New information has emerged disclosing why Post Newspaper owner Fred Mmembe has continued singing praise for the Patriotic Front government. He owes several banks including ZANACO a bank in which the Zambian government has shares K14 billion now K14 million.
Sources within the PF government say this is one reason why the ZANACO commission of inquiry has not released the report because Mmembe promised the ZANACO shareholders especially Rabo Bank of Netherlands protection on condition that the bank writes off the debt as a bad debt.
The Post Newspapers owes ZANACO alone K5.5 million (K 5.5 billion un-rebased) a loan that was obtained in 2004 and has not been paid to date. This is at the time Zambian Airways a company in which Mmembe and Mutembo Nchito also dubiously obtained money from Development Bank of Zambia and NAPSA. Mmembe also owes DBZ 14 billion minus interest.
According to documents obtained, Post Newspapers also owes Intermarket Banking Corporation a loan obtained in 2008, Investrust a loan obtained in 2010 and Investec Bank of South Africa a loan obtained in 2011.
Among the companies Mmembe used as witnesses to obtain the loan from a South African Bank is Huawei Technologies Investment Limited of China. It is not known how and why Huawei was used.