City of Lusaka FC “Ya Moto” secretary Chilongo said that the club was disputing the US$526, 000 (about K5, Million) debt owed to Cavmont FMO Cpatial that had resulted in the transfer of 59 per cent of the shares from the club to Cavmont FMO.
Cavmont later sold those shares to Forli Investment, owned by Diego Casilli.
Chilongo said that first of all, the figure had popped from nowhere and that in minutes obtained from meetings that resulted the figure to be declared a debt, there was no mention of the money needing to be converted into shares.
He added that the executive had Cavmont’s expense on the club and it came to nothing near the US$526, 000.
He said his executive had spoken to former executive members and trustees who do not remember the transactions that saw the sponsorship to be converted into shares.
When asked about the a statement that declared his executive redundant, Chilongo dismissed the matter and said his executive was in office and would follow through matters of sponsorship and shares to the extreme end.
He said Christine Mulundika, the Board of Trustees who signed the statement to declare the executive and board of Trustees had declared herself redundant and had been replaced.
And on the meeting the executive should have held with the new Board of Trustees, he said that they were first barred and also that some members of the Board were out of town but committed themselves to be available later in the evening yesterday.
“Whether we are stopped from having meeting at the stadium, we can move it anywhere. We plan to move it to Southern Sun but it will go ahead,” he said.
He said the executive intends to hand the issues of the property and liabilities of the club to the trustees so they sort the matter out and leave the issues of the football club, player and coach recruitment to the executive.