court is on Tuesday April 28,2015 expected to preside on the retrial of the matter where the Post-Newspaper and JCN Holdings have been ordered to pay 14 billion Kwacha debt to Development Bank of Zambia-DBZ.
The matter will be heard before Judge Justin Chashi.
The Supreme Court had on December 17 sent back the matter to the High Court on December 17, 2013 for retrial.
Supreme Court Judge Munyinda Wanki passed the verdict.
This was after Post Newspapers ,JCN Holdings and suspended Director of Public Prosecution Mutembo Nchito in his capacity as former Zambian Airways Director, appealed to the Supreme Court against the Lusaka High Court’s judgment that ordered them to pay 14 billion Kwacha debt to DBZ.
The matter was initially handled by Supreme Court Judge Albert Wood when he served as Lusaka High Court Judge.
It was later allocated to Lusaka High Court Nigel Mutuna who made the verdict for Post-Newspaper and JCN Holdings, to pay 14 billion Kwacha debt to -DBZ.
Wapya Munzi, indeed life is a wheel tomorrow on Top the next day you are down as it keeps spinning. Always be good as you cant always be on top.
Where is RB the Chief Mambala of all zed bandits?
The Nigerians Corruption Squad for the $2.5 million OIL concessionary sold to Zambia, but individuals pocketed the proceedings.
Where is RB?
The Skeleton Key
~206~
Ba LT, did you have to pest the story twice? Ndiye problem yo kopela or copy and pest.
Give me $20,000. I will clear Mmembe & Nchito from Planet Earth in less than 72hrs.
Zambians ! I am very serious about this……
This case is waste of tax payers’ money. DBZ will lose. It is a political case trying to fix the shareholders in bankrupt Zambian airways. The law clearly differentiates a limited liability company from its shareholders and directors. Nchito will come out of this a hero.
Isn’t the owner of Meanwood who fu.cked up DBZ? Robison Zulu, was he ever charged?
Thanks for the correction.
Na malight ayenda. Uzamvela ba PF, at ni HH alenga.
This K14 billion we talking about, is it still K14 billion,,, because to what I know, Sata rebased the money,,,,and the same K14billion has been in mmembe and nchito`s pockets for a long time,,, It can as well be K14
What seemed to be the problem initially? Was the so called cartel holding somebody captive, with a ransom on his head and that somebody is no longer in a position to care whether they cut off his head or not?
With advanced age bottom is better.
Nubian Princess @1.5, you are so right. Robinson Zulu got the money from DBZ, never paid back, cut deals with late Mwanawasa and then RB and here he is , owning biggest land acreage in Lusaka, building society and an insurance outfit. Such money launderers thrive in Zambia. DBZ shall first recover from Robinson and politicians involved then go after others.
Mmembe is the worst hypocrite this country has ever had. Today, he’s busy writing rubbish against other people when he fraudulently wants his debt canceled.
Mmembe never borrowed money from DBZ, but zambian Airways.JCN and the Post were shareholders of the liquidated company.Just go to what the laws say then you will know that Mmembe and Nchitos wont pay anything but zambian airways in liquidtion.
@kalu, under companies act if directors continue trading knowing very well that the company is insolvent then they are personally liable for the debt they incur. This is what Mr. Mutuna mentioned in his judgment and in legal parlance it is called lifting of corporate veil. There are many government companies that are unable to pay their debt but still continue trading. There is no action by judges, law enforcement agencies and consumer bodies. It is selective justice system.
The Nigerians are also coming for their monies. The Chief Bandit Mambala & the fugitive Henry Bandit are wanted by the Nigerian Anti Corruption Commission.
Junior Bandit to be extradited to Nigeria.
The DPP issue & Mutembo Nchitos persecution by the PFMMD regimes is not going anywhere, the Nigerians want their money.
Where is RB the Bandit?
The Skeleton Key
~206~
Why cnt we just shot the Cartel. I dont think there is any sympathiser, wher opposition or ruling party. Shot the bargers!!!!
Supported for real! Why small boys trouble us. Clear them is the word
Are you also going to kill the republican vice president and Miles Sampa? You were saying both are members of the non existant Cartel.
Yaba, cannot wait for this!
So, how are you feeling folks there at Bwinjimfumu and at the Tribunal? What have you chosen, Gaol or Bankrupty? Or both?
Of course we shall see the last kicks of the dying horses before this is over, but just adds to the inevitable ending of the drama, or is it cartel?
Whoever wants the PAST news, time is now to buy it cheap, those guys will need legal fees, oh sorry I forgot that they can defend themselves, no wait a minute, they will still need to sell to raise K14bn plus won’t they?
“PAST News for sale as a going concern”, any bidders? Maybe Mmembe’s oil men from Nigeria?
Unless the company law in Zambia is such that it provides no distinction between the company and its promoters, The Postnewspaper and JCN Holdings are separate individuals that may be sued or sue in their respective capacities. It is clear the High court ordered the defendant companies to pay the said amount and not any single human person.
Let’s wait and see how the matter unfolds, after being reminded of the ruling in Salomon v A Salomon & Co Ltd.
Iwe ka @Kwena, @Kanongesha is right, EXCEPT in cases where any of the companies was not incorporated as a limited concern. If it was a closed outfit then both the company and its owners are equally liable in their public and private standing. @Kwena, you should be careful how you articulate your ignorance. Even Google can mislead, my friend.
@5.1Konengesha, Solomon v Solomon ruled from 18th century till end of 21st century. Worldwide companies laws have been overhauled and now the directors are held personally liable if they incur any debt knowing that the company cannot pay it, then they are under winding up proceedings held personally liable. If the companies that borrowed money go in liquidation, then the directors are in soup.
Which company law are you talking about? You think the lawyers doing the case are as dull as you. Sometimes you should think before you send any rubbish on this forum you fools.
You re below my standard. Argue intellectually or else remain in poverty for the rest of your miserable life.
JCN Holdings Limited & Post Newspapers Limited are “Limited liability entities”. Therefore, if deemed insolvent their liability cannot be extended to the respective promoters unless there was personal exposure to the liabilities. Fred & company are merely fighting to protect their business interests in the companies.
Well said. You don’t imagine small minds would appreciate that.
There is usually a Director’s Guarantee for Loans contracted. Banks are now very careful of Fraudsters like Mmembe and Nchito who borrow without intentions of paying back. Borrowing and hiding behind the limited liability nonsense is Secondary School Commerce.
It all depends on who formally acquired the debt. If it was Zambia Airways in its capacity as a business entity or the Post Newspapers Ltd & JCN Holdings in their legal capacities? From the look of things, the latter played a critical role, thus reason why they’re being sued…
The other point is that of unpaid shares in Zambia Airways at time of liquidation i.e if the loan was acquired it. If anyone of said shareholders had outstanding unpaid shares then automatically they’re liable… The veil of incorporation can be lifted by the courts, and the defaulter forced to settle the debt…
At some point in the hearing, it was said that borrower misrepresented the financial position of the company at the time in order to get the loan which would not have been given if the borrower had disclosed and the lender had known all the facts and assessed the ability of the business to repay. What is the position then, if this was the case? Do you not sue the individuals?
membe is a the worst twisted ***** this country has ever had, i dont k now why you spare to jail this ***** , no body will complain . cage this mad dog.
this scrap man has messed our unity in this country.
you cant have a person insulting all zambians and we are watching
These Directors must have signed personal Guarantees with the bank therefore they become liable
Ba kanongesha, braging ke,ke,ke,ke,ke,kek,houf,houf!!!!