KCM may have externalised huge amounts of money- Guy Scott

onkola Copper Mine (KCM) Chief Executive officer Kishore Kumar
File:Konkola Copper Mine (KCM) Chief Executive officer Kishore Kumar

Vice President Guy Scott has revealed that very strange things are happening at Konkola Copper Mines (KCM) where the owners do not mind the company being declared bankrupt or placed under receivership in order for the company’s liabilities to be taken over by government.

Dr Scott told Parliament this morning during the vice president’s question that it appears KCM has externalized huge amounts of money, and that government is keeping a close eye on the company.

He said the mining company has liabilities in excess of $1.5 billion, adding that the company has not paid its creditors and repaid bank loans.

Dr Scott added that KCM also owes other mining companies monies for the processed copper concentrates which is also threatening the affected mining companies with reduced production and increased costs.

The Vice president added that government has also discovered that there are two companies known by the same name Vedanta, with the one owning KCM not being bound by the regulations of disclosure of the London Stock Exchange and the Financial Services Authority in Britain.

Dr Scott said Vedanta is hiding information from government.

He stated that Zambia stands to lose billions of dollars if the country does not stand together and show that it will not be taken for a ride.

[QFM]

119 Comments

  1. 1 flag King Cobra

    UMULEMBWE WA CHUPUBA UPWILA MULITUMFWEKO.

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  2. 2 flag Zoron

    so the watchdog was right ka

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    1. 2.1 flag bandaranaike

      Lock them up before they run away.

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    2. 2.2 flag Nostradamus

      All these worsted 2 years Guy Scott we all thought will help us Zambians, he used his energy in by-election campaigns.
      Please Ba Guy Scott you better help Ba Chikwanda, he can’t do it alone. Forget about GBM, Nsanda is entertaining him, go for those Indians.

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    3. 2.3 flag kamanga

      too busy politicking and kniving opponents! meanwhile thieving corporates are getting away with murder

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    4. 2.4 flag Observer

      Sad news indeed. Zambia, what a country? Do we really have technocrats with a burning desire to serve this country? Personal benefits at the expense of national interests has ruined this country. Shameful …………….. Had it not been for Foil Vedanta we couldn’t have known all what is happening at KCM. Imaging these financial “fimo fimo” in the mining industries not informing key stakeholders about dubious activities at KCM ….. Very disappointing …………….

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    5. 2.5 flag Peter

      I THOUGHT THE GOVERNMENT SAID THEY ARE GOING TO FORM AND SKILLFULLY TRAIN A SECTION OF GOVERNMENT WHO WILL BE TRACKING THE MINERAL RESOURCES FROM ORE TO PROCESSED METALS OR WHATEVER? SO, WHY DIDN’T THIS BODY OF GOVERNMENT CATCH THEM? IT’S A SHAME HOW AFRICANS ARE SO CARELESS WITH THEIR RESOURCE. WE DON’T APPRECIATE WHAT WE HAVE.

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    6. 2.6 flag Peter

      FOR YOUR INFORMATION ALL THE EXTERNAL INVESTORS IN ZAMBIA ARE DOING THE SAME. THAT’S WHY EVERY FOREIGN INVESTOR MUST PARTNER WITH ZAMBIANS. PERIOD.

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    7. 2.7 flag al

      Magande sold this mine to the Indians and he is always pontificating on this site when he should be ashamed of this economic crime that happened on his watch together with the Ponzi scheme of subsidies that he initiated and the sale of zanaco

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    8. 2.8 flag Arya

      And we wonder why countries like Ethiopia is doing well? The investors have to come in through a national in any sector they wish to invest. That way a large % of profits stays back in the country, not forgetting strict monitoring of taxes, employment records and insistence on use of local suppliers.

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  3. 3 flag MATADOR

    You don’t need the whole country to stand together,you need your government to stand together. First of, it’s cuz of your poor leadership that all this is happening. I mean, you guys control everything, you should have known something was up with KCM a while back when they stated toying with their employees. They are stealing under your noses and you are busy dealing with other unnecessary stuff and politicking stup1dely. I wonder how many more shoddy things your government is missing!

