{"id":421448,"date":"2011-06-10T10:48:11","date_gmt":"2011-06-10T10:48:11","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/10\/post-jcn-failed-to-honour-debt-payment-witness\/"},"modified":"2011-06-10T10:48:11","modified_gmt":"2011-06-10T10:48:11","slug":"post-jcn-failed-to-honour-debt-payment-witness","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/10\/post-jcn-failed-to-honour-debt-payment-witness\/","title":{"rendered":"Post, JCN Failed to Honour Debt Payment – Witness"},"content":{"rendered":"
\n
\n
\n

\"The<\/a><\/p>\n

10 June 2011<\/p>\n

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A WITNESS has testified that despite The Post Newspapers Limited and JCN Holdings signing an undertaking to pay back the K14 billion debt and having documents relating to the same, the duo failed to so.<\/p>\n

And another witness, Development Bank of Zambia (DBZ) managing director Abraham Mwenda testified that The Post Newspapers and JCN Holdings were liable for the obligation they assumed as shareholders.?DBZ head of credit Hephzibah Nainwiindwa Beyani, 47, of house number 953 Y2K, New Avondale, told the court yesterday that JCN Holdings were in court because they did not honour their obligation to pay back a debt it owed DBZ.?Ms Beyani, testifying before High Court Judge Albert Wood in a matter in which DBZ has dragged The Post newspaper, JCN Holding, MNB lawyers Mutembo and Nchima Nchito to court for failing to pay back a K14 billion loan.<\/p>\n

In continued cross-examination, Mr Mutembo Nchito asked Ms Beyani why JCN and The Post newspapers were in court, she responded that the duo was in court because when Zambian Airways ceased operations, DBZ asked them to honour their debt payment to the bank but they disputed the bank\u2019s agreement.?DBZ is claiming K14 billion and interest at the contractual rate and that in the alternative, an order that Mr Mutembo Nchito executes a guarantee or be deemed to have executed a guarantee under clause 8.6 of the syndication of the loan agreement.<\/p>\n

The bank has also asked the court to issue an order that in the alternative, Mr Nchito should pay back K14 billion under the personal guarantee clause.?According to the statement of claim, JCN Holdings, The Post Newspapers, Mr Nchito and his brother Nchima were shareholders in Mine Air Services Limited, which used to trade as Zambian Airways.?Ms Beyani said her understanding was that the process of acquiring the shares was not completed because the airline was defunct while the process was still going on.?\u201cSo the issue is not about shares but the undertaking by the shareholders, namely The Post newspapers and JCN Holdings who had signed an undertaking to pay back the DBZ debt,\u201d she said.<\/p>\n

She said the bank sometimes took a risk of financing and investment and at the same time got collateral as a fallback position in case the project failed, adding that in the case of Zambian Airways, the bank assessed the situation before giving out the money.?Dr Mwenda said the payback guarantee was intended to safeguard the interests of the bank and its subsequent exit.?Mr Nchito suggested to the witness that what the bank wanted was that if JCN Holdings and The Post Newspapers were held liable as guarantors of the debt, one of the directors of Zambian Airways (Himself) should be compelled by the court to sign a guarantee that they will pay back the debt, Dr Mwenda said it was about paying back the debt.<\/p>\n

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\nPost, JCN Failed to Honour Debt Payment – Witness<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

