Commerce, Trade and Industry Minister Margaret Mwanakatwe has admitted that she owes the Citizens Economic Empowerment Commission (CEEC) K 1.5 million through AluWorks Industries, a company she co-owns with her husband Mupanga.
Mupanga Mwanakatwe is Managing Director for state telecoms firm ZAMTEL while Mrs Mwanakatwe is a professional banker who served as Barclays Bank Managing Director in Zambia, Ghana and also worked in Nigeria.
On Sunday, Zambian Voice Executive Director Chilufya Tayali revealed that Mrs Mwanakatwe has defaulted on the loan she obtained in 2011.
In an interview, Mrs Mwanakatwe admitted that AluWorks borrowed the fund for business expansion whilst she was out of the country.She however wondered why Mr Tayali has decided to expose the debt which she feels is a purely private matter.
Mrs Mwanakatwe advised Mr Tayali not to personalise the debt issue now that she is Minister of Commerce.
“That is an old issue, that loan was obtained when I was not even in the country. Where is he getting all these things from? Tell Mr Tayali not to drag me into these things. This is a malicious attack on my integrity,” she said.
Mrs Mwanakatwe said Mr Tayali’s revelations are some of the things that make professionals stay away from politics.
“This is the reason why professionals like me don’t enter politics. There is so much mudslinging in Zambian politics and this scares away people like me from serving our country,” Mrs Mwanakatwe said.
According to the Citizens Economic Act No. 9 of 2006, the Commission was principally created to uplift the targeted citizens who have suffered marginalization.
It is also meant to level the playing field and raise the citizens to a position where they can effectively participate in the national economy, above all, it is meant to ensure especially the women, youth and physically challenged.
Imagine ayi. so what is the course of action my lady? these guys are business pulling everyone down. Do they not know that the richest people have debts as well. go ask USA how much debt they have. you will be amazed.
Nobody is saying she cant get a loan. But what she is doing is double tobela. She can get loans from banks and not from financial institutions meant to serve the poor. I went to Barclays I was told I need to be in regular employment. I cant go to CEEC I have no political connections. It reminds me of Mapiki’s song. “Fyalile Nyina Mwata. Umwana wandi nkashikakwi. Panshi pali ubuswa. Kumulu nako kuli intambi. Ati shalapo yewe, shalapo Mwata.” There are termites on earth and sins in heaven. That is my plight.
How about revealing everyone who borrowed from EEC, how much they borrowed and how much they have paid back????
I can imagine the shock that will bring.
I thought sister Mwanakatwe and the husband were eligible for commercial bank loans!!! These guys are supposed to be highly paid. My goodness, this country!! Funds for the poor!! What a mockery!! And check how rude those CEEC employees were rude to customers they felt were not “important”. Oh, the story of my life, Zambia.
In developed countries, Mrs Mwanakatwe would resign!!!
Not in Zambia and Africa.
She doesn’t qualify being a Minister.
She is also not a professional as she wants us to believe.
She should resign.
Thanks
BB2014
@max
Please read this article and the earlier one where Tayali blew the whistle. The problem is that CEEC funds are meant for the marginalised, those with difficulty acquiring funds for business setups. Mr. & Mrs. Mwanakatwe do not fall under that category. We need to dig this up so we know under what circumstances she qualified for the funds. It’s people like you that are dragging Zambia centuries backwards!
That’s why we should not envy any human being! Everyone is fighting some kind of battle. The rich borrow big time and live more troubled lives, sha! Not to mention unhappy and unfaithful marriages! I’m happy being a normal person living within my means and paying my tithe..God blesses me everyday!
According to the Citizens Economic Act No. 9 of 2006, the Commission was principally created to uplift the targeted citizens who have suffered marginalization.
It is also meant to level the playing field and raise the citizens to a position where they can effectively participate in the national economy, above all, it is meant to ensure especially the women, youth and physically challenged!
The last time I saw mupanga and Margaret, they are not physically challenged….are they marginalized…?
Don’t blame Tayali on this one, you just took advantage of debt collection loopholes and your affluent status not to service.
In the pas I have doubted some assertions by Tayali, I totally agree with this exposure.
CEEC was meant for the poor and you the elite grab it. The same way you grab the seed and fertilizer meant for peasant farmers under the agric. Support program.
You are such shameless and greed bunch of !diots
In a normal country like UK Mrs. Mwanakatwe should have resigned because of two reasons.1.Abuse of Office -she can not borrow from CEEC since she was a board member and currently the CEEC falls under her ministry. 2.she is not marginalized .She is not fit to be minister of commerce ,how can he lift Zambia’s investment portfolio if she fails to pay back debt? Zambia has now become a laughing stock.