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    1. 3.1 flag Zambia

      Govt should leave releasing of news to news media, their role is to provide controls. Too much statements like the Govt has revealed, is surprised or sad to hear etc. Zambians can judge the Govt of the day by situations that have not been controlled or managed properly.

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    2. 3.2 flag Ubuntungwa mu Jambojambo

      Be careful before you make careless and unresearched sentiments. The PF didn’t bring Vedanta here.

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    3. 3.3 flag S.K

      I totally agree with you insisted of funding the Ministry of Mines and other government institutions that would help inspect and monitor these mines, they have been wasting their energy and govt resources fighting the oppositions and among themselves. What a shame. Imagine ZAF plane flying over HH’s farm!

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  4. 4 flag PATRIOTIC conFUSION

    Guy should no that when you begin to scare investors that is what you reap. I’m sure they have made up their minds to go. KCM was doing well under RB but now it’s like a nightmare. Check your mouths otherwise you will land this country in the situation KK left it. You need policies that will guide investors and not threats. Policies that will make sure that the locals benefit with communities through proper jobs and development.

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    1. 4.1 flag chibaanda

      It is the late Levy Mwanawasa’s government to blame and not PF. We should have learnt for RAMCOZ, Luanshya. Indians are not known in mining. It is a sad state of affair, bane.

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    2. 4.2 flag None Political

      Iwe patriotic confusion, who told you that mines were doing well under bashimpundu merry go round.Its justba Mudala was busy flying and eating ice cream mundeke, and he was not aware of what was happening on the ground.

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  5. 5 flag Quest

    Binani part 2! This is all because of late LPM and Magandes clever idea to sell KCM tor 25m on nkongole whilst it had 60m usd in it account! Senseless decision especially after the Binani fiasco. Another tribunal please!

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  6. 6 flag Chite

    Binani part 2! This is all because of late LPM and Magandes “clever” idea to sell KCM tor 25m on nkongole whilst it had 60m usd in it account! Senseless decision especially after the Binani fiasco. Another tribunal please!

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  7. 7 flag Sinjonjo

    The government should immediately fire all zccm-ih employees and recruit new ones who take care the interest of the nation.Otherwise old chaps at zccm-ih are just there for survival.

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    1. 7.1 flag One Hit Wonder!

      ZCCM died a long time ago! His ghost is still alive though!

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  8. 8 flag nshilimubemba

    Investors do you know them can you turst them you are baby in nappies

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  9. 9 flag what happened for real is

    Simple:

    1. Register a Corp in Zambia
    2. Register a Corp in Switzerland
    3. The zambian Corp runs an copper mine
    4. The zambian corp mines the copper at K1 per unit (example)
    5. The zambian corp sells copper to swiss corp at K1.10
    6. The zambian corp tells inept zra that their capex for the year was K0.09
    7. Zambian corp declares K0.01 as profit and goes on to claim tax rebates and discounts and pays tax on K0.000025 at 3%

    Now for the kicker…

    The copper sold to swiss ltd for K1.10 never touches switzerland. It is is sold to China for K300. The owners in switzerland make millions.

    Stupid Zambian politicians are bribed to keep mouths shut and life goes on.

    Where Zambia was supposed to make tax off K300 we make tax off K0.00025

    How dumb can we be.

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    1. 9.1 flag zamule

      Watch “The economic Hitman” You will get the idea why they don’t say a word.

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    2. 9.2 flag jump start

      I have the pdf book and 9 hour audio of “the confessions of an economic hitman” its some scary stuff.

      Zambia is forever being taken for a ride.

      If we were a woman we’d be a cheap who.re !

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    3. 9.3 flag $am

      Not even cheap, just a whore!

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    4. 9.4 flag ben

      Is your name Mahtani? You know exactly how it is done!

      So it was you that organised it, and conned the idiyot in state house into giving you back Finance Bank too!

