ZAMBIAN AIRWAYS DEBT TO DBZ
Raising issues about Zambian Airways’ debt to the Development Bank of Zambia (DBZ) in relation to me can be considered nothing but crass ignorance and malice. I don’t owe Investtrust or any bank in the world money. Let anyone with such evidence produce it. If I owed Investtrust, DBZ, or any bank money, I would be sued. There is no such action in any court against me, and there will never be.
Let me make it clear that I was never personally responsible for Zambian Airways’ indebtedness to the DBZ
– DBZ imposed a condition on Zambian Airways to raise $3 million in equity in order to be eligible for a $3 million loan from the bank.
– Zambian Airways shareholders committed to meeting this condition and secured investments from The Post Newspapers Limited and Seaboard.
– The Post Newspapers Limited invested $3 million and Seaboard invested $2 million, exceeding the required equity amount.
– The Post Newspapers Limited received a 25% share in Zambian Airways, while Seaboard received a 12% share.
– Zambian Airways faced financial difficulties due to rising fuel prices and the global airline industry’s challenges at that time.
– The directors of the company put Zambian Airways into receivership.
– I was never found liable for Zambian Airways’ indebtedness to DBZ in a High Court judgment.
– Zambian Airways’ Indebtedness: Separate Fact from Fiction
Find the high court judgment below: https://www.lusakatimes.com/2016/02/27/high-court-stops-proceeding-in-the-k14-billion-dbz-vs-zambian-airways-case/
Again I don’t owe Investtrust or any bank in the world money. Let anyone with such evidence produce it. If I owed Investtrust DBZ, or any back money, I would be sued. There is no such action in any court against me, and there will never be.
Fred M’membe
Ba Fred Mmembe ni ba puuti. Mwalikongola
That’s how crooks work. They don’t borrow against their personal names but against the companies in which they have shares so that they can be freed from the liability of paying back and cry that they don’t owe anybody anything, only the company does.
aFuledi matako don’t think you can be clever with your word twisting.
You were the “key man” in the post newspaper that’s why they wanted you included in your person in addition to your newspaper which was already being sued with Zambia Airways.
And according to the law, only the lenders, in this case, DBZ, or the shareholders (which included your post newspaper) could place Zambia Airways in receivership, NOT the directors!
So own up and pay your nkongole’s and stop your Vaseline businesses!!!
The Queer is having a taste of his hatred
Membe, whom are you fooling. You , using , Zambia Airways, through the defunct post newspaper, borrowed over $3 million. You siphoned it out using dubious means such as Directors fees , allowance etc. Zambian Airways collapsed due to mismanagement and not high fuel prices. You have an appetite for stealing and not paying back. You associate your self with Putin; honestly can you be a genuine human being. How many people has put in killed both in Russia and Ukraine?
Twakukana!!!!
Lift the corp veil and go after this man and his personal assets. Ba jalila ba mabala….
Accuring debt and failing to pay back meanwhile the workers died in poverty and the man wants to sing socialism…Just animal farm antics at play. First it was the Post. Why wasnt he paying his statutory obligations? Zambian Airways, now InvestTrust….next you elect him President. What will he do to the Treasury?
And that is Socialism for you. Deflect issues while they steal and point at others as being theives?
Why are those not in agreement with Fred Mmembe coming forward to provide evidence against his statement? Why be so petty?
Muna please, the evidence is the statements. Who were the directors/owners of the Post? Fred Mmembe. Who were the directors/owners of Zambian Airways? Nchitos and Mmembe. Who signed the loans for the Post at Investrust Bank? Mmembe. Who signed and presided on the resolution and obtained the loans that Zambian Airways got? The Directors of Zambian Airways and it is reported that the Post was used as colateral. Now, if the Post wad evading taxes, it knew the law was on to them. Why would use the same company as colateral to obtain a loan when there was a further liability that would cause the loan that you got not to be recovered? That is just plain being a crook. Like obtaining money under a false guise. Plain and simple. Using a company to hide behind theft is just plain crookedness. Cause the company cant speak?
Simple question is: Why did Zambian Airways go to DBZ instead of StanChart or ABSA for such a loan? The answer is that DBZ had free cash (and ifipunda) for them who have power and influence to siphon. That is why DBZ is where it is now and StanChart and ABSA are still standing strong. Sometimes let us not complicate our lives. When going to Livingstone just use GNR via Mazabuka instead of via Chirundu through the Bottom Road.
When you send a child to borrow you are still responsible – justice is blind when it separates company from individual orchestrators of the crime.
Piece the corporate veil against this idiot. Fred has caused more harm than good in this country. Why are the authorities tolerating this crook to move freely.
The damage he has caused will surely catch up with him. He who kills with the swed the same shall surely kill him. M’membe day is fast approaching. The red lipped will surely test jail