Who cares if Mwanakatwe owes or not. we don’t know the Mwanakatwe’s personally. All we know is that they have good jobs. Besides one has to be $tupid to invest their own personal money in a business.It also could be that they can’t get loans from their respective emoloyers because of conflict of interest.
I personally would respect Tayali if he had just mentioned the loan without making saints out of Mmembe and Mahtani who owe billions of kwacha!
But Madam Mwanakatwe, isn’t honesty in loan servicing not a sign of INTEGRITY? or are you suggesting that PROFESSIONALS who get into politics are EXEMPT from their financial obligations? Your appointment as minister means that Zambians should entrust you with the management of their resources, so this track record of defaulting on your loan obligations clearly disqualifies you from holding such office, and this is a serious indictment on the appointing authority who, cant conduct simple background checks on people the intend to appoint.
She should resign all face legal action?? where are the bailiffs to recover the cash from her properties.
Defaulting a loan payment is theft EL should discipline her. Moreover CEEC cash is meant to empower Poor Zambians not these Ministers. this is where we go wrong.
Also the CEO of CEEC should be fired.
Good work Tayali!!! We need more of these exposures.
This obviously exposes the fact that CEEC are not following the correct procedure and they are abusing their system. Their funders/financiers will obviously not be happy with this.
Margaret – you abused the system and this borders on your credibility as a professional and as a minister. Lungu, look at the credibility of your ministers before appointing them.
CEEC funders/sponsors- investigate your officers thoroughly, they are not delivering your objectives as an organization. Some people must be fired starting at the top.
Another typical Zambian NGO where abuse of funds takes place
Dear Margret, what integrity is there to talk about? A lot of people are refused as little as K100K yet you had access to K1.5m and you are failing to pay back. Please recall that money is from the tax hence it should be paid back.
All the woman in the picture above can see on the white piece she is reading from is money during her swearing-in ceremony. The irony is that she has a sacred book, the bible on her other hand. It would be nice and honourable for her to bow out then come back in later when the heat cools. Dora did it over the Italian aviation equipment scandal when she disregarded the Attorney General’s advice. She came ‘clean’ and came right back in. And she’s back in again anyway this time under very unexpected circumstances. Who thought she would only three years ago. Mama once you are in you stay in, so go to maintain some dignity.
she should pay, let her update us on her course of action. its not wrong to have debts but abuse of such privileges by this b!tch stinks….
It is not unusual for business projects to fail, and businesses to default. There is nothing criminal about that. The lenders must have a business arrangement to collateralise their lendings so that they can recover their loans. Alll zambians should be entitled to borrow provided they have workable business plan. Cut out the jealousy.
Resign you thief..
Have debts but dont go for Money which meant to elevate the poor. The honest answer this woman can give is to say we are paying back or we are going to pay back.
This is why she asked us “why are Zambians afraid to borrow”. No shame that money is supposed to be for the poor but these things just rotate around the same names that have been privileged since Kaunda times. This is why politics is a career in Zambia. No ethics, no morals, no shame at all, In a normal country this announcement would have been to tender her resignation. I am expecting a deafening silence from the executive as usual. You say “I was outside the country”, whether you were on the toilet, on holiday or working abroad you obtained money intended for the disadvantaged and enhanced yourself and see nothing wrong. God is watching you guys your day will come. There are Zambians begging God for a miracle from those same funds but it is not to be, since your greed must be…
Does anyone know if she was holding a bible when she said this? (they way she did in the picture when being sworn in?)
Easymann> I thought that is what she said here. Can some one please get a copy of the CEEC Act and paste on this site the condition that states that CEEC funds are purely reserved for the poor who needs to have their lives uplifted. She is very right, Professionals in Zambia will seldom participate in national development hence the poor planning and management of natural resources. Do you know that some foreign nationals enter this country in containers and just after three months you see them driving big cars. Everybody is quite. However, if it were a Zambian it will be a huge story of theft of public resources. What is just wrong with Zambians? She got a LOAN and not a GIFT from CEEC. Do we really understand what a Loan is all about?
@Miya, just because she is a professional does not preclude her from abusing the system.
In an ideal setting, exposing of such abusive persons professional or not serving public office is supposed purge the government of such corrupt abusive elements
Sorry Margaret – you just made it on the list of persons abusing the system
Truly langable…this is how out of touch these people…how can it be a private matter when you illegally borrowed the CEEC and you have defaulted, anywhere else if she was a professional as she states they would have handed in their resignation.
@ Jay jay, it is normal in EL’s govt, any minister or PF cadre can vomit anything without fear of facing consequences from their boss. He cant dare touch them because of fear of losing their support. I don’t blame her, I blame her boss.
@Misozi – I don’t think it is only in the EL government. It is a common trend in Zambian politics that members of the ruling party who are in good standing are not held accountable for their misdeeds until they are out of power or run afoul of the government. Remember George Mpombo went to court for bouncing a check and yet there was a lady minister, I believe from she was MP from Kafue area who had done the same thing and told the person she owed to report her to the police and yet nothing became of that case!