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    5. 9.5 flag zedian

      you m.o.n.k.e.y that is all legal no one can stop you from selling to Corp in Switzerland even if the copper is then sent else where, what instead should be looked at seriously at is the selling price of the copper to the Swiss Corp. Thats where you I.d.i.o.t. m.u.n.t.u.s loose out!!!!!Because most these mines are selling to Swiss Corp at half the LME price and they justify this by saying the Swiss Corp gave them an Off-take Agreement which they used to raise finance to build the plant and start the mine.The only way to eliminate this huge fraud scheme is by charging export tax of 10% on LME.
      Wake-up you dodos!!!

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  10. 10 flag Scania

    Do you that between 2012 and 2013 about 3000 people in Chingola and Chililabombwe lost employment through the KCM contractors – Major contractors like U&M Mining,Moolmans,MMS,FLsmith,Grinaker LTA to mention were fractured by KCM so that they can bring in Indian companies with cheap labour.
    And the dark cloud is about to hit Chingola town as their hopes on U&M Mining returning to mine at KCM are dying slowing as U&M Mining is busy disassembling its mining Trucks. Today in Chingola when you look on the streets leading to KCM there are more Indians going for work than the Zambians.
    Please ba listening government hear our cry and lets what can be done in Chingola especially at KCM.

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  11. 11 flag bismark

    They harassed and deported their boss,surely can they seat idle kulaloleshafye or plan to run away,

    One thing the Govt should know is that they can’t take over KCM,

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    1. 11.1 flag Chamba

      @Bismark, koolwe iwe! Who harrassed Kumar, mamuska iwe? Kumar is a very situpi person. It is only in Zambia he can behave the way he used to behave. he will never behave the same in South Africa. What are you talking about, koolwe iwe!

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    2. 11.2 flag 125

      There are reasons why people behave the way they do. Fix those reasons! Bismark is not the problem.

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  12. 12 flag KCM

    Never trust an Indian man – see how clear Chingola is looking today!
    You managed to frustrate good contractors like U&M Mining and Grinaker now men/women in Chingola are just looming in the streets.

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    1. 12.1 flag chloroquin

      roaming tata,looming nayo niyimbi

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  13. 13 flag Malik

    PF has failed this country, the swinesz must all be caged how could they allow such things to happen when they have stupId intelligence everywhere to monitor watchdog?

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  14. 14 flag Chalo Chamayendele!!

    …another justification for WINDFALL TAXES!! No miner would hold our country to ransom. …we would have made our money as well.

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  15. 15 flag Kawambwa Tea

    The very SAME things can be said about Dr Guy Scott and his PF government. They are hiding things from the electorate. With the government’s reckless borrowing and selling of Euro bonds has placed the country on the verge of bankruptcy. They have also enriched themselves at the expense of Zambians and taken them for a ride

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  16. 16 flag sam imusho

    Which is better natinalization or privatisation?
    (1)We had aglo_american they ripped our country and bolted.
    (2) remember Binanii in lunshya they bungled the mines and disappeared.
    (3) And these damn injuns they have siphoned all the money made 4rm our precious copper and they are preparing 2 exit.
    Ladies and gentlemen i wont hesitate 2 say that , privatisation has brot mo harm than gud.

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    1. 16.1 flag chloroquin

      father, which one was better NCCM and RCM or ZCCM, if u were in foetus stage at that time ask and we will tell you.kaunda messed

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  17. 17 flag Foil Vedanta

    This is what Foil Vedanta has been saying for months now.

    Time to re-read their finds…

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  18. 18 flag ganja farmer

    @scania@kcm kikikik ba soko son of the poor rich man in chingola.you thought that coffin in state house would change c/belt! He was part of the team that changed c/belt into ghost province.by the way is chingola stil the cleanest town in zed?i learned this in grade 7.

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  19. 19 flag dot com

    Nationalisation of mines is better than privatisation….why… because if a zambian steals…the money remains in zambia. rather than a foreigner who steals it out off zambia

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    1. 19.1 flag $am

      I am not sure about that. Zambians have a soft spot for things foreign. Besides, we are a net import country. Keeping money in the country is not in our dna

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    2. 19.2 flag ben

      Get your facts straight! 15 BILLION US$ goes out of Africa into overseas bank accounts.

