ADMARC Owe Grain Traders MK3BN
Some members of the Indigenous Grain Traders Association camped on Capitol Hill to force ministry of Agriculture to pay them for grain supplied to ADMARC in November-December last year.
The Traders represented over 200 traders in total that are claiming the payment in excess of 3 Billion kwacha.
They supplied the grain to ADMARC between November and December 2020.
The traders claimed ADMARC has been shifting goalposts on when the payment will be made.
The traders were led by their leader Rachael Fatch, and One of the traders from Mponela, Hallman Manuel told us holding a vigil is the only solution at hand, as authorities are not honoring their promises.
Principal Secretary for the Ministry of Agriculture, Erica Maganga, tried to pacify the disgruntled grain traders who have remained camped at the government offices.
Meanwhile, Admarc board chairperson Alexander Kusamba Dzonzi confirmed the board owes the traders 3 billion kwacha which needs clearance from CDH bank through the treasury.
He acknowledged the delay to a suspension of a payment system by the banker.
In October last year, ADMARC secured a K22.2 billion loan from CDH, as a bailout to buy 80,000 metric tonnes of maize from traders.
However, Kusamba Dzonzi has told us the board only managed to use K14 Billion of the money.
In January this year, ADMARC gave a 6 Billion Kwacha loan to AHL group of companies to cushion the financial hardships it was facing.