Professionals like you should be straight in their dealings. You were an MD for an international bank and you definitely know who is and who is not eligible for those CEEC loans.
Anyway, personally I detested you the moment you closed most of the Barclays branches that were serving the vulnerable and poor in the remote areas only for a white (sorry) man to come and re-open them when he took over from you.
That is just you trait, taking away from the poor…
(Squeaky voice: ‘Mr. Speaker, Zambians fear borrowing, I don’t know why, but Zambians-fear-borrowing…’)
My foot!
Someone should tell this Marie-Antonette (let them eat cake) that some Zambians are afraid of borrowing because we usually pay back what we borrow and dont enjoy the pressure unlike her who borrows public funds meant for poor and not pay.
@Spellcheck. On being told there was no bread in the country Marie Antoinette said let them eat cake. Are you saying this is equivalent to poor Zambians complaining that they cant get access to CEEC only to be told to go to commercial banks?
Madam,you have not said anything about repaying the loan,lipileni kaili nabambi bakwateko.Please PAY BACK THE MONEY.You were not even entittled to it.
She shouldn’t have allowed her company to borrow in the first place; and after she did, she was supposed to repay the loan before everyone knew it. I think this is not professional, not even political; it is dishonest. The reason why most professionals and politicians loose their faces.
I believe Tayali said most rich people on the beneficiaries list have DEFAULTED, the reason for the alarm. I support Edgar Lungu, but if he will keep people like this minister in his cabinet, he will loose the confidence we have in him. If one protects a thief, it means he supports stealing.
Edgar, this lady has stained her payslip….
Madam, the truth is the CEEC is meant for the poor not people like you who have everything they need. GREED! You are in the limelight so we will continue following you.
Yes you are a professional Madam, but i feel it was not right for your CO. to access the CEEC loan meant for the poor.You and your husband have the capacity to borrow from the financial instituitions i.e the commercial banks.I thought the CEEC funds were meant to boost the capital base of those who do not have the capacity to borrow from the financial.
“….This is a malicious attack on my integrity,” she said. It can never be a malicious attack because it is based on truth!Thanks Tayali for exposing this! We need people in high positions to have morals and serve with integrity! Please Tayali expose more of these false pretenders. The other time she was wondering why Zambians are scared of borrowing not knowing that honest people do not want to borrow and fail to pay like her! CEEC money is usually borrowed by people with political connections and they do not even look at the viability of their proposals. Margaret is a professional but in this case has not displayed the level of honest and integrity expected of her!
Can we please come up with a new dictionary for Zambia so that we can all be clear on words like Integrity meaning kawalala or gabenga, vicious attack meaning truth etc
This woman loves debts. I saw and heard her during her speech in parliament when she was wondering why Zambians fear debts or rather borrowing. this confirms that she is bold in borrowing but poor at repaying back the debts. PF is trigger happy at borrowing hence their enslaving Zambia to their lenders (domestic and external debts now at over $8 billion. Surely ifintu fyalungula pa ZED uku tulelolesha.
If Zambia has to develop we need a Gerry Rawlings of Ghana type to sort out the corrupt otherwise it will never develop
This is a common scenario in Zambia because even scholarships are only benefiting children of the rich people while the poor are made to find money to pay at universities.It is normal for a child to enter the Lusaka International School from Grade 1 to 7 and there after proceed to Binani International School up to Grade 12 but when he goes to university the parents become impercunous or penniless. That is pa Z and these get full bursaries.
Ata Ba Dishonourable Mwanakatwe naimwe, This has nothing to do with professionalism but greed because that’s what you are.
Double dipping at the expense of “marginalised citizens” that’s what you did. The same people you denied loans when you worked for BBZ.
Nothing personal, this is about your integrity.
This woman has lost my respect. Mr. Tayali is raising a moral issue here not whether she is a professional b!tch or not.
Clearly not professional enough if she cannot distinguish moral issues from politics
And we wonder why our country is in the state it is?
This woman says the matter is a private one, Really? For one who headed a big bank she ought to know that If I issue a cheque on an insufficiently funded account the matter ceases to be between myself and the payee. Law enforcement agents get involved and people have gone to prison for this.
Yet she and her husband somehow managed to insinuate themselves into funds meant for the poor (which they clearly do not qualify for), then they defaulted on repayments and she has the Gaul to tell us it is private.
Where are your morals?
I expressed my full views on this story when it broke yesterday.
All I can say today is that Professionals, as much as they hate politics, if they are in politics and have been found wanting, they need to lead the way and resign. Resignation is an option you have madam. Honestly, you shouldn’t have gone for CEEC money in the first place, even in your private capacity as a top flier. Something seriously broken in your judgment system.