      When Zambians see how useless these Poor FOOLS are at running the country they take their money somewhere else too.

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    3. 19.3 flag Kawambwa Tea

      Not sure about that. In Zimbabwe all the industries are nationalised or about to be, yet Mugabe and wife Grace have all their money outside in properties and hotels in Malaysia, Hong Kong, etc.

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  20. 20 flag Malik

    Has Generak Miyanda registered his sim cards now? Just asking imwe ba pwele

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  21. 21 flag Malik

    Has General Miyanda registered his sim cards now? Just asking imwe ba pwele

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    1. 21.1 flag PONYAZ

      MUTUMINENI KA PHONE BA GUY, NGA AYASUKA NINSHI ALI REGESTER, NGA TAKAFIKILE, NINSHI BA LIKASHIMYA TAKALEMBESHE, BUT TEINE PWELE BA CHINDELE, WAPURIKA, WACHIPURIKA CHITUMUKA CANE?

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  22. 22 flag Foil Vedanta

    The big question is, Did govt know all this before Foil Vedanta published their findings some days ago?

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    1. 22.1 flag Sattish

      Government knows. Why do you think Sata insisted that all cu sales contracts be consummated under the watchful eye of BoZ?

      This means that when KCM sales cu at pennies on the $, when the world mkt is a lot higher, somebody at BoZ is aware of it but is shooshed.

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  23. 23 flag Kampukesa Edie

    On the issue of Hakainde and UPND’s tribal politics, it is not us but themselves who painted themselves that. It requires little memory – if a little is all one has – to remember the tribal politics that characterised Hakainde’s ascendency to the presidency of the UPND. It was made very clear in 2006 that only a Tonga, and that time Hakainde, was fit to assume the presidency of that party. And things have not changed much since then. Hakainde and UPND have remained the same in attitude, thought and political practice. UPND is still predominantly a regional party. If they are not comfortable with this, it is something within their powers to change.

    We also want to remind Hakainde that in 2009, he went to the house of a comrade of ours to try and recruit her into the UPND. Realising…

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  24. 24 flag Chamba

    We also want to remind Hakainde that in 2009, he went to the house of a comrade of ours to try and recruit her into the UPND. Realising that this comrade hails from the Western Province of our country, Hakainde told her, “We people from North Western Rhodesia should unite. If we give power to these Bembas, we’ll never get it back.” This comrade was very disgusted and shocked that a young man like Hakainde could think that way, could look at Zambian politics in that way. And after that meeting, she decided not to join UPND and instead joined the Patriotic Front. This is Hakainde’s thinking that he is not even ashamed to share with people who are well known for their patriotism, nationalism, broadmindedness and selflessness.

    For Hakainde, whatever happens to him, whatever differences…

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    1. 24.1 flag ganja farmer

      do you have brains?

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  25. 25 flag Dr.Kay

    LIVINGSTONE PF member of parliament Lawrence Evans says UPND leader Hakainde Hichilema is still hurting that the PF won the Livingstone seat and has not come to terms with the loss.
    And Evans (left) says Hichilema will never rule the country and will remain a regional president because of his tribalism.
    Evans was reacting to Hichilema’s comment during a meeting with party members in Livingstone that Evans, who is also tourism deputy minister was not the best person for Livingstone.
    Evans said Hichilema’s anger towards him was evidence that the UPND leader was still hurting after the ‘massive’ loss they suffered during the Livingstone by-elections in February last year.
    “HH is so hurt and he is still hurting that the PF won the Livingstone seat, but HH should know that my winning…

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    1. 25.1 flag PONYAZ

      It is true because if evans was the best, all the people would have voted for him. nonetheless, if Evans was God i would believe what he has said taht HH will not rule, am not saying he will, am saying no one knows. alot of pipo some of them in Govt today said MCS can never rule Zambia just 7 years ago. today, they r being sworn in as appointees of different portifolios. ba EV, u cud be also be hurting, may God deliver both of you

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  26. 26 flag zemuntu

    but naikuta ya akafumo kandi zoona i cant wait for my heinerken

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    1. 26.1 flag Bashi Chite

      @ Zemuntu: bwekeshapo klya akashimi kakulufya amaso! I.need some laughter after this depressing news!

