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Alba Iulia
Tuesday, May 26, 2020

Post Newspapers Liquidators promise to pay creditors after selling off the assets

Headlines Post Newspapers Liquidators promise to pay creditors after selling off the assets

Post Newspapers outside their offices on Bwinjimfumu road
FILE Post Newspapers employees outside their offices on Bwinjimfumu road after shutdown

The Liquidators of the defunct Post Newspapers limited have promised to pay the creditors after selling the assets of the company following the Lusaka High Court’s decision to declare the company insolvent.

Recoveries Manager of the Post Newspapers Limited Robert Chabinga says he will start by paying secured creditors, former Post Newspapers employees, the Zambia Revenue Authority and other creditors as prescribed by the companies Act.

And Mr. Chabinga says initially the liquidators wanted to find a commercial solution to the company’s problems but some shareholders opted not to cooperate.

He has warned former Post Newspapers workers who are holding on to company property to surrender them before they are followed up.

Addressing a media breakfast in Lusaka, Mr. Chabinga said it is sad that some shareholders opted to politicise the matter, leading to the closure of the company.

He said the company was declared insolvent by the courts of law and not any individual adding that it is therefore wrong to suggest that there was politics at play when the matter started and ended in court.

Meanwhile, Mr. Chabinga has called for regulation of social media.

He says it is sad that some people have continued insulting other using social media, further suggesting that government should come up with laws to regulate cyberspace.

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  1. If your Government was responsible and accountable for it’s actions, you wouldn’t cry to control Social Media. Stealing and Corruption is what your Government wants to hide. But it’s too late. Curbing Social Media is not possible. Closing the Post did not yield anything either, because we are well informed of all the corruption going on.

    • Miss the Post

      Its like missing an ex boyfriend who used to abuse you and beat you up.

      Morally wrong, but a small voice in my head telling me to forgive and forget

      What is wrong with me?



    • Jonathan, also remember that that when you leave State House, Liquidators are coming after you to to seize your illegally acquired assets to pay back the creditors – aka Zambian People.

    • Please eat your remaining meat in silence and stop taking Zambians for fo.o.ls by saying “it was wrong to suggest that there was politics at play when the matter started and ended in court.”. We are busy with cholera, so stop rubbing our feathers.
      As it appears, the Zambia Revenue Authority will never be able to collect the owed money, clearly, it’s a lose-lose situation. The whole game did not bring much into ZRA coffers.
      The only benefit maybe was that they managed to scare off other organization who started paying their dues which led to this year record collections of revenue. On that one Good Job to ZRA. But for you Mr. Chabinga, please give us a break, and s..hut…up.

    • I want to buy the company name.Reserve it for me. I am the sole-bidder. I don’t want to see anyone bidding for this name. Pantu inkamufuna .

  2. Ba Mr. Chabinga naimwe your job is to liquidate the defunct Co., and not to talk about who politicized the issue. Iwe Chabinga be quantitative it’s about numbers and not stories here: show us the full list of creditors, number of employees. Also tell us the invariable proportional you will use through-out to dispense the payments. Don’t be corrupt like former liquidators.

  3. Fred M’membe thought he was bigger than Zambia-but he learnt it in a harsh way that indeed Zambia is bigger than anybody!!The Post is gone.all what M’membe worked for since 1990 though in a crooked way-gone for good!!!how i wish the owners of Prime TV and Muvi TV can learn something from Fred M’membe’s downfall.the media must not be used by politicians to fight political battles because political parties shall come and go but Zambian Govnt will remain forever.hence media must remain neutral more especially the private ones!!!M’membe is done and dusted.he is a nobody now simply by avoiding to pay tax while associating himself with a political loser Kainde!!MUCH AS I FEEL SORRY FOR M’MEMBE,HE HOWEVER DESERVES WHAT HE GOT!!

  4. Good riddance, bye bye.
    But we are not yet done, we will search the Panama papers with a fine comb, if Mmembe hid his money somebody else we shall locate them.

