Fri, 23 Dec 2016 08:27:32 +0000 By Chikumbi Katebe CITIZENS Economic Empowerment Commission has sued Chavuma Development Company and a local farm Kabayi Farming Limited in the amounts K1696 963.65 and US$157 677.26 respectively. In one suit, director credit control and risk, Nchimunya Monde alleged that by legal mortgage dated 14th April, 2015 between Kabayi Farming Limited together with Dave Amon Kabayi also as mortgagor and CEEC, property on farm No. 1877 was by mortgagor as security in the sum of US$ 745 000 to be repaid at an interest rate of 12 percent per year. The agreement demanded that the two mortgagees pay CEEC or discharge to the Commission all monies and liabilities for the time being due and owing together with the 12 percent interest. He said that Kabayi Farming Limited has failed to pay the amount as they never paid anything towards clearing the outstanding amount towards the loan. He explained that […]
