Finance bank gives Zambian Airways 10 days to pay debt

Finance bank gives Zambian Airways 10 days to pay debt

Zambian Airways Boeing 737-244 grounded for ever

FINANCE Bank Zambia has instructed SNB legal practitioners to recover US$4,208,938,28 from Mines Air Services Limited, trading as Zambian Airways and its directors over a debt that they guaranteed.

The debt was guaranteed by the Post Newspaper Limited JNC Holdings
Limited under the signatures of Fred Mmembe, Mutembo Nchito and Nchima

According to a letter addressed to the Zambian Airways receiver a
Mr Kieran Day of Kenya, the debt has been outstanding and now Finance
Bank would like to recover the amounts.

”We have been retained as advocates for Finance Bank Zambia in the
matter and therefore note our interest.

“FBZ has instructed us to formally demand from Mines Air Services
Limited T/A Zambian Airways (in receivership) due payment of US$4,208,938 outstanding balance on accounts held by Mines Air Services Limited,” reads a letter dated July 20, 2011 and signed by Mr Sunday
Nkonde and obtained by the Times.

According to the letter the payment has to be made in 10 days from the
date of the letter.

According to the letter the company through Escrow fuel had a balance of US$2,096,842,68 and US$5,112,095,60 on the main overdraft account.

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