THE
Citizens Economic Empowerment Commission in Northern Province has grabbed a
house belonging to former Kasama District Commissioner Stephen Chanda for
defaulting on his K250 million loan acquired from the institution.
Bailiffs were found at Colonel Chanda’s home removing household goods after a High Court order paved way for the Commission to grab the house which Col Chanda put up as collateral.
CEEC Northern division official Davies Sitali said there was negligence on the part of most loan beneficiaries in the province as most had failed to stick to the terms of acquiring loans from the
revolving fund.
The institution had since begun pouncing on defaulters and notices had been sent out to those with outstanding commitments.
Mr Sitali said beneficiaries should be responsible as paying back loans to the Commission would enable others benefit from the initiative.
Bailiffs were found at Colonel Chanda’s home removing household goods after a High Court order paved way for the Commission to grab the house which Col Chanda put up as collateral.
CEEC Northern division official Davies Sitali said there was negligence on the part of most loan beneficiaries in the province as most had failed to stick to the terms of acquiring loans from the
revolving fund.
The institution had since begun pouncing on defaulters and notices had been sent out to those with outstanding commitments.
Mr Sitali said beneficiaries should be responsible as paying back loans to the Commission would enable others benefit from the initiative.
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