Again being professional is no immunity to abuse the system meant for the poor and disadvantaged.
If we manage to keep away professionals from politics who just want to abuse systems meant for the poor ..so be it.
True professionals will one day emerge and lead our people to the promised land. Not these FAKES!!!
Firstly, Change your profile name. Secondly, I can’t agree with you more on that professionals are the most useless when we get into politics. The examples are Dr. Peter Machumgwa and Dr Remy Mushota who once were seen with then K500 million Kwacha cash in suitcases at Bank of ZAMBIA heading to the MMD convention. Dr. Katele Kalumba, a fugitive turned headman. Dr. Musokotwane, Dr Austin Sichinga, Dr Kasanda (former Education per sec) all must also have cobwebs and the list is endless. We demand a new breed of professionals on the ZAMBIAN political arena.
Finally MMD Chief Bootlicker, you have said something I can agree with you. Your observation that we are having fake professional serving Zambia cannot be over emphasized especially under PF. Chama being the leader in this league.
TAYALI is intriguing. Firstly I applaud him for his courage in exposing a ‘big fish’ and his threats to lay out more dirty on RB, should he decide to take him to court for libel. There is more where this is coming from. Question is, does Tayali represent a new breed of squeaky clean youthful leadership Zambia is yearning for or is it the case of a bitter gang member who did not get his ‘cut’? A young man to be privy of such wealthy of info. and dishing it at will should be of interest to agencies such as ACC espceially if it involves a former president. One just doesn’t wake up and start throwing accusations left right and centre unless he has a foot to stand on. Or is the chap naive or possessed like RB has insinuated?
At least she has not denied the story. How do you define a poor person? And if she was not legible who gave her the loan and was this before or when she became a minister? Even poor people that I know got this type of loan and up to now haven’t paid a single ngwee because money was spent purchasing cars.
A bank C.E.O doesnt fall under poor buddy, According to the Citizens Economic Act No. 9 of 2006, the Commission was principally created to uplift the targeted citizens who have suffered marginalization.
It is also meant to level the playing field and raise the citizens to a position where they can effectively participate in the national economy. Does being bank CEO fit into this? You must be related, pass our regards.
bo kahks….
..don’t be lazy bro….no use of just reading the title and you go straight to posting you comment….if you had read the whole article….the would be no need for you to ask if the loan was given to her before or after she became minister….go back to the article….the answer is there..
…infact ministerial position is irrelevant in this aspect….I bet her payslip was much ‘fatter’ as MD Barclays bank than a minister…
Ndaje
Thank you for being objective. All the other comments are based on hatred and not analysing the issue at hand. If CEEC knew that their money was purely for poor people, why give it to her? Secondly, i do not think CEEC is another form of Social Cash Transfer scheme. Honestly Zambians, you want money to be given for business any how. Do we really know the definition of POOR? Remember Zambia was once declared an HIPC. What happened to us was that creditors had to write off most of our debts. Please advise.
Tayali is just reminding you of the mud in your hands and that you should clean it before you touch a white paper.
..she new exactly what she was getting into when she accepted the ministerial appointment…a political arena…no need to cry foul now…this is a scandal of the highest order…wife- MD Barclays Bank, husband- MD ZAMTEL….shamelessly you queue up to obtain a form and foolishly you fill in the form to apply for CEEC funding along side a group of youth who want to buy a block making machine…bcos of your connection..not connection but corruption…the corrupt CEEC approves your loan and denies the boys….the best she and her husband can do is to resign and concentrate on their Aluworks company to repay back da loan….ACC to move in and question CEEC.. the circumstance on which the couple was given the loan….GREEDY..GREEDY..
…in the UK…there are retail shops which are called Poundland…nearly everything there is 1 pound…and everyone is free to buy from there……but off record….the shops are meant to carter for the less privilege….immideatly John Terry(Chelsea captain with millions in his account) was seen there it was big news…Terry spotted in poundland…Terry goes shopping at poundland etc….I liken Terry saga to the Mwanakatwe embarrassing CEEC saga…
Tayali please go ahead and publish the other list of greedy shameless good for nothing characters….
In Zambia the citizens who qualify for Empowerment Funds are:
A. Bank Managers
B. Parastatal Directors
C. International Financial Institution Directors
D. School dropouts/school leavers/ Unemployed UNZA graduates.
TRUE or FALSE
Public funds can be privatized
On the basis of the answers to the above questions a serious leadership would make both the lender and the borrower accountable
That’s my tayali now,bring them down.
Yes your integrity is now soiled and in tatters not fit for the purpose. Entangle yourself with crooks, soon you ‘ll be one.
