21 November 2007
Ndola — TIMES Printpak Limited board has instituted a far-reaching debt recovery programme with immediate effect to ensure that the company continues to give quality service and remain commercially viable.
Board chairman, Sebastian Kopulande said in a statement issued in Lusaka yesterday that the board of directors resolved to institute several measures including a door-to-door debt collection exercise.
Mr Kopulande said the company would also blacklist and withdraw credit facilities from clients who failed to co-operate and publish names of long-standing debtors who showed no commitment to meet their financial obligations.
He said the board had additionally resolved to take legal action to recover the debt.
"It is with a great sense of shock and dismay to learn from management during the board meeting of November 14, 2007 that the company is owed well in excess of K13 billion in outstanding bills for advertisements already published in the Times of Zambia and Sunday Times newspapers.
"Of this colossal debt, K8.8 billion has been outstanding for more than 120 days while K2 billion has been outstanding for more than 75 days and K1.1 billion has been outstanding for more than 30 days," he said.
He said it was sad that the list of debtors included Government ministries and departments, large parastatal companies, private companies, non-governmental organisations (NGOs) as well as embassies and high commissions.
"It is difficult to imagine how the company can remain afloat and continue delivering quality service to its clientele and the general public with such a large amount of uncollected revenue," he said.
Mr Kopulande said the measures were not intended to inconvenience clients with whom Times Printpak had enjoyed a mutually beneficial business relationship but were meant to guarantee the viability of the company that continued as a concern and contribute effectively to national development.
"The board of directors has therefore, directed the company management to put these measures into effect immediately," he said.
He urged Times Printpak business partners to support the efforts to recover outstanding payments in order for the company to continue offering them quality service characteristic of only Zambia's oldest newspapers.
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