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It’s Pay Back Time, CEEC Repossesses Emmams Motel
The Citizens Economic Empowerment Commission (CEEC) has repossessed Emmams motel in Kafue district belonging to Mr. Emmanuel Muntari for failure to pay back a loan facility close to K2 million rebased.
CEEC Public Relations Manager Grenda Masebe says it is payback time for enterprises that have failed to meet the contractual obligations of the CEEC.
Mrs. Masebe says the commission disbursed K1.940 billion loan facility ( KR1, 940, 000) in 2009 and that Mr. Muntari only paid K58 thousand rebased which was made in three installments with outstanding arrears of K2.3 million rebased.
She has since pointed out that an evaluation exercise will be done on the property and that those interested must apply to acquire the Motel.
The loan tenure was for five years and due in 2014.
And the CEEC Public relation Manager has disclosed that the Commission has also repossessed one Africa enterprise which got the loan amounting to K250 thousand rebased and has only managed to pay back K5 thousand rebased.
She further says currently, the commission has about 17 cases in its favour to repossess 17 houses pledged as collateral countrywide.
Posted by Editor
on January 22, 2013. Filed under LATEST NEWS.
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isaac
January 22, 2013 at 2:42 pm
This is not MMD where you used to get loans without thinking of paying back.
isaac
January 22, 2013 at 2:43 pm
This is not MMD where you used to get loans without thinking of paying back.This is a revolving funds which supposed to benefit other needy pipo as well.
zemuntu
January 22, 2013 at 2:58 pm
thats my govt at work. let this be a warning to all zambians that there is no free man and let CEEC vigoruosly advertise in the media on what actions they are taking on defaulting customers.by the way wherez is janet c, i miss her.
zemuntu
January 22, 2013 at 3:16 pm
thats my govt at work. let this be a warning to all zambians that there is no such things as free money and let CEEC vigoruosly advertise in the media on what actions they are taking on defaulting customers.by the way wherez is janet c, i miss her.
gweny
January 22, 2013 at 3:25 pm
@zemuntu are u a working class? lots of rubbish
Umupandapwiti
January 22, 2013 at 4:00 pm
lol
GK
January 22, 2013 at 4:36 pm
Why are you saying that to Zemuntu? You are one of those who borrowed with intent to defraud us? Your time is up, we have caught you and we will get the money back and empower more people.
zemuntu
January 23, 2013 at 12:47 pm
@Gwenny, am a working class in this same govt of HEMCS my sis. Muli muchibe bamwansakabinga imwe, you thot RB wud bounce back. just prepare to surrender whatever you had put as collateral.This is a warning even to others especially even our local contractors. there will be no free money nge fyo chali mwakwa Chi RB
CNP-4U
January 22, 2013 at 3:59 pm
the chaps should be ashamed..all that money!!get it
Munyelo Pwete!
January 22, 2013 at 4:16 pm
@gweny
You sound as if you are one of these idiets who have lamentably failed to pay back the loans to CEEC! You sound so bitter you bloody swine! Start preparing yourself if you are among those owing money from CEEC because you are next!
zemuntu
January 23, 2013 at 2:46 pm
@Munyelo Pweto, mweba Gwenny she thot MMD wud rule forever and there are a lot of these pretenders in business who enjoying claiming what does not belong to them especially this uncirmcised ichilema(read sunday post editorial)
zemuntu
January 23, 2013 at 2:51 pm
Correction to my above post,@Munyelo Pweto, mwebe Gwenny she thot MMD wud rule forever and there are a lot of these pretenders in business who have no shame in claiming what do not belong to them especially this uncircumcised ichilema(read this week’s sunday post)
DarkmanX!
January 22, 2013 at 4:44 pm
Bwesheni,we also need the same!i have had applied for the same loan for the past 2yrs but all anvail.Ba mpompwe!
Mabena k
January 22, 2013 at 9:59 pm
Muntari was a star a few months ago, i remember he was even in court for not paying his workers. He could insult them and even threaten to beat them up. Little did i knw that it was a loan. What goes round must come round, God is always fair. Now i gues u wil rot emma.
Fault Finder
January 22, 2013 at 11:37 pm
@gweny, how can one person be a working class?
Democrat
January 23, 2013 at 12:12 am
Muntari got K2b loan abwesha K58m? Jeeeeeeeeeesus!!! Shimo baya ku Toyota Zambia and bot a posh car, ishashala baya onkela. Yangu taata maayo ee bafikalaabaeeee!!!
Mwana Mfumu
January 23, 2013 at 8:42 am
Give cesser waht belongs to him
mumu
January 23, 2013 at 10:25 am
just pay back what you got
mk
January 23, 2013 at 10:58 am
What is happening in the country shows how double standards can be applied. While K14Bn lies uncollected, here we are as a country pursuing honest small fish. The owner of Emma Motel never refused indebtedness at anytime neither did he rush to the politicians to duck the debt. The govt was given an option to find a partner who could run the motel with the owner on some understanding but they didn’t listen because somebody somewhere in the corridors of power has interest. Why didn’t hostels board sit with the owner so that once the debt is redeemed, then ownership is returned to the owner? We have a Minister of Commerce who just talks but can’t empower zambians yet as a country, we have had our debts written off. Bob Sichinga is just a let down.
zemuntu
January 23, 2013 at 3:01 pm
@mk, which 14B coz that case is still in court and emma lost the case in court. imwe ba pompwe you thot chi mmd na chi RB will be there forever nangu kaili fyabuteko. balemibutulusha pakweba ati 2016 ikafike morever it will be a white wash basakalanyongo imwe. Please Ceec intensify your efforts so that you squeeze the bones out of these bastards nangu he is dead make sure u go and exhume his body so that you can get even a coffin and his clothes and part of his bones,kekekekekekeke awe mwandi twalichulile kuli bakembo aba kanshi ni money yama loan
Globe Trekker
January 23, 2013 at 12:03 pm
What is happening is that when CEEC gives out a loan, the very month of disebursement is the month or the following month of the first installment due back to them…
Now lets look at this motel under construction, it has not even started trading, its still being constructed, how does it generate the money to pay back?
Mr emmanuel, take litigation, put an injunction to defer repayment until the business becomes viable.