CEEC was established by government for the marginalised to access finance for Small scale businesses. We know as most Zambians do, that you Margret Mwanakatwe is a well known personality in Zambian business circles and outside Zambia. In fact beside connections with Bembas through marriage you got that privilaged position in society as minister. You are also aware of business conduct codes to be observed once in such position. I belabour all this for I perceive you are educated. How can you sink so low and expose yourself to nincompoops who are correct on this. You are a shame to rob poor Zambians and not borrow from banks that can not refuse you loans.
Remember this, you will from now onwards be referred to as a defaulter, fraudster, cheat and risk to business.
Do not hide behind professional ethics which you have failed to uphold. There are so many professionals who are honest and hard working and we respect them. Fraudster and cheats like some lawyers who steal client’s money is the category where you now belong.
Any more skeletons in your cupboard will continue to be exposed like any other next.
I am sure even the women of the night in Rhodespark also say they are “professional” women of “integrity”, saying it doesnt make it so, its what you do ba dishonarable Mwanakatwe by defending the scandal you have degraded yourself even more than when we first got the story yesterday.
Ba shinka manyela,they borrow from where the poor need to P1 and fail to repay back.Let CEEC be proactive and recover those loans as we need to borrow,not just people from the same background.Look at the Mungomba’s the one who was the director she borrowed and made sure her children borrowed,that’s why Zambia will remain poor because they don’t allow transparent business transactions evevrything is about who you know.Fikabolala
even her husband Ridah borrowed…..CEEC turned into Mungomba empowerment
Madam, in the first place you erred to get money meant for the poor. That money is not meant for people like you madam. To add salt onto the wound, you have failed to pay back for now 5 years. Please pay back the money madam. Further, you must know that since now, you are in the political arena , all the mud in your hands will be exposed.
Peace and Prosperity to Mother Zambia.
@14.1 Spellcheck: Like every facility in Zambia this has been abused from the time of inception. Don’t get me wrong, I am not supporting Mwanakatwe,
DUDU! “PAY BACK THE MONEY”
This is pure manipulation of systems meant to uplift the lives of poor people. African institutions are too corrupt and it will remain a mystery of how this corruption scourge will be eradicated. It is clear that those who are in influential positions are always on the look out for loopholes to milk out the meagre resources that are provided to empower the disadvantaged communities. This classic case calls for the ACC to investigate deeper and flash out those who corruptly benefited from the CEEC. This has nothing to do with political witch-hunt. It is a moral thing to do if we are to be seen as a country committed to zero corruption goal. The Mwanakatwes did a risk assessment and knew beforehand that this issue would tarnish their image if it went public. Resign on moral grounds.
imwe ba mumbwe, CEEC is not meant for the poor. Marginalization doesnot mean poor. She got this loan five years ago before she become minister. Under the CEEC act what you needed was a bankable proposal. This fund was not meant to be a slush fund.
Then enlighten us as to what marginalization means in your corrupt dictionary. Pass our regards to your aunty M. If you stood before God right now you and your aunt would still say its no biggie right, its a private matter, she qualifies right, well one day you will have to answer and even before that day comes the seed you sow will come and haunt you, maybe not so much for you but your aunt.
How is she going to ensure that CEEC is viable and able to collect repayments when she has not been to pay back her loan. She is now compromised as CEEC falls under her Ministry and it is untenable for her to continue as Minister of Commerce.
You can not stand as a Councilor if you owe the Council money in whatever form including rates.
So why has it taken her so long to pay from 2011 to date? That is how Zambians operate! Borrow and not pay back. Someone is now mentioning Mungomba who was in charge of CEEC having borrowed, including her children. If it is true and the money was never paid back expose her! Who is she?
Integrity and professionalism put to test!
@26 address the repayment aspect as well
..come to think of it….no much personal evaluation is done on elected MP before appointing them ministers….but a thorough evaluation is required on nominated MPs just to ensure there no scary skeletons in their wardrobes….is it that the OP failed to advise the president…or he was advised but as usual….’im the boss’ syndrome overruled OP concerns…..???
…and yet CEEC has one leg under the ministry of commerce….this is serious than I thought…..
I like the Isaac mapiki. The writer just forgot to put yenkemiyo , yenkemiyo after kumumu kuli ntambi
“That is an old issue, that loan was obtained when I was not even in the country.”
Serious, what does being out of the country have to do with it?
The loan was still taken in her name, right? And paid into her account! Does the “Hon” Minister of Trade and Commerce (of all people!) seriously think that being out of the country is a reason not to repay a loan?
And to call it “old”? How long then has she been in default? Sure must be nice to be an “honourable” minister.
This is an interesting revelation by Tayali. We now have to sit back and judge whether Mrs Mwanakatwe has any integrity left with her. If she decides to stick to her ministerial position with this “baggage” then she should not refer to herself as a professional. This is a disgraceful matter and she cannot claim that it is a private matter. CEEC funds are not private funds; they are funds pooled from tax payers money and hence all taxpayers have a right to know who has defaulted and who has not, especially if the payment period has been exceeded. There is no malice involved. In fact, we should even go further to identify the persons who approved the loan; did they critically determine who the applicants were so that the criteria was adhered to?
