Admarc offers AHL K6 billion bail out


Agriculture Development and Marketing Corporation (Admarc) says it will bail out Auction Holdings Limited with a K6 billion loan package by Tuesday, January 5, 2021.

Admarc Board chairperson Alexander Kusamba Dzodzi said this money is coming from K23 billion which government owed the grain company.

Dzodzi said: “Government paid K12 billion in form of promissory note and AHL will get K6 billion so they can keep afloat. We have been assured the money because the banks are the ones redeeming."

The Chair has since asked workers at AHL to bear with them saying the financial situation was taken up by Vice President and Minister of Reforms Saulos Chilima who ordered for a lasting solution.

There had been sit-ins at the group's offices with workers saying they had not been paid from September 2020.

The workers have called for another sit-in saying they would like to get paid in full before they can resume any work.

Group representative of the AHL workers said they have got wind of the reports of bail out money but reiterated some have not been paid for three months now and want to be given their dues accordingly.

A vigil is scheduled for Monday while the representatives have been invited for a meeting on Tuesday with management.

Admarc itself has been going through turmoil and had to borrow K22 billion to finance buying of farm produce from farmers.