William Nyirenda (right) briefing the Minister of Commerce Trade and
Industry Margaret Mwanakatwe (centre) and Central Province Minister
Davies Chisopa how PACRA operates during the official launch of a new
PACRA office in Kabwe
FIRST Capital Bank has dragged Commerce, Trade and Industry Minister Margaret Mwanakatwe to court over an unpaid loan after failing to meet the debt obligations before the October 31, 2013 which was the debt service period.
This is in a matter in which a company owned by Mwanakatwe and her husband Mupanga Mwanakatwe- Aluworks Industries Limited obtained a loan from First Capital Bank in October 2012 in the sum of K800,000 to be paid back within one year.
Aluworks Industries, Mwanakatwe and husband Mupanga as borrower, customer and guarantor respectively have been sued together in the sum of K1,034,965.48 as outstanding sum under a credit facility offered to the company, which was guaranteed to be paid by October 31, 2013.
“Repayment was guaranteed by the second and third responded as directors. The debt was secured by the third party mortgage dated October 18, 2012 relating to stand number 11357/M off Leopards Hill Road. In their submissions to the High Court, the Bank has demanded that the duo, as directors of Aluworks should pay back the money in 14 days or risk losing their property under the aforesaid credit facility that ordered to honour terms of their guarantee.
Aluworks Industries obtained an overdraft facility to finance its working capital at K800,000 on an agreed term on a revolving line of credit with 18 percent added only if the loan was serviced beyond the agreed first 12 months.
The Bank accused Aluworks and its directors of neglecting to settle the debt and as at October 15, 2015, the total outstanding amount was K1 034 965.48 which sum was due and payable either jointly or severally.
As Julius Malema would say”Pay back the money”!!!!!!
When Chilufya Tayali blew the whistle on Margaret and her husband over a loan from CEEC people cried foul. CEEC was meant for poor Zambians to access..now the same couple have a bad debt with a commercial bank and both hold senior positions in Govt. How does that work? Imagine this Margaret being Miles Sampa’s boss! God forbid. Avery clear case of failed Jemasonomics…
Wow, she recently bragged that she’s not afraid to borrow and encouraged other citizens to not be afraid and go flat out borrowing. If Zambians leave morons like her in govt Zambia’s poverty levels will be unimaginable because of the debt their govt has contracted and still want to contract. At today’s USD exchange rate and the economy on it’s knees, repayment ni-kayakaya.
“Zambians are afraid of borrowing Mr Speaker!” exclaimed Madam Mwanakatwe in Parliament. I guess she now understands why.
“Mr Speaker, I don’t know why Zambians are afraid of borrowing!” exclaimed Madam Mwanakatwe in Parliament. I guess she now understands why.
This is the caliber of ministers this govt has, with no single shame informing the nation that it is okay to borrow and not paying back. Surely, this is the commerce minister marketing your country. One wonders how the outside world judges us in terms of leadership and integrity
Please release this woman from her duties, no wonder Sampa quit. Working under a person with no ethics. She is going into Govt coffers to pay off her debt.
Clan Father Christmas left too early. The problem is they were comparing themselves to Clan Fatherv Christmas Jr (Mulenga).
This is the reason am not rushing to buy land and build in Zambia. Most of those properties are built on borrowed money. Am waiting for the bust and then buy the repossessed properties from the bank for a song. Stop leaving beyond your means people!
This is second loan we have heard that Margaret is imprecated in. Whats wrong with them kanshi, I think kaso fye? She can just go to state house and they can settle all her debts. What Commerce are they giving example to…
Kwena mu Zambia, almost everyone is crook.
Imprecated shuwa shuwa! Iwe its IMPLICATED! Its not “almost everyone is crook” but ” almost everyone is crooked/ or a crook”….awe mwandi
Bo Nostradamus, chizungu LMAO! Next time type in Lozi my fellow country man. You cannot be thinking in Bemba or Tonga, and trying to type in English. Hahahaha.
@Nostra, did you almost say impregnated with!? Just kidding but that is closer than implicated could have been. If she borrows from State House to pay back, it will certainly be tax cash, or Eurobond, China Defence loan or Kariba Dam repair funds…
And all of you correcting me are in America where they speak English.
M****** mwe, baswaini, you think I like or enjoy english. Foooolish Zambians, you busy showing off and your ministers are enjoying loans and allowances.
Correct my english again, maybe you get rich from that.
bwana minister why too many issues with you? even CEEC you havent paid. this isnt right please show good leadership by honoring deals. at the end of the day people will start saying that its PF people
Most Zambian wealth is either bank money or loot money. Not much is real success or wealth, mere connections and influence.
You are very wrong people every where borrow especially in the western countries. ..very few can purchase property out right unless you ve won the lottery.
I thought one time she wondered why Zambians are so scared to borrow. So I’m surprised.
This is a Red Flag. These two will be very vulnerable to corruption as they try to raise the money to repay their debt!
Correction, K Bwalya, you should these two ARE VERY VULNERABLE TO CORRUPTION….
How do you appoint broke people to be ministers? Isn’t this the same couple that borrowed from CEEC?
Very sad. Is Zamtel money safe? Scrutinise all service contracts with Zamtel, you will find Mupanga Mwanakatwe connected to each one of them because he is busy trying to repay loans. What did Sata see in this man?
ALUWORKS, iyi kampani izatipeleka patali mu zed kaa, upitile uko inakongola, apa inakongola , apo inakongola, what do they do with the money ?
Appointing broke people to become ministers in a broke government. Surely, even euro bond creditors should be worried because government is broke and is prone to default on the loans acquired.
ZAMBIA should be worried!
When the Nation cannot repay the EUROBOND Zambians will really know what sh!t this PF Government has dumped them in!