  5. Fred m’membe failed to realize that when you stay in a glass house don’t throw stones, I even questioned his caliber of thinking when he waged war against Lungu’s government . It would have not come to this if this man was tax compliant and had tone down in his unprofessional and biased reporting. The government is there to sustain and not to destroy businesses, that’s why other corporate entities with so much arrears with ZRA are still existent. Fred decided to go anti government in a bid to satisfy the egos of the cartelistic grouping which included HH and other unscrupulous politicians and businessmen. Like njimbu has alluded to above, let this be a lesson to those biased media organizations to reform and report smartly and ethically.

  6. The failure to settle taxes owed to ZRA triggered the crisis. The showdown became inevitable because of gross misunderstanding by parties. The company tried to challenge the ZRA on concerns that were not backed by company law and tax law. On the other hand, ZRA tried to give time to the company to reach .a settlement. The result was disastrous because the company failed to meet stringent tax regulations. Raising funds proves impossible for a company that loses business attraction. The truth is that it is illegal for ZRA to cancel tax obligations. The tax obligations can only be settled in accordance with established norms and procedures. The future will always bring more opportunities than the past did.

  7. PF for you, very good at destruction. The post was in every town and provided employment to so many people. I went to one desolate place all l saw there was a post newspaper office. ECL foolishness is going to taunt him destroying jobs when he can’t create one

  8. Are these politicians for real? Do you have a clue what cyber space means? Show me a country that has succeeded in regulating cyber space.

    Chipimo 2021!

    • ….Chipimo nani for 2021??? You mean the Chipimo who doesn’t even have a councilor and is only active in media….yabaaa!!!!

    • @Zambian Citizen. Yes, that very Chipimo. Tell me why he is not a good candidate for the position. Is he linked to corruption? Has he benefited inappropriately through corruption? Does he debate issues responsibly?
      I’m done supporting recycled leaders who can’t bring anything new to the table. If you want to see change, don’t do the same thing over and over and expect different results. Chipimo may not have a councilor because people are not open to changing their mindset. If we look at his moral standing, he’s way above the leaders you continue supporting. We all it to our country to get good people into our government.

      Chipimo 2021!

    • @Lobyolo: Chipimo is good in media, he is presentable and intelligent. But politics is not about convincing people like you who are educated and comfortable. Remember it’s about numbers, now for every 2 voters per plot in Kabulonga, there are 30+ voters in Chawama compound per same plot. So who are you going to target??? A smart politician knows his statistics that is why they start by forming structures in the same compounds. Chipimo may be educated but he is socially dull not to have grassroots structures and councilors in the local authorities. When you go down to the markets, bus stops and local areas and convince them that you have a plan for them, that you can solve their day to day challenges, they come out in masses and give you votes-that is how you make an impact on the…

    • …national political scene. Not jumping on the bandwagon of bashing PF on social media, stroking your ego and thinking you are popular because the intelligentsia has approved you.

  9. The assets of the Post newspaper were sold in 2016, and yet ex-workers are not yet paid, waiting for interest to accrue?

  10. If you used to mess with the Chiluba regime,Mwanawasa,Rupiah and Sata,you thought you could also mess with my regime?No ways!

  11. My understanding is that Mmembe is stronger than ECL. Why? Because ECL is using government machinery while Mmembe is using his individual strength. I’m waiting for the time when ECL will be without Government machinery, then we will see how they are going to fight and who the real man is. For now Edgar celebrate. Akantanshi takalisha akalekelesha eka lisha.

    • @Ndetila nati.
      You couldn’t have put it better. When ECL leaves office, that’s when we’ll see who the real man is between Mmembe and ECL. Repeating what you said, in the western world they say: ” He who strikes last, strikes the hardest”. They also say: ” He who laughs last, laughs the loudest”.

  12. Vultures sorting out the remains of an animal.Post is a skeleton of itself waiting to be interred.It is now a song that it existed.It is a dead animal with no life as vultures have made it lifeless.Its parts are being shared by wild dogs like no man’s business.It grew wings such that when it soared no one could push it.Most of these vultures were scared when Post was in existence.It brought sanity in the area of corruption and investigations.Many of these vultures are nailing the last nail in Post’s coffin because they know how critical the paper was.It is a pity that investigative journalism is no longer in existence owing to demise of the Post.

  13. Just when the thought they have killed king Fred, elyo aisa! Fred is here and shall destroy you big time! The chap is damn rich! The chap shall now fight you in the battle field! Mwanya cholera!

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