CEEC clarifies Mwanakatwe loan saga

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The Citizens Economic Empowerment Commission (CEEC) has clarified that Aluworks Industries Limited a company co-owned by Commerce Minister Margret Mwanakatwe and her husband Mupanga Mwanakatwe qualifies for economic empowerment as a citizens owned company under the CEEC Act no.9 OF 2006.

CEEC Public Relations and Communications manager Glenda Masebe has told Qfm news in a statement that the company got a loan of K945,000 (rebased) in 2009 from CEEC.

Ms. Masebe says Aluworks Industries LTD is among the 144 applicants whose loans were approved by the commission between 2008 and 2012,adding that the loan is still active on the CEEC loan book.

Ms. Masebe has also dismissed allegations suggesting that the commission has been giving loans to senior government officials and other people who are well to do at the expense of the poor Zambians.

She says the CEEC a transparent and professional loan approval system in place and that only eligible and bankable empowerment proposals are approved by the commission.

Ms Masebe adds that the commission has a policy in place to priotize empowerment funding to rural areas, women and youths.

Ms. Masebe states that between 2013 to 2014 the commission approved 1,892 loans for targeted citizens valued at K108million,with 92percent of those loans benefiting rural applicants, 27 percent women and 35percent youths.

Meanwhile the Zambian Voice has demanded that Commerce Minister Margret Mwanakatwe pays back the money she owes or give a reliable commitment plan on how she will liquidate the loan sir gar other people can access the money.

Executive Director Chilufya Tayali says failure to do will prompt his organisation to report the case to the Anti Corruption Commission so that an investigation can be launched on how she and her husband acquired the loan and where the money went.

He says they are highly doubtful as an organisation that the money was borrowed with good intentions.

Mr Tayali adds that his organization is disappointed with the response of Mrs Mwanakatwe over the loan they got from CEEC, by refusing to take responsibility of the debt in the guise of corporate veil that it is the company that borrowed and the company will pay.

He states that companies do not exist in a vacuum,but are rather created by individuals who bear responsibility of liability depending n the circumstances.

Mr Tayali further argues that contrary to Mrs Mwanakatwe’s suggestion that she was not aware of the loan because she was out of the country,she acted together with her husband to obtain the loan from CEEC using the company in which she has shareholding of 60% to her husband’s 40%.

Mr Tayali adds that Mrs Mwanakatwe took full responsibility of the loan in question when she took over the running of the said company as evidenced in a letter she wrote to CEEC on 23rd January 2015 to CEEC which she signed as Managing Director.

QFM Zambia

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