Lewis Mosho was not only conveniently hand picked as the Liquidator of The Post Newspaper, but is also the local representative of Stag Africa, the company that is a beneficiary of $150m change from the $500m secret loan to Zesco that Edgar Lungu personally signed for, against the law!
And Zambian Opposition, whose primary function is to check against such illegality, are preoccupied with ZCID brokered dialogue at the expense of real issues such as this one and eSwathini-gate, among the many scandals that have seen Zambian taxpayers robbed by Edgar Lungu and his tandem of thieves!
Take a look at this article by the post in 2016.
No wonder Edgar didn’t care whether he was breaking the law when closing The Post Newspaper!
Fred Mmembe and his Post Newspaper were onto him and Mosho’s dealings!
This is the same man and company at the centre of the $500m secret Zesco loan!
God knows if these Helicopters ever saw the light of day!
The Post Newspaper
April 11, 2016
Government turns to Mosho for $50m loan … STAG to ‘help’ DMMU purchase helicopters
GOVERNMENT is negotiating a US$50 million loan from Lusaka lawyer Lewis Mosho’s company, STAG.
According to a loan agreement which was scheduled to be signed in the first quarter of 2016, the government intends to use the money for procurement of helicopters under the Disaster Management and Mitigation Unit (DMMU).
Correspondence also reveals that there was a final negotiation meeting on March 4, 2016 after which the loan agreement would be signed.
In a letter dated February 26, 2016, Ministry of Finance permanent secretary for budget and economic affairs Pamela Kabamba invited STAG African Investments Zambia Ltd and JMAAC Financial Services, a newly licensed company serving as the facility agent, to a final negotiation meeting last month.
“Reference is made to loan negotiations that were held on 10th December, 2015 for a loan facility to finance the procurement of the helicopters for Disaster Management and Mitigation Unit (DMMU) for its emergency operations in the amount of up to US$50,000,000,” read Kabamba’s letter in part.
“The government negotiating team has completed the process of evaluating and reviewing the documentation you submitted. In this regard, we wish to invite you for further negotiations scheduled for Friday 4th March 2016 at 10:00 hours in the office of Director- Investment and Debt Management Department. Please be advised accordingly.”
According to the loan agreement, the loan must be repaid within 10 years with a grace period of two years.
“The loan will be repaid by MoF over 10 years as specified in the repayment schedule (Annexure 2) annexed hereto; a grace period of two years will apply to the repayment of the capital amount. Interest during the grace period will be paid bi-annually in accordance with clause 12 of this agreement,” read the agreement in part.
“An interest rate of 6.25% per annum, calculated monthly in arrears, on the total balance of capital and interest outstanding will apply. Interest and capital will be paid bi-annually in accordance with clause 12 of this agreement and for a period of 10 years. A once off initiation fee of 15% of the loan amount paid is payable on the disbursement date. A once off management fee of 1.25% of the loan amount is payable on the disbursement date.”
The agreement also has a confidentiality clause which bars government, STAG and JMMAC from disclosing details of the loan.
“The tripartite (finance ministry, STAG and JMMAC) hereby agree that any information obtained from any party in connection with this agreement shall remain the exclusive property of the party from which it was obtained, and the tripartite undertake to refrain from using or disclosing or revealing any information obtained or generated by the tripartite together for this cooperation without prior written consent of the other party,” read the agreement in part.
“The tripartite shall impose on their representatives, contractors, employees and agents to whom information referred to in this clause is required to be disclosed for the purposes of the cooperation, the obligation to keep such information confidential to the same extent as the obligation is undertaken by the party itself.”
The agreement also stressed that the wording was subject to STAG’s approval.
“This agreement is subject to STAG, and STAG’s Funder/s’ confirmation in writing, that they are satisfied with the wording of Clause 8 of this agreement, provided that; STAG confirms its acceptance of such wording by no later than 25 March 2016, failing which this agreement shall lapse and be of no further force or effect. This condition has been inserted for the benefit of STAG and STAG may waive such condition in its sole discretion,” read the agreement in part.
However, according to sources involved in the transaction, the annual financial statements for 2014 and 2015 which were attached to the said agreement and submitted to the Ministry of Finance, were for STAG Holdings, which is registered and domiciled in South African and not the Zambian registered firm based in Lusaka.
STAG Holding CC has a registered office at 2201 ABSA Centre, Heerengracht, Cape Town, while STAG African Investements Zambia Limited, headed by Mosho is registered at address number 758 Independence Avenue, Woodlands, Lusaka.
Last year, STAG African wrote to Mosho assuring him that a technology company called EPC would pay US$17 million to him and others if the Zambian government awarded a Power Purchase Agreement to STAG.
Later, State House ordered the Ministry of Energy to award the US$800 million Zesco Power Purchase contract to Mosho’s company, STAG Renewable Energy Zambia Limited.
The letter headlined “1,000MW SOLAR POWER PLANT BY STAG RENEWABLE ENERGY ZAMBIA LIMITED” signed by President Edgar Lungu’s special assistant for press and public relations Amos Chanda, stated that the South African-based company needed to be considered for the award of the contract because it had already committed to advance US$120 million to the Ministry of Finance for disaster management.
Before the Zesco board was appointed, Mosho of Lewis Nathan and Advocates had submitted his curriculum vitae to the government, with a cover note explaining that he desired to be the Zesco board chairman because he had, among other attributes, experience in private sector financing.
Efforts to get a comment from Mosho proved futile as his phone went unanswered