Bailiffs grab Times of Zambia property including 12 vehicles

Bailiffs have reportedly seized 12 vehicles from the financially troubled Times of Zambia.

Sources have disclosed that the state-owned company is failing to operate and servicing its debt has stretched its meager resources.

Some employees have not been paid for over 8 months.

“The company is officially in ICU. People who have the chance are jumping out and finding other alternatives,” a source said.

“Operations at the firm are officially paralyzed and it’s likely to close in three weeks’ time as bailiffs have seized 12 vehicles from Times of Zambia.”

While other sources say it is unlikely the Times will close in three weeks, operations are said to be affected by the liquidity situation at the company.

Sources say only a good bailout from central government will help revive the operations at the company.