Lamasat International has strongly objected to manouvres by Atlas Mara Bank to place the company under receivership.
In a public notice issued on Tuesday afternoon, Lamasat International has urged stakeholders, employees, suppliers, customers and others to ignore the advert published claiming it has been placed under receivership.
“Lamasat hereby advises that this appointment of a receiver manager is improper as it is a violation of the Insolvency Practitioners Act.”
“Consequently, Lamasat will be applying to Court to set aside the appointment of the Receiver Manager”.
Lamasat stated that it was a viable and was a leader in the sector industry it operates in.
African Banking Corporation trading as Atlas Mara Zambia announced in a newspaper advert that it had placed Lamasat International on receivership.
The move was aimed at recovering millions of kwacha owed to the bank in loans and overdrafts.
Atlas Mara said it has since appointed lawyer, Mwenya Andrew Mukupa to act as Receiver Manager for the company.
The appointment was made pursuant to the debenture and mortgage deeds dated 16th March 2015 and 17th March 2015.
Lamasat started as a small company but grew to be $200million company.
It is a manufacturing firm and supplier of pipes & fittings , water tanks, paint and polypropylene bags.
Lamasat International was first registered as a manufacturing company back in 2002, Initially the company was producing piping and polypropylene bags but has expanded significantly over the past 15 years. As the company grew, so did the range of products, Lamasat has over 10 different departments all specialising in a product range.
The diverse range of products allowed Lamasat to cater to several industries such as nines, construction, plumbing, home improvement as well as domestic users.
The company was officially opened by the late President Levy Patrick Mwanawasa, SC (MHSRIP) in 2003 and since its inception the company has grown with investments of over US$ 200 Million.
Lamasat prides its self with quality and perfection in all aspects of the business environment, the organisation has invested heavily to ensure that the products are of high standards and meet all statutory requirements such as SABS/SANS Standards, ISO and ASTM standards.