Economy

DBZ Denies Canceling Debt of Post Newspaper

The Development Bank of Zambia (DBZ) says it has never received instructions from any quarters to write off the money which is subject of a case involving the bank versus JCN Holdings Limited, Post Newspapers and Mutembo Nchito.

DBZ Managing Director, Abraham Mwenda said the decision to discontinue the matter was arrived at on April 18, following the advice and guidance of the Attorney-General.  Dr Mwenda clarified in a Press statement yesterday that Finance and National Planning Minister, Alexander Chikwanda, did not instruct DBZ to write off any money.

“Our understanding is that the Honourable Minister of Finance desired an opinion of the Attorney-General on wider issues of public interest touching on complaints unrelated to the merits of the case but related to the conduct of the matter and public interest issues relating to justice delivery,” he said.

Some opposition parties on Friday called for the resignation of Solicitor-General, Musa Mwenye and Mr Chikwanda alleging that the two instructed the withdrawal of a court case in which DBZ sued JCN Holdings and the Post Newspapers.

Post Newspapers Limited and JCN Holdings have been in court with DBZ over K14 billion which the bank is claiming arising from a loan.

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