Lusaka based lawyer Lewis Nathan Mosho has asked the government to sell him the K14 million debt which Fred M’membe and Mutembo Nchito owe the Development Bank of Zambia (DBZ).
After paying DBZ, Mosho wants to grab any property owned by M’membe and Nchito so that he can recover his money, plus interest and fees for recovering the debt. He will operate like a vulture fund.
What is his interest? He is a partner of Solicitor General Abraham Mwansa. After hounding out Attorney General Musa Mwenye president Edgar Lungu was supposed to elevate Mwansa to Attorney General.
But the post exposed Mwansa’s corrupt deals with Mosho. The Post wrote that solicitor General Abraham Mwansa approved the appointment of Lewis Mosho’s law firm as transaction advisors in a GRZ sale down project without due consideration to protect the interests of the mining company. ZCCM-IH chief executive officer Pius Kasolo appointed Mosho’s law firm Lewis Nathan Advocates as transaction advisors in the sale down. This is against the background that Mosho was arrested and charged with theft and money laundering offences in a matter where he is accused of defrauding Shoprite Checkers out of K48, million.
So Mosho is looking at a way of punishing M’membe. He has found a partner at Stae House Lucky Mulusa to work with in addition to Abraham Mwansa.
Though Mosho claims that the money will come from an international company specialising in buying off depressed debts, it seems that the money will be from Mosho, Mwansa and Rupiah Banda.
Why would an international company buy a debt in Zambia when chances of recovering that money are very, very slim?
When Mosho buys the debt, it will mean that the indebtedness will be transferred to him. M’membe and Nchito will now owe Mosho K14 million and DBZ will drop out of the picture completely.
Lucky Mulusa who also leaked the information to the media said he has already received the proposal letter addressed to president Lungu.
“Yes, I am in receipt of such a letter regarding the proposal on DBZ. DBZ has its board and management where this letter will be taken for their consideration but this is an interesting proposal,” Mulusa told the Daily Mail after giving them a copy. Mulusa said the proposal is an interesting idea to evaluate because DBZ needs to recover its money and give to other institutions willing to invest in the development of the economy.