The Private Sector Development Association (PSDA) has observed that the freezing of Zamtel bank accounts by the Drug enforcement Commission (DEC) is mostly likely to cause uncertainty among investors in the country.
PSDA chairman Yusuf Dodia has told QFM that the freezing the Zamtel accounts without any court order may imply especially to the investor community that the Zambian government interferes with the running of businesses in the country.
Mr. Dodia has urged government not to handle the Zamtel saga in a manner which will erode investor confidence but instead base its decisions within the confines of the rules and regulation.
Mr Dodia has further observed that the freezing of the Zamtel accounts is also most likely to cause misuse of cash at Zamtel.
But Finance Minister Alexander Chikwanda has assured the nation that government will ensure that it safeguards the interest of the Zambian people in the Zamtel impasse.
Mr. Chikwanda said that the PF government will not legitimatize any illegal transactions that were done by the previous regime.
Meanwhile, a Civil society organization has pleaded with the Zambian Government to consider ZAMTEL workers in handling the ZAMTEL reversal.
Hope for human rights executive director Smart Chanda says the plight of the workers should be taken into account as government deals with the sale of zamtel.
Mr. Chanda says reports of the workers being affected by the uncertainty surrounding Zamtel are worrisome.
He adds that though the Zambian government might have its own reasons of freezing Zamtel accounts, high consideration of the workers’ plight is important.
Government is expected to get back the 75 percent stake in local fixed-line operator Zamtel that is currently held by Lybia’s LAP Green Networks.
Government last week seized bank accounts belonging to Zamtel as part of a money-laundering investigation.
Yusufu, why are you worried? you think you are more intelligent than the In DEC. I am sure there is something worrying you.
LATEST……HEAVY POLICE PRESENCE AT ALL ZAMTEL OFFICES AROUND THE COUNTRY……VIVA PF VIVA PF VIVA KING COBRA
@ GREENWELL, AND THAT EXCITES YOU AND YOUR IRK …. WATCH ZAMBIA LOSE INVESTOR CONFIDENCE AND PEOPLE LOSE JOBS, THINKING IS DIFFICULT EXCERSICE, BUT PLEASE TRY IT OUT BEFORE JUMPING INTO COSTLY VENTURES LIKE THIS ONE.
I totally agree with Dodia, but, there’s no way any bank can freeze or disclose any account to anyone or even the govt without the court order. Its is an international standard. So, Dodia get yo facts correct.
EX ZED TO HECK WITH YOU…..ALL REAL ZAMBIANAS ARE EXCITED …CAUSE WE KNOW THAT REAL INVESTORS WILL COME AND NOT MAFIASO KIND OF INVESTORS….AFTER ALL GADDAFFI IS DEAD….
#1,you are spot on,Dudia has skeletons too,DEC are intelligent,Dudia and his minions are the guys who wanted to be rich within their cliques without anyother.
# 3, Do not be afraid,there is money in Zambia,investors wont go,Have you read the ZAMTEL report? it sad by friend.
@ ex zed, #3, don’t you think that leaving Zamtel in the hands of Lap Green or Libyan people as Mr Al Shater puts it, could be much more costly to the country? Is it not the issue of short vs long term costs we should be looking at? Importantly, you must understand that if they will be any costs to the country now, then count them as obvious costs of corruption. Lap Green did not sign an eternal doom doom mu zed. It is just that Zamtel is making a lot of money for the Libyan people and they are not happy about it.
#1,you are spot on,Dodia has skeletons too,DEC are intelligent,Dodia and his minions are the guys who wanted to be rich within their cliques without anyother.
# 3, Do not be afraid,there is money in Zambia,investors wont go,Have you read the ZAMTEL report? its sad my friend.Corrected …..
@EX -ZED ,You aint got no brains bra.I worked in Zamtel before coming down here and i know my story .Here in SA,OR Botswana no Foreigner can have an investment without a lions share of the indigenous.Greenwell is funds is dirty money.People were suffering in Libya and some1 is investing in ur country.Why can he invest in his country.All networks Aerial,Land ,Satelite were all installed by zambian pipo .What did Greenwel invest.
Thinking and Listening is a Profession.
People do not do certain things coz a precedent was set.PF is setting a precednt that ,we wont condon coruption,and u will find nothing to pin them down.We cant ignore criminal or sick acts.The next will know he will scot free.Do you think now PF MEMEBERS can go sell any bank illegaly or minerals.Thats a Precedent .Act as if its your last day in office .The fear of God is the beginng of wisdom.Most countries now work on INDIGINEOUS CITIZENS first.
