STATEMENT BY MR SHIPANGO MUTETO, CHAIRPERSON OF THE BOARD OF TRUSTEES OF NAPSA ON THE TEMPORARY CLOSURE OF SOCIETY BUSINESS PARK.

27 AUGUST, LUSAKA.

THE NATIONAL PENSION SCHEME AUTHORITY WISHES TO INFORM THE MEDIA AND THE PUBLIC THAT WE HAVE TAKEN A VERY PAINFUL, COSTLY BUT NECESSARY DECISION TO CLOSE THE SOCIETY BUSINESS PARK (SBP) WITH IMMEDIATE EFFECT AND UNTIL FURTHER NOTICE. WE HAVE TAKEN THIS DECISION AS A PRECAUTIONARY MEASURE TO PROTECT AND SAFEGUARD HUMAN LIFE.

FOLLOWING THE STRUCTURAL FAILURE OF SOME COLUMNS AT THE OFFICE BLOCK AT SOCIETY BUSINESS PARK IN OCTOBER 2019, THE OFFICE BLOCK WAS VACATED AND REMEDIAL ACTIONS TAKEN THEREAFTER. THE AUTHORITY COMMISSIONED A COMPREHENSIVE ASSESSMENT OF THE STRUCTURAL INTEGRITY OF THE ENTIRE SOCIETY BUSINESS PARK DEVELOPMENT IN NOVEMBER 2023. THE DETAILED REPORT RECEIVED IN JULY 2024 HAS REVEALED THAT SOME PARTS OF THE DEVELOPMENT, NAMELY THE OFFICE BLOCK AND PARKADE, ARE STRUCTURALLY NOT SOUND AND THEREFORE NOT SAFE FOR CONTINUED OCCUPANCY. THE ASSESSMENT HAS FURTHER REVEALED THAT PART OF THE SOCIETY BUSINESS PARK, THAT IS THE RETAIL MALL AND HOTEL TOWER ARE SOUND BUT NEED ATTENTION TO ADDRESS IDENTIFIED STRUCTURAL DEFECTS.

THE DECISION TO CLOSE THE ENTIRE BUSINESS PARK ALSO ARISES FROM THE FACT THAT THE PARKADE AND THE OFFICE BLOCK, WHICH ARE NOT SAFE FOR CONTINUED OCCUPANCY ARE DIRECTLY LINKED TO THE HOTEL AND THE RETAIL MALL THROUGH COMMON FACILITIES. THE CLOSURE OF THE PARKADE AND OFFICE BLOCK, WHICH HAS BEEN RECOMMENDED BY THE CONSULTANTS, WILL RESULT IN IMPEDED ACCESS TO THE MALL AND THE HOTEL TOWER. FURTHER, SERVICES TO THE HOTEL AND THE MALL WILL BE SEVERELY AFFECTED, MAKING THE TWO FACILITIES INOPERABLE. THEREFORE, THE BOARD HAS RESOLVED TO CLOSE THE ENTIRE BUSINESS PARK COMPRISING THE PARKADE, RETAIL MALL AND HOTEL TOWER, IN ORDER TO PROTECT THE WELLBEING AND SAFETY OF THE TENANTS AND THE PUBLIC.
THE AUTHORITY WISHES TO ANNOUNCE THAT ALL CURRENT TENANTS AT SOCIETY BUSINESS PARK HAVE BEEN INFORMED AND GIVEN NOTICE TO VACATE THE PREMISES WITHIN TEN DAYS AS A SAFETY MEASURE.

ALL MOTORISTS, CUSTOMERS AND TENANTS WHO USE OR VISIT THE SOCIETY BUSINESS PARK, AND PARKADE ARE HEREBY INFORMED THAT THE ENTIRE BUSINESS PARK WILL NOT BE AVAILABLE UNTIL FURTHER NOTICE.
THE BOARD AND MANAGEMENT DEEPLY REGRET THIS UNFORTUNATE DEVELOPMENT AND WILL DO EVERYTHING POSSIBLE TO ENSURE THAT WE LESSEN THE NEGATIVE IMPACT OF THIS DEVELOPMENT ESPECIALLY ON THE TENANTS AND THE STAFF WORKING AT THE BUSINESS PARK. SOME OF THE MEASURES THAT WE WILL IMPLEMENT IN THIS REGARD INCLUDE THE FOLLOWING:

1. REFUND OF ALL SECURITY DEPOSITS TO TENANTS
2. REFUND OF ALL ADVANCE RENTAL PAYMENTS
3. ASSIST TO IDENTIFY ALTERNATIVE TRADING SPACES

WE HAVE ALSO DEPLOYED EXTRA SECURITY TO GUARD AND PROTECT THE BUSINESS PARK TO PREVENT DAMAGE TO PROPERTY AND AVERT ANY UNWARRANTED ACTIVITIES.
WE WISH TO STATE THAT THE AUTHORITY IS TAKING SERIOUS AND DECISIVE ACTION AGAINST ANYONE FOUND IN CONTRACTUAL, LEGAL OR ANY VIOLATION THAT HAS LED TO THE CURRENT STATE OF AFFAIRS.

THE AUTHORITY IS IN THE PROCESS OF DETERMINING THE TOTAL FINANCIAL LOSS RESULTING FROM THIS UNFORTUNATE DEVELOPMENT.
AS WE EXPLORE DEVELOPMENT OPTIONS AND THE WAY FORWARD WITH THE BUSINESS PARK, THE PUBLIC WILL BE INFORMED.
MEANWHILE, THE AUTHORITY HAS SET UP AN AD HOC COMMITTEE TO DEAL WITH ALL THE ISSUES ARISING FROM THIS DEVELOPMENT. FOR ANY QUERIES OR CLARIFICATIONS PLEASE CONTACT THE DIRECTOR INVESTMENTS OR HEAD CORPORATE AFFAIRS ON INFO@NAPSA.CO.ZM OR CALL 0211395000.

SHIPANGO MUTETO
BOARD CHAIRMAN