10 June 2011 A WITNESS has testified that despite The Post Newspapers Limited and JCN Holdings signing an undertaking to pay back the K14 billion debt and having documents relating to the same, the duo failed to so. And another witness, Development Bank of Zambia (DBZ) managing director Abraham Mwenda testified that The Post Newspapers and JCN Holdings were liable for the obligation they assumed as shareholders.?DBZ head of credit Hephzibah Nainwiindwa Beyani, 47, of house number 953 Y2K, New Avondale, told the court yesterday that JCN Holdings were in court because they did not honour their obligation to pay back a debt it owed DBZ.?Ms Beyani, testifying before High Court Judge Albert Wood in a matter in which DBZ has dragged The Post newspaper, JCN Holding, MNB lawyers Mutembo and Nchima Nchito to court for failing to pay back a K14 billion loan. In continued cross-examination, Mr Mutembo Nchito asked Ms Beyani why JCN and The Post newspapers were in court, she responded that the duo was in court because when Zambian Airways ceased operations, DBZ asked them to honour their debt payment to the bank but they disputed the bank\u2019s agreement.?DBZ is claiming K14 billion and interest at the contractual rate and that in the alternative, an order that Mr Mutembo Nchito executes a guarantee or be deemed to have executed a guarantee under clause 8.6 of the syndication of the loan agreement. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-421448","post","type-post","status-publish","format-standard"],"yoast_head":"\nPost, JCN Failed to Honour Debt Payment - Witness - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/06\/10\/post-jcn-failed-to-honour-debt-payment-witness\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Post, JCN Failed to Honour Debt Payment - Witness - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"10 June 2011 A WITNESS has testified that despite The Post Newspapers Limited and JCN Holdings signing an undertaking to pay back the K14 billion debt and having documents relating to the same, the duo failed to so. 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In continued cross-examination, Mr Mutembo Nchito asked Ms Beyani why JCN and The Post newspapers were in court, she responded that the duo was in court because when Zambian Airways ceased operations, DBZ asked them to honour their debt payment to the bank but they disputed the bank\u2019s agreement.?DBZ is claiming K14 billion and interest at the contractual rate and that in the alternative, an order that Mr Mutembo Nchito executes a guarantee or be deemed to have executed a guarantee under clause 8.6 of the syndication of the loan agreement.\" \/>\n<meta name=\"twitter:image\" content=\"http:\/\/allafrica.com\/img\/static\/publishers\/minibanners\/timeszambia180.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/10\/post-jcn-failed-to-honour-debt-payment-witness\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/10\/post-jcn-failed-to-honour-debt-payment-witness\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Post, JCN Failed to Honour Debt Payment – Witness\",\"datePublished\":\"2011-06-10T10:48:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/10\/post-jcn-failed-to-honour-debt-payment-witness\/\"},\"wordCount\":513,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/10\/post-jcn-failed-to-honour-debt-payment-witness\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/allafrica.com\/img\/static\/publishers\/minibanners\/timeszambia180.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/06\/10\/post-jcn-failed-to-honour-debt-payment-witness\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/10\/post-jcn-failed-to-honour-debt-payment-witness\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/06\/10\/post-jcn-failed-to-honour-debt-payment-witness\/\",\"name\":\"Post, JCN Failed to Honour Debt Payment - Witness - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/10\/post-jcn-failed-to-honour-debt-payment-witness\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/10\/post-jcn-failed-to-honour-debt-payment-witness\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/allafrica.com\/img\/static\/publishers\/minibanners\/timeszambia180.jpg\",\"datePublished\":\"2011-06-10T10:48:11+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/06\/10\/post-jcn-failed-to-honour-debt-payment-witness\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/10\/post-jcn-failed-to-honour-debt-payment-witness\/#primaryimage\",\"url\":\"http:\/\/allafrica.com\/img\/static\/publishers\/minibanners\/timeszambia180.jpg\",\"contentUrl\":\"http:\/\/allafrica.com\/img\/static\/publishers\/minibanners\/timeszambia180.jpg\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Post, JCN Failed to Honour Debt Payment - Witness - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2011\/06\/10\/post-jcn-failed-to-honour-debt-payment-witness\/","twitter_card":"summary_large_image","twitter_title":"Post, JCN Failed to Honour Debt Payment - Witness - Ghanamma.com","twitter_description":"10 June 2011 A WITNESS has testified that despite The Post Newspapers Limited and JCN Holdings signing an undertaking to pay back the K14 billion debt and having documents relating to the same, the duo failed to so. 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