CEEC Pursue Defaulters

The Citizens Economic Empowerment Commission (CEEC) intends to recover about K5.4 billion from seven individuals and companies that have defaulted in paying contracted loans from the institution.

CEEC public relations manager Brenda Musebe said they have since commenced the repossession exercise after issuing writs of possession to about seven defaulters.

Musebe said they have so far reposed a motel in Kafue after the owner failed to pay K1.9 billion loan.

She said decided to reposses the motel from Emmanuel Munthali because he has only paid K58 million against the total contracted sum for a loan.

Musebe said CEEC has further reposed a 10 acre farm in Ndola belonging to DSK Farm for failing to settle K250 million, a house in Solwezi for failing to pay for failing to pay K250 million loan and an abattoir for failing to K1 billion loan among others.

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