Doing business
from Ikulu
ANBEM Ltd stated objectives include to act as merchants, general traders, warehouse, stockists, shopkeepers and operators of supermarkets, commission agents and carriers
Latest total registered debts: 750m/-, borrowed from two local banks
THISDAY REPORTERS
Dar es Salaam
FORMER President Benjamin Mkapa and First Lady Anna Mkapa started their own company and became actively engaged in business as entrepreneurs and directors of a private firm while still at State House, we can comfortably reveal today.
Our investigations have established that as sitting president and first lady, Mr Mkapa and his wife registered a private company under the name of ANBEM Limited in 1999, just four years into his presidency.
The company was awarded certificate of incorporation number 36547, with Mr and Mrs Mkapa being allotted one nominal share each and listed as directors of ANBEM Limited.
The legal documents for setting up ANBEM Limited were drawn up by Dar es Salaam-based lawyers Kapinga & Company Advocates, and the business was duly registered as a private company limited by shares.
Among many other things, the stated objectives of ANBEM Ltd include: To carry on business and to act as merchants, general traders, warehouse, stockists, shopkeepers and operators of supermarkets, commission agents and carriers.
Further investigations by THISDAY have revealed that the companys annual returns, filed with the Business Registration and Licensing Authority (BRELA) by 2005 when Mr Mkapa was retiring from the presidency, indicated that the occupations of the former president and first lady were company directors.
The 2005 annual report of ANBEM Ltd shows that the company had total registered debts amounting to some 750m/- by the time the accounts were filed.
Total amount of indebtedness of the company in respect of all mortgages and charges of the kind which are required to be registered with the registrar of companies under the Companies Ordinance (is) 750,000,000/-, says the report signed by Mr Mkapa himself on July 31, 2005 - when he was still the sitting president.
It has been established that ANBEM Ltd, with Mr and Mrs Mkapa as directors, was granted loans amounting to over 750m/- from two different local banks between July and December 2002 - while the couple was still at State House.
The latest revelations about the former president and first lady registering their own company and starting to do business while at Ikulu have been made after THISDAY reported this week that the Mkapa family owns an office building in the city where a new bank with some big-name local businessmen as shareholders is to be located.
According to our investigations, Mr and Mrs Mkapa bought the building, registered under certificate of title number 6809 at Number 8 Ocean Road in the up-market Sea View area in Dar es Salaam, from a company called Tanzania Building Works in 2002.
Situated right adjacent to the official residence of the former president and first lady, it is understood that the two-storey building will be the official headquarters of the upcoming Bank M (Tanzania) Limited, now in the final stages of being launched after a fast-track registration process that started only in February this year.
The bank has an initial share capital of 6.5bn/-, with various prominent members of the local business community listed as shareholders.
Mr and Mrs Mkapa served as president and first lady in the highest office in the land from 1995, and Mr Mkapa concluded his second and final term as president in 2005.
THISDAY has made all effort to seek Mr Mkapas comments on both Bank M (Tanzania) Limited and ANBEM Limited issues through written questions sent to his office in the city. However, no response has been received.