You dog?How do you borrow money for the poor?Useless and you are selfish.You and your husband are getting a lot of money but you are robbing the country through CEEC.Matako yacabe-cabe.If you can get the money from CEEC belonging to the poor then I doubt you if you are really there to serve as minister of commerce.Galu iwe!The president should fire you
Zambia is really rotten to the core nothing to be proud of even women behaving like men in stealing tax payers money. Ni sangwapo mu zambia
Once she decided to enter public service, she should have realised she would be under scrutiny for integrity. Her defence sounds almost like she was doing us a favour entering politics. You make decisions you take consequences.
It is disappointing she made no explanation or apology for having taken a poor mans’ loan and defaulting on it. Especially considering those the funds were intended for are worse off because of her tardy repayments.
On a more cheerful note, it is good to see top people in debt (not supporting debt), because the poor always imagine the rich have their act together. Anyone can have these problems.
OMG CEEC falls directly under the Ministry of Commerce!!! was that appointment a deliberate move so that the debt could disappear? How does a loanee supervise the loaner without compromise?
Was “due diligence” carried out on her before appointment? ECL, this is a serious flaw!
Instead of these loans benefiting the poor or youth so they can contribute to society, this thing dips into them. Rupia Banda can you bail this lady out? She needs to pay back that loan. What an embarrassment and another blow to PF. Lungu has some serious issues to tackle but he’s always hiding and traveling to focus on what is at stake.
This is very funny in Zambia! CEEC fails to get their Boss the minister to pay back. What do they do? They get Tayali to bark for them kkekekeke and the drama goes on! Useless Tayali has a job at last! Leave Maggie alone! Let CEEC fight their battles,, useless managers at CEEC!
If management at CEEC have failed to persuade Mhango -Mwanakatwe to pay back because of her position what is wrong with Tayali being a whistle blower. This is not about Tayali who is detestable. It is about the viability of Mwanakatwe continuing to function as Minister of Commerce when she can not challenge management to collect loans from loanees most of whom owe just K50,000.
This is called selfishness!
That is the issue that is being highlighted by the disclosure.
The rich are obstructing the poor.
God have mercy! Seriously people.
This is the reason why professionals like me don’t enter politics. There is so much mudslinging in Zambian politics and this scares away people like me from serving our country,”
I share the same view with Mrs Mwanakatwe. I haven’t entered politics for the same reason.
“Mud slinging,” she says. In your case there is mud to besting lady, your loa owed to CEEC! What makes you think you are so special you can be excluded form paying back! You are very arrogant Dudu!
Tayali should as well be clean every dog has its time. What goes around comes around.
There we go as Zambians missing the point as always, quick to talk and yap and offer no tangible solution.
Don’t blame this issue on innocent PF and its leadership, what you bloggers must have been asking is, Where has CEEC been all along for Ms. Mwanakatwe to default on her repayment agreement since 2011? Being a Professional Banker herself, could she have allowed anyone to default on a loan obtained with terms and conditions clearly spelt out? What happens to the borrower when they default intentionally?
I guess if we became more serious with National matters and stopped being petty, we will certainly be above jealousy and pettiness and contribute to develop Zambia instead of just talking.
If we are good at talking, open up Talk Shows and entertain our children on ZNBC…
Ba Mushota, mayo mwa lipena!!
Margret and husband’s company has own management who decide what is good for the company.
A company, by definition, like the defunct Zambia and Zambian airways, are an independent entities. Mnagement decide where to borrow from.
Margret had nothing to do with the loans.
Like totally. The CEO has “nothing” to do with loans and the world is flat too!
Eish…
But why does she think this is a defence: “when I was not even in the country.”
Her reply is disappointing “This is a malicious attack on my integrity”. Surely if someone attacks your integrity, why not respond with an exculpatory and lengthy explanation. As it stands, she has not defended her integrity apart from responding as a politician to dodge the darts from Tayali. So the money at CEEC is also for the privileged and buoyant companies?
The Zambian professionals are not different from the illiterates. What is education when your judgment is as good as Kaponya? Even some Kaponyas are very smart. This reminds of KK‘s coupons systems that was abused by the same, corrupt, rich professionals like this wanton. Since independence, it has been the same people milking the masses, Mwanakatwe, Chikwanda, Sata etc
Margret, PAY BACK THE MONEY!!
Hey, kwena this country. Because Maggie spoke in parliament of borrowing, the cartel has now always unleashed an attack on Maggie. Zambia has just acquired $1.25bn and will be disbursed via commercial banks and that will make the rate go down. This is commerce and Maggie will be a star and thus the cartel has to smear mud on her face. Mwandi Maggie stand strong na Mupanga.
