Lamasat International has strongly objected to manouvres by Atlas Mara Bank to place the company under receivership.
In a public notice issued on Tuesday afternoon, Lamasat International has urged stakeholders, employees, suppliers, customers and others to ignore the advert published claiming it has been placed under receivership.
“Lamasat hereby advises that this appointment of a receiver manager is improper as it is a violation of the Insolvency Practitioners Act.”
“Consequently, Lamasat will be applying to Court to set aside the appointment of the Receiver Manager”.
Lamasat stated that it was a viable and was a leader in the sector industry it operates in.
African Banking Corporation trading as Atlas Mara Zambia announced in a newspaper 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 has 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.
Lamasat started as a small company but grew to be $200million company.
It is a manufacturing firm and supplier of pipes & fittings , water tanks, paint and polypropylene bags.
Lamasat International was first registered as a manufacturing company back in 2002, Initially the company was producing piping and polypropylene bags but has expanded significantly over the past 15 years. As the company grew, so did the range of products, Lamasat has over 10 different departments all specialising in a product range.
The diverse range of products allowed Lamasat to cater to several industries such as nines, construction, plumbing, home improvement as well as domestic users.
The company was officially opened by the late President Levy Patrick Mwanawasa, SC (MHSRIP) in 2003 and since its inception the company has grown with investments of over US$ 200 Million.
Lamasat prides its self with quality and perfection in all aspects of the business environment, the organisation has invested heavily to ensure that the products are of high standards and meet all statutory requirements such as SABS/SANS Standards, ISO and ASTM standards.
Dont comment on things you dont understand.
I can see ruthless Mathani’s Hands in this. (Finance bank and bank abc are now atlasmara)
Some governments bail-out successful companies, like Lamsat or The Post Newspaper.
PF even closed successful farmers like Costain Chilala and that other girl.
I agree with you. The comment after you just did that. Rajan has sold Finance bank to Atlas Mara who earlier acquired banc Abc. Speculation: These loans could have received from finance bank then and pa chimwenye they was some flexibility but with Briton around in Atlas Mara, maybe vakanga
Why dont they tell us the whole story…how much do they owe the bank? It’s pointless crying wolf when you sign a pact with the devil.
The Ministry of Commerce must take an interest in this matter because our manufacturing base is very fragile and weak since the closure and relocation of many companies in the aftermath of the failed privatization program. Lamasat has made giant strides under very difficult conditions to grow its business. The shocks of the collapse of Chimsoro because of bank loans haven’t yet settled. We can’t be buying everything from China, hardware shops are full of Chinese poly pipes and accessories. Please try to arbitrate this matter
Can’t say more, you have said it all. But we need the story from both sides. Hope it’s not some vendetta.
Uthats how mahtani grabs companies..Radisson blue, Portland cement, bwezani house, the list is endless…..watch this space
Is this not the same company which is involved in the issue of the RTSA speed cameras?
Something is not right here, why is LAMSAT appealling?
The wisest thing to do in these times of instability is to avoid DEBT at all costs!
Our economic Sunami has started especially for those in debt!
Brace for impact!
This kind of conduct reminds me of Swap spinning mills which was received in similar manner. Meridian bank went the same way. One plastic manufacturing company which was in Luanshya road, Lusaka, also got a big loan but never paid back and the bank only got away with worn out pieces of machinery. The list is endless. Do the banks learn anything from the previous happenings? I smell a rat from these Bankers. Someone is not doing his job according to Ts and Cs.
Its a viable company
Lamasat baisala yangu ee. Aero Zambia, Zambian Airways Post Newspapers (with invisible hand), Chimsoro.
Commerce Minister looks lost, got confused at Mines! In any case this is t’s & ‘s issue. Court would just grant more time. It’s over. Govt bailout of a private coy doubtful.It’s over.
Lamasat should draw on the corporate insolvent act of 2018 to the later. The business may be rescued from the hungry bank. Move quickly Lamasat