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  27. 27 flag Aquilla

    Dr Guy Scott is a Zambian of European origin who Zambia has taken as its own son and voted him as representing Zambians in Parliament. However, his role is still yet to be wholly conceived as part of a Zambian. Today he reveals that KCM may have externalized huge sums of mining profits abroad. Dr Scott is not only leader of the house of parliament but is Vice president of the nation. He has constitutional powers to help Zambia and Mr Sata correct mismanagement and defrauding of his national resources. Dr Scott is one of the educated few in PF government and disappointingly he can only issue a political statement that Zambia may have lost revenue from the crafty Indians owning KCM. To me Dr Scott is betrying the Zambian trust he has been bestowed with. That is sad and lessons for us.

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    1. 27.1 flag One Hit Wonder!

      I might not completely agree with you. The transparency in sharing this news is very welcome. The mine company still has a lot of assets in terms of plant and machinery which the government will impound and confiscate in order for the country to recover her losses. We’ll be victorious as long as we keep vocal and support our friends in opposition when they raise genuine concerns. That is real patriotism.

      A consortium of indigenous Zambian engineers and other necessary professionals should be assembled ASAP to takeover the running of the mine. They will have to break down the status quo of the mine at take over. Value of assets, losses as reported, generate valuable business plan. Feasibility study should reveal the real worth. Float the mine on the stock exchange with an IPO $2

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    2. 27.2 flag Clutchplate Banda

      You have to remember that Vedanta has been in control of KCM since 2004, so call it 80% MMD stewardship. Don’t blame PF yet, since it is Mwanawasa who brought Vedanta to KCM. Would you prefer Scott says nothing? If so, why?

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  28. 28 flag Voice of wisdom

    Is this coming from the Vice President? Who is suppose to stand with who? Zambians stood with u when they allowed u to lead. Are u surrendering or what? It’s high time we scrutinized Virtues – violence and idle talk will produce nothing. We need decisive and resolved leadership.

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    1. 28.1 flag thomas

      Thanks why the man is asking the country to stand together so that the decision our leaders will make will be a collective one and we won’t have the opposition opposing the latter. The government know what they are going to do. If you really have wisdom you would have known that Scott is appealing to the opposition as well to side with the government on this one because we have poeple who will always oppose for the sake of it.

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    2. 28.2 flag thomas

      Thats why the man is asking the country to stand together so that the decision our leaders will make will be a collective one and we won’t have the opposition opposing the latter. The government know what they are going to do. If you really have wisdom you would have known that Scott is appealing to the opposition as well to side with the government on this one because we have people who will always oppose for the sake of it.

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  29. 29 flag Mei Matungu

    Are you not the same government that is issuing licenses to these multinational companies so that they can open up new mines even in national parks? Are you not crazy?

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  30. 30 flag Fred

    Now that’s talking Dr. Scott, KCM’s issue is long over due, someone needs to take action…………..miners and the majority Zambians have suffered enough bcoz KCM is hugely stealing for our natural resources, why cant the mines minister and those foolish Permanent sectaries seating on boards think like Dr. Scott, it seems Dr. Scott is more interested to see a better Zambia than these black guys in the Ministry of Mines…….Plz fire them

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  31. 31 flag patrick

    As the Indians say ”chalo cha kewena, maliy ya kamina”
    Zambian GRZ and Opposition are all monkeys fighting to be in-charge of the maize fields while other animals are reaping what God gave the children for of Zambia their future.

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    1. 31.1 flag Jay Jay

      Spot on….they are busy fighting like kids over silly issues whilst the owners of KCM are siphoning all they can.

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  32. 32 flag S.K

    We have to be proactive as a country to avoid these kind of happenings. Because of our dormancy and the tendency of worshiping investors we as a country stand to lose than not. Actually this is the reason we must not allow mining activities in the Lower Zambezi Park, because we simply don’t have the capacity to monitor the activities of the existing mining companies. Why should we keep a close eye now when we should have been doing that from way back, externalisation of revenues by mining companies is not new in this country. I chance its also time to think about windfall tax!!!!