Friends of M&M
That ka US$1.25 is going in the same toilet as the other 2 Eurobonds, if she cant have morals to stop her applying for money meant for poor marginalized people and have the audacity NOT to pay what more on a kaloba that she DOESNT have to pay.
Friends of Zambians without political connections.
She has done an excellent job of smearing mud on her face by herself. All the “cartel” has done is expose it. The “cartel” aren’t the ones who borrowed money mean for the poor. Zambians hate truth more above anything else. If you want to part ways with a Zambian tell them the truth. Who told you the borrowing of the eurobond is a good thing in the 1st place? The bible is clear that people who lend are blessed people who borrow are cursed. Read Deut 15:6 “For the Lord your God will bless you as he has promised, and you will lend to many nations but will borrow from none. You will rule over many nations but none will rule over you.” God was telling the nation of Israel what he would bless them if they obeyed you will lend and NOT borrow. Dont celebrate slipping into a curse.
@Luapula Premier
Please spare us with your fake commercial law. Their management is crap. How do they borrow from a social benefit fund? They should borrow from commercial Banks. This is day light theft.
All citizens are supposed to be supported and empowered to help them create business empires
Now there are various stages of business activations others are seed start up others are in growth areas others are in mature stages and still others are in turn around strategy
The citizen economic empowerment must be able to support even those who financed with equity or debt and needed to realise their potential
Then the agreements with CEEC are not onerous They are crafted to ensure that Zambians get onto their fit when they fell genuinely to escrow from that business entity then they go back to CEEC to discuss Just like Greece was doing with EU
She is…
Its not like you subject business activation in CEEC to the standard that Barclays will give on term sheet on its loans and its foreclosures because in most cases that inhibits Zambians to realise there potential and take the necessary risks
There are guarantees that were offered and each business case cash flows potential and horizons are actually accessed individually and a rollover can be given to extend and appreciate the efforts that citizen initiative is giving to the country and what sought of synergies its creating to empower most Zambians
Empowerment does not require onerous contracts but the monitory and review by various agencies to tap in citizens initiatives
The support in CEEC should be at various stages of activation and not necessary at start ups then other findings initiatives we have are irrelevant
I have seen and read some industrial activation and seen how the various stages of business in the citizenry are supported
And what greeters is not always Gold Look at the beauty of musholozi CEEC or the Chinese
Businesses could access funding at various terms depending on funding policy statement of CEEC and those terms could even be reassessed to reflect the cost of capital at the interbank or premium depending on the cash flow and outlook of that CEEC activated Performance review of the funding should not be on term…
sheets only but also a review of the grow and activation in those sectors empowered at those stages of business
It is un fortunate that some of our professionals , seem to be the most corrupt citizens in our nation . Here I can read they reduce themselves to the lowest grades to just steal from the poor .
I f I were a judge of course they are all your friends , I could send you to prison for this act . How come you oppress the lowest class in society to benefit your burning appetite for wealth. To me better you resign before more people suffer under your yoke .
Stop it , it is stinking , are you the marginalised , are you the poorest of the poor are you the lame , just think again.
The response would have made more sense if it was explaining why the failure up to now and give indication as to when this money will be paid back. If complete failure to pay back this cash is reached, then bailiffs must swing into action. This would be more embarrassing and I believe the couple will opt to pay back this loan immediately, even if it meant borrowing form a bank to just settle this loan.
For once Tayali had a good story that he spoiled by trying to praise M’membe, Mathan and others. Unless this was personal, why not disclose all top notch fellows owing CEEC. And the officers at CEEC, what criteria did they use to approve these loans? If found wanting they should just resign or get fired.
The credit criteria used by CEEC was the BE analysis method (Brown Envelop)
You see the sustainability of the CEEC fund as initiated requires a mix in quality of citizen empowered entrepreneurs, those succeeding and best performers are encouraged to make strides and make a return to also ensure the fund has a perpetual life time There is also a danger to impair the fund if its only given to sub prime entrepreneurs There has to be weight allocation to various citizen empowered entities otherwise the fund becomes short lived without sufficient depth on which others can draw to perpetuate the fund especially that its investments policy statement might be to preserve the fund and sustain it Certain entrepreneurs will need to participate to diversify
the fund of course at shorter duration and near commercial terms to those assessed
The fund must be robust enough to live the life time whether in recession growth or stagnation
You also have the review in the credit and board review that reviews the performance of those individuals empowered and on by case by case business coaching and fine tuning is made to ensure that the hutched chicken stands up walk and keep on running and eventually lays the eggs for more chickens and eventually Zambia because a rich entrepreneurial place with added GDP growth translating in incomes to the benefits of all
Stop the credit culture thinking and empower citizens giving them…
flexibility that is not accorded at commercial terms
The notion also that citizen economic empowerment is only for us poor people is also wrong
You will need to precipitate the quality of the fund to ensure its in perpetuity and lives longer for generation to come
There is a risk in reducing the fund into the slash funds if its not well diversified with quality mix of those citizen empowerments
why can’t this mama Margaret Mwanakatwe do what all Zambian politicians do? Steal from public coffers and pay off her loan. And after that even have extra cash on hand for her leisure.
disclaimer: please do not go bananas over my sarcasm..
