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.
Questions have risen on the alleged corrupt sale of the SERIOES International Limited Property Stand No. 1554 in Luanshya by the Office of the Administrator General and Official Receiver to Nyimba Investments Limited after it was revealed that the property was sold at a price that was lower than the reserve price by about K1.3 million .
The sale, which was finalized in May 2021, saw Nyimba Investments Limited acquire the property for K1,650,000, despite a higher offer of K2,951,000 being made by Antelope Wholesale Merchants Limited in June 2020.
According to the audit findings on the accounts of parastatal bodies and other statutory institutions for the financial year ended 31st December 2022, On 10th February 2020 Nyimba Investment Limited as seating tenants was offered to purchase property at stand No. 1554 situated in Luanshya at a reserve price of K2, 935,000.
However, the company (Nyimba Investments) responded with a counteroffer of K1,560,000 resulting in the Office of the Administrator General and Official Receiver placing an advert in the print media in May 2020 for the sale of the property at a reserve price of K2,935,000.
In this regard, on 3rd June 2020 Antelope Wholesale Merchants Limited made an offer of K2,951,000 for the property. However, it was observed that the property was finally sold to Nyimba Investment Limited in May 2021 at a price of K1,650,000 which was lower than the price offered by Antelope Wholesale Merchants Limited by K1, 301, 000.
The sale of property at a price lower than the reserve price is highly irregular and raises serious questions about the motives behind the sale.
With experts questioning the transparency and fairness of the sale process, it has also emerged that management did not provide a copy of the valuation report of the property sold, further fueling suspicions of foul play.
Reports indicate that Luanshya’s SERIOES International Company Limited was a Luanshya-based company that produced suits for the local and international markets. Suits made by SERIOES made it to the competitive European market and other international markets. It also produced various garments for the military and also exported to most of southern Africa.
SERIOES International Company Limited was also the maker of posh suits for government dignitaries such as ministers and presidents before It was sold off during the privatization era.
More details to follow…
