NAPSA Pays K3.7 Million to Former Society Business Park Tenants

National Pension Scheme Authority (NAPSA) has paid K3.7 million as compensation to former tenants of Society Business Park in Lusaka.

This follows closure of the business park and the resulting need for tenants to vacate the premises.

On 30th July, 2024, NAPSA announced the immediate closure of Society Business Park after reports identified significant structural failures in the office block and parkade, rendering them unsafe for continued use.

The closure of the office block and parkade necessitated the closure of the entire business park including the hotel, to ensure the safety and well-being of tenants and the public.

According to NAPSA Director General, Muyangwa Muyangwa, the Authority now awaits the engagement of engineering consultants to conduct a thorough study to recommend the best approach for addressing the structural concerns.

“We recognize that the decision to temporarily close Society Business Park was both difficult and costly, but necessary to protect the safety and wellbeing of the tenants and address structural weaknesses in some sections of the property, specifically the office block and parkade.”

“Following our commitment to support the tenants, we have paid compensation to tenants, refunded their security deposits and advance rental payments. To date, we have paid out K3.7 million to over thirty tenants,” Mr. Muyangwa revealed.

Mr. Muyangwa said the Authority is committed to ensuring that all outstanding payments to former tenants are processed as administrative procedures are finalized.

During a press briefing in July 2024, Chairperson of the NAPSA Board of Trustees, Shipango Muteto, advised that the Authority would refund all tenants their security deposits and advance rental payments.

The Authority also pledged to compensate all tenants six months’ worth of rent in lieu of notice, in accordance with the terms of their tenancy agreements.