Despite management of SERIOES International Limited spending a considerable amount on personal emoluments and other costs to manage the unsold assets, the Auditor General’s report has exposed the failure to facilitate payment of terminal benefits to over 280 ex-employees of SERIOES International Limited a total of K5,730,609 as of 31st December 2022.
Questions had earlier risen on the alleged corrupt sale of the SERIOES International Limited Property Stand No. 1554 in Luanshya to Nyimba Investments Limited by the Office of the Administrator General and Official Receiver after it was discovered that the property was sold at a price that was lower than the reserve price by about K1.3 million.
This is after the sale of Luanshya’s SERIOES International Company Limited properties, a company that was once a producer of suits for the local and international markets before the privatization era, has been rounded off by alleged corrupt deals.
A review of schedules relating to outstanding terminal benefits to ex-employees of SERIOES Company however, revealed that as of 31st December 2022, a total of 282 ex-employees were owed amounts totaling K5,730,609.
However, no payments had been made to any ex-employee but management had spent amounts totaling K216,335 on payment of personal emoluments and other costs to employees engaged to manage the unsold assets leaving a balance of K1,433,665 as at 31st October 2023.
The sale of the company’s properties Stand No. 1554 in Luanshya, has been had raised questions for alleged corrupt deals after the property was sold to Nyimba Investments Limited at a price lower than the reserve price by about K1.3 million, raising questions about the transparency and fairness of the sale.
SERIOES International Limited was once a renowned company that produced high-quality suits for the local and international markets. It was known for its exceptional garment-making skills, and its suits were worn by people in the military and even President Kenneth Kaunda himself. However, the privatization era saw the company’s downfall, and it was eventually sold off.
The failure to pay the terminal benefits to ex-employees is however a serious issue that needs to be addressed immediately as it highlights the company’s disregard for its former employees, who had dedicated their time and effort to SERIOES International Limited.