If your company borrowed money while you were away you should have rescinded or returned the money after you came back. You sound so stupid now by saying it is an old issue or don’t drag me into these things. You benefited from the money and it is not an old issue if you have not yet paid back the money. Total Stupidity at the highest level of government. This is pure and simple CORRUPTION. The only difference is that you tried to hide it or slip under the carpet. Now that YOU have been exposed it is time to RESIGN. Don’t forget to pay back the money.
She has not been exposed the enterprise is still active on the portfolio of loans as in assets and liabilities of the fund what perhaps you should be asking is the reason why the business case for those loans was and how the repayment fell into those cash flows and what really was the issue before you can start talking about the bailiffs and repossessions
A business is no wound up simply like that that is where we go wrong If all fails CEEC will appoint a “”CURATOR or Receiver”‘ to ensure that the business incubated does not go down the drain It can actually be sustained and if seen viable taken on by IDC until its offloaded to investors realising gains
King James Bible
The wicked borroweth, and payeth not again: but the righteous sheweth mercy, and giveth.
Gill’s Exposition of the Entire Bible
The wicked borroweth, and payeth not again,…. While the wicked live, they are scandalous; they live by borrowing, which was always reckoned mean; see Deuteronomy 28:12; and what is worse, as they borrow, they do not design to repay; they take no care nor thought about that, but live upon what they borrow: for this either expresses their incapacity that they cannot pay; or the evil disposition of their mind, which rather seems to be the sense, that they will not pay;
but the righteous showeth mercy, and giveth; which not only argues capacity and ability, but a kind, merciful, and tender spirit to persons in distress, and is expressive…
on CEEC money and the entrepreneurial efforts that went into that business activation Sometimes ideas are bought off and others work on them
Simply questioning Mrs Mwanakatwe,your focus also should be on the performance of the funds
How is it assessed in terms of risk and returns What is the fee income for managers of the fund and how is it benchmarked and what is the reporting like
How has it been financed Is it growing to sustain itself and should be managed according to what strategy and what is the allocation to each sector and stage of the industrial cycle
CEEC is supposed to support all citizens and the focus should be longterm
Now I understand why she asked why Zambians fear to get loans!
Shame!shame!shame on you young lady.Where do you even get the courage to say, this scares people like from serving our country?This is pure selfishness,greediness at its core.You are not professional,but a fraudster stealing fund meant for the poor.Shame on you!
And that is the way the cookie crumbles…..
Was it not just last week or week before when Chibamba Kanyama challenged this woman to clarify her statement in parliament that Zambians should be like Nigerians who are not afraid of borrowing. My recollection is that Chibamba produced statistical evidence about how Nigerians borrow not to pay back. Now, Madam, you borrowed US $1.25 billion for the country without intentions of paying back?
There has been so much talk about GBM’s education or his lack of it and professionals or educated Zambians behaving badly lately. I am not anti-education and I have been privileged to be fairly educated. A so-called less educated GBM doing well in business is definitely more adorable in the current environment than tomato-selling graduates I think. He himself can employ and fire graduates can he not? Technically he has employed the PF government Ministers like Dr Simbyakula having helped PF come into power in 2011. I don’t know how he got his money but he has the head to run and make a business thrive.
Mrs Mwanakatwes has no shame to say what she has said. She obtained the loan in 2011 when she was out of the country. So why is it it outstanding 4 years later? What were the terms of payment? What was the duration of payment? She is a professional banker and should know that loans have to be paid off otherwise the lending institutions suffer. What nonsense! Tayali expose all those who got loans from CEEC and haven’t paid back. Typical this institution should be helping people who cannot afford loans from banks yet the rich ones get all the money, driving expensive cars. Ifya nkongole!
As much as we would talk she is in the ruling party and she can’t pay now all of us know that when someone is a minister he/she is untouchable but please lets wait for her to leave office she is going to dance cikokoshi mwana bayama. Look at silvia masembo just seven months ago they untouchable now look at what is happening,she just came out on bail. Nowonder i have no interest in whatever CEEC does because i know that those people who work there are corrupt and useless look at how they are defending the loan mrs mwanakatwe got. Those organisations don’t help the poor coz as around if the common poor people got a loan from there,only people with connection have succeeded like mrs mwanakatwe and mrs mugomba mable with there relatives. Napwisha Tata.