Chinese run Kingphar Pharmaceuticals Limited has been placed under supervisory liquidation.
This follows a Consent Order to place Kingphar Company Zambia Limited under supervision and commencement of business rescue proceedings.
Lewis Mosho of Lewis Nathan Associates as been appointed as provisional liquidator in respect of all assets belonging to the company.
Kingphar Pharmaceutical, located in the Lusaka East MFEZ was only commissioned two years ago and was supposed to be producing injective drugs and oral preparations.
The plant was commissioned by President Edgar Lungu who hailed the investment as the beginning of Zambia’s drug export exploits.
The total investment was about 25 million US dollars.
200 Zambian workers were created.
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Yet another enterprise bites the dust in Lungu’s sickly economy . Next time it’ll be GRZ itself due to massive debts,shrinking GDP,a falling Kwacha and rising inflation.
Mosho bandits of PF liquidators strikes yet again!!! Day robbery number 7….
Business rescue mechanism and liquidation are different. A liquidator is for liquidation not business rescue mechanism. An administrator is for business rescue. Company Act of 2010 is explicit on the procedures. Liquidation is final resort of a company winding up. Please do a research before writing
It can’t survive because medical supplies under PF and Chilufya are the preserve of very few Indians. And why Lewis Mosho? Is he the PF Liquidator General? Let him update us on how much he has recovered from The Post Newspaper assets. Why isn’t he selling by open tender? No transparency
Why is it always Lewis Mosho?
Another staged robbery
And 200 jobs have been lost
Nobody said it would be easy during this pandemic which has literally brought the global economy to a halt. The government is doing its best with various measures in place such as billions of stimulus packages which were introduced last year. However not all businesses will survive these unprecedented times
Ba KAISER please tell us which stimulus package you mean, and do not blame Corona virus please its the load shedding and unfavourable business environment created by the PF govt that is killing businesses.
Read the company act of 2010 to make relevant comments . We have accredited insolvency practitioners fit to be appointed. If anyone has a problem in the appointment of Lewis Nathan, he must go to court to challenge the appointment. Further, he must be an interested party.
I thought the chinese can survive in any environment, what has happened?
These are pseudo companies that were created by the PF to help launder stolen money.
Zambian economy is crumbling and wait for few months almost all the companies will be shelved. The problem is Edgar Lungu, his leadership is not inspiring and no serious investor would be able stay in such environment. Only those businesses connected to the ruling elites will survive.
Sad news at a tym when we need to revamp manufacturing sector. $ 25 million down the drain in 2 years is sad. Min of Commerce, here is an open challenge to ensure this does not become a trend. We need to start manufacturing on a serious scale.
Even the Chinese have realized that our Economy is a bottomless pit! You can’t run a competitive business in an environment of so many uncertainties from unpredictable policy environment to an unpredictable cost environment. Zambians must realise that choosing Good Leaders is not a game of Chance! Neither is it a game of Wako Ni wako! You don’t vote for someone because you live them. Competence is what matters!
I pity that person who will take over from PF.
Commissioned by Lungu two years ago to fail.