Yusuf Dodia, I am not prejudiced in any way, but HELLO!!! Ghadaffi is gone, before the new puppet government sets it’s roots Zamtel is ours again. So inferior complex People support your nation and your children or shut up.
Viva PF. Let Lap Green to hand over their key and that we will refund the little they have put in Zamtel. this Yusuf is just trying to protect his Muslim brother’s interest.
@greenwell
sober up ****** and read on the wall,which real investors are you dreaming of.you are just pawns who are been used in the name of being disatisfied zambians.zamtel has already been sold to the bwinjifumu cartel and you iddioots are there busy supporting a wroug cause,andway remain stupid since you are zambian that`s why your copper was mined sold and used to develop salisbury because a white mind read between the lines that you are docile same as PF and bwijinfumu cartel have learn`t so
” PSDA chairman Yusuf Dodia has told QFM that the freezing the Zamtel accounts without any court order may imply especially to the investor community that the Zambian government interferes with the running of businesses in the country. ”
And to paraphrase Mitt Romney – that will make them ‘sad’.
The truth is that if foreign investors in Zambia want to be secure, all they have to do is obey the law.
Where was Yusuf Dodia when the MMD seized Finance Bank? Where were the cries of not ‘scaring away’ foreign investors then? And that was a purely political move, because Finance Bank was alleged to have supported the PF. That did not ‘undermine investor confidence’?
But insisting on the rule of law does scare them away?
Well good riddance.
The problem is the fact that the transaction was no straight cut. Had the correct legal process been followed it would have been necessary to obtain a court order. Investors now have to realise that its important to follow the law of the land in order to protect their investment. If LAP Green think they did nothing wrong then off course they can seek a judicial review in the the repossession by GOV. Only genuine investors need apply those that have followed our laws are safe and need not worry. Lets move on.
EX-ZED you are so short sighted … why the hell would you worry about investor confidence. Confidence is just confidence which can be revamped easily. Costly? yes it can be a bit costly but this is a short term cost we are looking at… think of the future benifit and the Positive trend GORVERNMENT is trying to set …. THINK!
Yusuf DODIA?? Mu Senegalese or Zambian??? Why should you be worried?? If you are involved in Illegal practices definitely you have it coming your way. Zambia is a liberal country, respect us and you will get the same. Not all Acoounts please, some ZAMTEL Accounts NOT all were Frozen. MUTUBEPE SURE
JOE HUNTER…PUT YOUR BRAINS IN ORDER…ITS LIKE YOU ARE LOST IN A MAZE…
ZAMTEL SHUD BE RUN AND GET MORDENIZED BY ZAMBIANS…..AFTER ALL A TELECOMS
SERVICE PROVIDER DOES NOT MANUFACTURE EQUIPMENT….IT ONLY BUYS AND INSTALL EQUIPMENT WHICH AVAILS SERVICES EG…GSM,3G.4G.INTERNET,ADSL,PSTN,WLL,MPLS,GPRS ,ADSL …..SO ZAMBIANS CANNOT FAIL TO RUN ZAMTEL…..GOVT HAS INDICATED THAT IT WILL RECAPITALIZE ZAMTEL….SO IT SHOULD BE UPON ZAMTEL ZAMBIAN ENGINEERS AND TECHNICIANS TO MAKE SURE THAT ZAMTEL AVAILS ITS SERVICES TO ALL PARTS OF ZAMBIA…AND THIS CAN BE DONE ..WE DONT NEED LIBYANS TO DO THIS FOR US….I KNOW AS A COUNTRY WE CANNOT MAKE EVEN A SIMPLE TRANSISTOR….BUT FOR GODS SAKE AND FOR THE SAKE OF OUR MOTHERLAND LET US RUN ZAMTEL AS ZAMBIANS…
“Mr. Chikwanda said that the PF government will not legitimatize any illegal transactions that were done by the previous regime.”
…So I am sure Mr. Chikwanda will also want to make sure the re-nationalization of Zamtel is done legally to avoid being undone by the next regime. Right? So why not get a court order and have some semblance of justice being done than to base this move on decrees and one COI report only? Last week the Minister of Justice (for God’s sake) said the take-over is non-negotiable and that there would be no due process.Â
As for Mr. Dodia, I think he has a good point – that this kind of cavalier behaviour can easily unnerve current and future investors…. both foreign and domestic. Â
Dodia enjoys publicity plz if u hav nothing 2 say just b cool. Are u talking of investor or infester confidence. You seem as if u don’t know that your fello Harabs got Zamtel fraudulently, and now involved in money-laundering, you still expect government to sit and watch.
