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The Lusaka High Court has directed the Sheriff to seize assets from Zambia Electrometer Limited to recover a debt exceeding K46 million owed to ZESCO Limited.
ZESCO, which holds a 40 percent stake in Zambia Electrometer (a company involved in manufacturing and supplying electrical equipment), had provided financial assistance to cover the company’s operational expenses, including employee salaries, between 2020 and 2022.
On June 20, 2024, the High Court ruled in favor of ZESCO, ordering Zambia Electrometer to settle the outstanding debt.
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Following the issuance of a writ of fieri facias on October 9, 2024, ZESCO is now authorised to seize the company’s assets to recover the K46,428,429 loan, plus interest.
Court documents revealed that ZESCO had extended financial support to help Zambia Electrometer meet employee salary obligations and other operational costs during its financial struggles.
“The plaintiff shall aver that in or about 2019, the defendant began facing financial difficulties. The defendant subsequently requested financial assistance from the plaintiff on a regular basis to meet operating expenses, primarily employee salaries,” the claim stated.
Despite repeated demands for repayment, Zambia Electrometer failed to settle the debt, prompting ZESCO to seek repayment of K46 million, along with damages for inconvenience.
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