The Citizens Economic Empowerment Commission (CEEC) has repossessed Emmams motel in Kafue district belonging to Mr. Emmanuel Muntari for failure to pay back a loan facility close to K2 million rebased.
CEEC Public Relations Manager Grenda Masebe says it is payback time for enterprises that have failed to meet the contractual obligations of the CEEC.
Mrs. Masebe says the commission disbursed K1.940 billion loan facility ( KR1, 940, 000) in 2009 and that Mr. Muntari only paid K58 thousand rebased which was made in three installments with outstanding arrears of K2.3 million rebased.
She has since pointed out that an evaluation exercise will be done on the property and that those interested must apply to acquire the Motel.
The loan tenure was for five years and due in 2014.
And the CEEC Public relation Manager has disclosed that the Commission has also repossessed one Africa enterprise which got the loan amounting to K250 thousand rebased and has only managed to pay back K5 thousand rebased.
She further says currently, the commission has about 17 cases in its favour to repossess 17 houses pledged as collateral countrywide.