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Minister Mwanakatwe hits back at Tayali over K1.5m CEEC loan

Filed under: Latest News,Politics |

Margaret Mwanakatwe Commerce, Trade and Industry Minister Margaret Mwanakatwe has dismissed allegations that she has failed to repay a K1.5 million loan she acquired from the Citizen Economic Empowerment Commission (CEE).

On Sunday, Zambian Voice executive director, Chilufya Tayali, revealed at a media briefing that he has evidence to prove that Mwanakatwe had defaulted on a loan she contracted from CEEC using Aluworks Industries Limited, a company she co-owns with her husband, Dr. Mupanga Mwanakatwe.

The outspoken governance activist wondered why a person of Mwanakatwe’s standing was a beneficiary of funds meant to empower poor people.

“According to the rationale under which CEEC was formed we don’t expect people like Mrs. Mwanakatwe to be part of the beneficiaries because these people are affluent with all advantages to access money from institutions where our poor cannot go,” Tayali charged. “To make the matters worse, Mrs. Mwanakatwe has defaulted on repayment of the K1.5 million loan she got.”

But in an interview, Mwanakatwe admitted that that the money was acquired from CEEC in 2011 for Aluworks Industries and that the company intends to pay back the loan.

She has since advised Tayali to stop dragging her name into the company business because the money was acquired by the company and not her as an individual.

““That is an old issue, that loan was obtained when I was not even in the country. Where is he getting all these things?” She asked. “Tell Mr Tayali not to drag me into these things. This is a malicious attack on my integrity.”

Mwanakatwe said Tayali’s conduct is part of the reason professionals stay away from politics. “This is the reason why professionals like me don’t enter politics. There is so much mudslinging in Zambian politics and this scares away people like me from serving our country.”


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