IDC bails out Times of Zambia
By Staff Reporter
The Industrial Development Corporation (IDC) has granted a shareholder loan Times Printpak Zambia, publishers of the government owned Times of Zambia newspaper, for paying staff salary arears.
In the last 15 years, the newspaper has been under serious financial stress, resulting in workers going without salaries for up to seven months.
Recently, Information and Broadcasting Services minister Dora Siliya told the nation that Times of Zambia was insolvent.
She further said the government was contemplating liquidating or recapitalising the newspaper.
“The Industrial Development Corporation (IDC) has effected a shareholder’s loan to Times Printpak Zambia, towards payment of the three (3) months’ salary arrears for unionised staff. By close of business on Thursday, Times Printpak had started the process of uploading salary transfers into staff accounts,” according to a statement issued on Friday by IDC Public Relations Manager Namakau Mukelabai.
The letter quoted IDC Group Chief Executive Officer Mateyo Kaluba saying that: “The plan is it to finish all transfers by or before 30th June 2018. I want to thank the staff at Times Printpak for remaining calm during this period as we continue to look for a long-term solution to sustain the company.”
On May 15 this year, the IDC announced that staff at Times Printpak Zambia would be paid three months’ salary arrears after resources were made available for IDC at the end of June through a shareholder’s loan to Times Printpak.
The resources are meant to alleviate pressure on the arrears.