It will be painful and deadly, and many will starve before help comes.
mr speaker zambians fear borrowing, mr speaker zambians fear borrowing ……she said in parliament, well this is the reason we fear borrowing. Her integrity is impaired, mama you must resign.
The president should fire this minister If she is failing to run her business how can we expect her to be prudent with funds belonging to the ministry? This minister must go.
For just once mr president see sense and act morally to give credence to yo govt. Drop her to protect the little resources at the commerce ministry. But as usual one bottle of jameson from her and the power behind her skirt does it for ecl to keep a blind eye over this nosense.
Zamtel under LAP green was doing fine, bring in this crook Mwanakatwe this company is in trouble almost collapsing, who doesn’t know how Zamtel is performing, today debt after debt and they want the government to contract even more debt to sustain this criminal’s activities in Aluwroks. As if this is not enough, even the wife is a culprit in contracting debt, first it was CEEC now this bank. How many more banks will come out and expose these misfits? Nga bakaloba? And this is the person you put to head a ministry? No wonder Sampa has resigned, he knows a lot about this good for nothing Minister, its only in Zambia were people have no integrity. Ati Zambians are scared to borrow? ifwabupuba.
Comment:These people will most likely than not be corrupt, actually they are ingredients to corruption, which is not good for our country. worse off what commer
ce can this lady command? The other issue is, she was busy advising the country not to be scared of borrowing and i think what she forget to say is “don’t be scared to borrow and default.”
Time to be serious! We cannot have bankrupt people holding high public office. Let the necessary actions follow – resign with immediate effect, or let the appointing authorities fire the culprits. Time for integrity and honesty in public and political service!! How else shall the national prayers and fasting sessions be taken seriously?
Yes Margaret we r afraid of borrowing pantu we don’t want 2 kusebana. Bamipoke fyonse mwakwata or muye my jail
….iye…couple iyi nayo yavuta…..did the OP do a good job when clearing this lady for the appointment to such a high office..??…or as usual ba ECL trying to win support from women fraternity appointed her on pretext of empowering women without any mandatory pre-checks….what is going on in Zed kanshi..??…..totalling this default and that of CEEC and im sure other financial institution may come out soon or later as well…tantamount mount to being declared bankrupt….and this was a managing director of bank….she could have done better…
I HAVE BEEN WONDERING WHY ZAMTEL HAS ENTERED THE CORE BUSINESS OF RUNNING ENDLESS BILL BOARD ADVERTS OR TV COMMERCIALS ALL OVER ZAMBIA. SOMEBODY IS BUSY RAISING MONEY TO REPAY LOANS??
THE LYBYAN ZAMTEL WAS CLEAN!!
How did this woman become a minister? Was a background check done? Oh sorry, I forgot that in Zambia wako ni wako, not credibility, is what matters. She must be made to repay the loan. She should not think that she is a sacred cow.
I remember her sharp voice in parliament; ‘ Mr speaker why are Zambians afraid of borrowing?
The answer is paying back is kafwafwa…. Kekekekekekekekeke!
Pay back the money! Pay back the money! You see this habit of appointing names must come to an end because we are not in a kingdom and certainly political genes get tired pretty quickly. Bring the couple to account, and let’s bring in competencies instead of nomenclatures…
Pay back the money! Pay back the money! Pay back the money! Pay back the money! Pay back the money! Pay back the money! Pay back the money! Pay back the money! Pay back the money! Pay back the money! Pay back the money! Pay back the money! Pay back the money! Pay back the money! Pay back the money!
Having asked her to pay back the money may be this time around she will listern
Pay back the money. Pay back the money. Pay back the money. Pay back the money.
Mwanakatwe, Mmembe, and all you people who hide behind your positions, pay back the money.
Is this different form the CEEC loan?
yes its another loan!!
This is utterly disgraceful. ..this minister is in no position to even be advising a marketer in Soweto about micro-loans…or even advising banks about responsible lending.
Well, look at this from another angle. She borrowed money meant for poor people, she certainly was not poor at the time.
However, if the bank are successful and the bailiff is sent around, she and hubby will be a lot poorer. It’s a punishment of sorts! The good news is they may now qualify for future poverty loans…!
Defaulting on loans is an indication of failing to make ends meet. Am not surprised cause there is not much professionalism in the country. Many deals are cut on who you know basis, and not on laid down criteria.
Zambia is a mess, & these are the people leading this country. What a shame!
Very useless couple; very shameful na vungu va boza. Poor Family PF
Very shameful! #MargretMustGo!
The couple is bankrupt. They (Both) must be fired by a competent Govt. They a recipe for corruption. Shame on you
I am going to get a loan too. No huddles of unnecessary restrictive parameters. please, lekeni naifwe fwe bapina tuswemo. tupakamekeko…. ine mpokeko fye ka K40, 000= ATI IYOO! ATA BAMBULI IMWEE…BALANCING OF WEALTH IS WHAT WE WANT
@nostradamus, we are not going to get rich correcting your English. But if you must comment, then do it in the language you know best. No one is going to take your comments seriously if you make errors as is the case. No need to insult.
Such shameful act should compel sensible people to resign on moral grounds. Do we have moral? If I were ECL I would recall Miles Sampa to become full Cabinet Minister especially if I can’t see others with more moral consciousness than our woman here. Even Edith Nawakwi can be coopted and given this potifolio as well. Pew!
Please let’s get the legalese correct, OK? It’s “the respondents” not “the responded”.
Hehehehe Ananias and Safila. Shameless couple. Imwe leave Nostr…… alone his dictionary was off.
Mr President, these were some of the issues that made the MMD of RB irrelevant! If people are to
have confidence in you, let this couple be relieved of their duties before elections.