Lamasat challenges liquidation
By Staff Reporter
Lamasat Internaltional has strongly objected to manouvres by AtlasMara Bank to place the company under receivership.
In a public notice issued on Tuesday afternoon by the company, Lamasat International urged stakeholders, employees, suppliers, customers and others to ignore the advert published by the bank claiming it had been placed under receivership.
“Lamasat hereby advise that this appointment of a receiver manager is improper as it was a violation of the Insolvency Practitioners Act,” ready part of the statement. “Consequently, Lamasat will be applying to court to set aside the appointment of the receiver manager”
Lamasat stated that it was a viable and a leader in the sector industry it operates in. African Banking Corparation trading as AtlasMara Zambia announced in a media advert that it had placed Lamasat International on receivership.
The move was aimed at recovering millions of kwacha owed to the Bank in loans and overdrafts. Atlas Mara said it had since appointed lawyer, Mwenya Andrew Mukupa to act as Receiver manager for the company.
The appointment was made pursuant to the debenture and mortgage deeds dated 16th March 2015 and 17th March 2015 which was made between the bank and the company.
Lamasat started as a small company but grew to be $200 million company in a space of 15 years. Lamasat is a manufacturing firm and supplier of pipes and fittings, water tanks, paint and polypropylene bags in the country.