The POST are doing a good job trying to pimp up Mr Sata to the public, have you seen the creepy white scare crow attire on their front page.
Back to the story, thanks Dodia for saying the obvious but what you may not realise is that we are now in stage 2 of dictatorship. The dictator now starts loosing his initial fears and inhibitions and starts making commands such as taking over companies by force. If you think stage 3 will be bad wait for stage 4.
Which companies is Sata taking over by force? You pro Rupia thought you will have free. Wa ilasha Mbuli.
Mupanga Mwanakatwe announced ‘caretaker’ CEO of Zamtel. We knew where this was all going; and who will benefit.
@ greenwell
mann you are a twit,the poker being played is too complex for you to grasp.remain as you are,we will wake you up when it`s time for you to get your dividens so keep on waiting
Hmm…..very interesting comments. Frankly all the pro Zambia..patriotic stuff is comming from the high, my fellow zambians are feeling from the dope PF has pumped into the masses. They will all surely wake up from the halucinations…..but will it be soon enough ?
That depends on what more dope will be pumped in the next few weeks.
Talk about Zambians running zamtel ? sure lets also ask the south africans of MTN and Indians of Airtel to leave. We can then have one big happy family of telecom network ! May be call each other for free ?
When the security of the nation is at risk, we don’t need to take matters like this one to court. The security wings of the nation are empowered to protect us. Full stop!
LAP Green might not be perfect, but I can tell you one thing. I would never buy a single share of Zamtel when owned and run by Govt. As MMD did in the past PF will run Zamtel to the ground. Poor workers have no clue what’s going to happen with their company.
Whats this thing about investors,even before the so called privatisation by the MMD we had investors except they were minority shareholders.During the Kaunda era we had more viable companies and more employment than today.Companies were all profitable except the PIG,Party and Its Government was chewing the profits.Lets not keep thinking good investment or well run companies are to be foreign or run by foreigners.For example one Professor Siwela in our time introduced Semesters at UNZA,computerised the whole UNZA and created Zamnet where UNZA as shares.There is plenty sharp Zedians out there,just give them chance.
Yusuf WHO………????????
This is step no.1. We want all businesses, mines etc to revert to Zambians. This is a step in the right direction. This country is not for the Yusuf Dudus or whatever they call themselves. This country is for Zambians who que up as early as 4 AM on a voting day to vote. We want our vote to have meaning. We want our Zambia back. Not this prevailing NONSENSE of Zambia is yours but the Money is ours (the Yusufs). Please Mr. President have chat with Robert Mugabe he will show you the way…….How to empower the PEOPLE (Zimbabweans).
….from the beginning the idea of selling Zamtel to a foreign firm was a stupid. The security of this country was greatly compromised and may still be to date. All security data (traffic) be it ZAF, Zambia AMY, DEC etc not forgetting State House, has been breached and exposed to an extent. It has been at the LIBYANS disposal, free of charge from the time the controversial transaction occurred. Its repossession is greatly welcomed by true Zambians……
Mr Dodia should wait before he comments on zamtel.its interesting to note his comment when it is the Gaddafi owned(muslim) Zamtel that has been given back to be Zambian Owned Zamtel. If he is Zambian as claimed, should be happier than worrying about foreigners bringing investment when he too as zambian would want to run the big businesses owned by foreigners.for sure when Finance bank (christian) owned Bank was taken over he didnt see the investor confidence, but now he does, tells us a lot about muslim support rather than zambian support…these people and their beliefs are strange and do strange things…look at nigeria now….so Mr dodia rather be happy for zamtel u may just get contracts to work with them too…as a zambian.also realise that there are times a nation must become tough
“Government last week seized bank accounts belonging to Zamtel as part of a money-laundering investigation.” Seized implies take over. Or were the accounts frozen. As reporters please use concise words for readers and those who you are reporting on not to misunderstand you or feel misquoted.
why is it that no one is discussing the isue of ZAMTEL from the report made availlable concerning the sale ZAMTEL.
Yusufu. You dont warn a suspected thieve that you intend to catch him. Dn,t be dull Yusufu.