ZPPA suspends Magnet Insurance Brokers Limited
3 17 2022
For immediate release
Wednesday, 2nd March, 2022. The Zambia Public Procurement Authority (ZPPA) has with immediate effect suspended Magnet Insurance Brokers Limited from participating in public procurement in Zambia for a period of one (1) year.
The Company has been suspended for having submitted a Patents and Companies Registration Agency (PACRA) Annual Return Confirmation that was not genuine in a tender bid.
In a Circular to all Permanent Secretaries and Controlling Officers, Chief Executive Officers of Parastatals and Statutory bodies, Town Clerks and Council Secretaries of Local Authorities, ZPPA Director General Mrs. Idah C. Chella has said that the decision to suspend Magnet Insurance Brokers Limited was pursuant to Section 96 of the Public Procurement Act No. 8 of 2020 (PPA) and Regulation 167 of the Public Procurement Regulations (PPR) of 2011.
Mrs. Chella has advised all procuring entities (PEs) to enforce the suspension by ensuring that they do not award contracts to Magnet Insurance Brokers Limited, sale or issue solicitation documents or enter into any other dealings or communications with the company except in respect of existing contracts signed prior to this suspension.
“In exercise of the powers vested in ZPPA, under section 96 of the PPA and Regulation 167 of the PPR of 2011, be advised that Magnet Insurance Brokers Limited situated at 74 Independence Avenue, Mpile Office Park, Lusaka, has been suspended from participating in public procurement in Zambia for a period of one (1) year with effect from the date of this Circular for participating in fraudulent activity by submitting a PACRA Annual Return Confirmation Statement that was not genuine,” Mrs. Chella has said.
The suspension includes any “successor in interest” including any entity which employs, or was associated with any partners, directors or other officers considered as successors in interest. She further explained that the suspension did not in any way limit Magnet Insurance Brokers Limited from performing outstanding contracts that were entered into before the date of the Circular.
Principal Officer - Public Relations
Zambia Public Procurement Authority
Mission statement: To regulate public procurement in order to promote compliance and ensure value for money.