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  33. 33 flag Nine Chale

    Good afternoon

    This does not come as a surprise. We have always suspected fraud. It is unbelievable that 5o years after “independence”, we still allow ourselves to continue being colonised by foreign companies like Vedanta.

    Scott is right. We must all stand to together as a country and show those who want to steal from us in the name of “investment” that they cannot do this to us. It is time to reflect seriously on a way forward in order to regain full control over our resources.

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  34. 34 flag nafuti nafuti

    umuto wachipuba umpwila muli tumfweko.

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  35. 35 flag Jay Jay

    I hate to say this BUT we told you so – now they will leave you (us) with huge bill because of your poor leadership and arrogance.
    And because of the dubious nature in which these firms are registered you wont know who to question.

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    1. 35.1 flag 125

      Follow the money. It is very simple.
      I can help you plug up the gaping hole through which money is being jettisoned.
      It is very simple!

      Contact me

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    2. 35.2 flag Jay Jay

      You follow the money to a hotel suite in the Cayman Islands then what?

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    3. 35.3 flag Clutchplate Banda

      What didn’t you tell Mwanawasa and the rest of us so in 2004 when Vedanta bought into KCM? Or were you waiting for PF so you could blame them one decade later?

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    1. 36.1 flag Mwenje

      So TRUE!! We say the SAME thing about Zambians. Once they borrow things (including money) they have no intention of returning it

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  36. 37 flag INDEPENDENT OBSERVER

    What is happening at KCM – is what once upon US Presidential Aspirant ( Mitt Romney ) used to specialize.

    He was running Bain Capital, which focused in buying companies and deliberately bankrupting them – Bain Capital would in the end walk away Scott-Free with millions of profits and unpaid taxes to the US Tax office for he ( Romney ) and buddies into Tax Heaven Nations such as Bermuda.

    This happens every day. Unfaithful Venture Capitalists and Investors do this all the time, going around double-crossing Business Stake-Holders, Institutions and Sovereign Governments.

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  37. 38 flag China

    As long as bembas are left to run this country, it will go down just like the ANC is breeding South Africa slowly

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    1. 38.1 flag Kulutu

      I disagree with your tribal pitch…..talk about PF and Sata and not Bemba. Is Munkombwe, ‘politics of the belly’, a Bemba? Or is Liato, of the buried loot, a Bemba?

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  38. 39 flag spartan

    Digging(Mining) for copper shouldn’t be that difficulty. We have a lot of Zambian Engineers. What should be difficult is the selling part especially that we cannot yet use the copper ourselves to make things like transformers, plumbing materials like taps which are made from alloys of copper and so on.

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    1. 39.1 flag chibaanda

      Which Zambian engineers imwe na imwe??? Ba Cross Silwamba naba Kalela, bushe nabo niba engineer? Ataase…….!!! Zambian engineers with no confidence in themselves.

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  39. 40 flag Sattish

    ANC’s position is very clear; it is expanding the tent to bring in many of those that had been marginalized during apartheid.

    I am not sure any administration in Zambia has had such a policy. It seems the Zambian is always made to hold the jagged end of the blade.

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  40. 41 flag moojo

    The PF Govt have been politicking for too LONG. Guyz settle down to work governance is not as easy as you used to think.

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  41. 42 flag mulamu

    Ba Guy scott “MAY HAVE” is not gud enough do a forensic audit and present only facts in that house not perceptions.It is not gud for other and wouldbe investors.Please serious and get to work!!!!

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  42. 43 flag Pafwenamwine

    It’s difficult for some to understand what Mr Scott is asking the nation to to stand together . All citizens of Zambia regardless of their political affiliation or ideology, colour. Tribe and so forth. Must unity to speak one word and fight for those are not privileged to know that undertaking multi national companies is not easy. You me Bantu ways supporting mine companies. You learnt people being on a pay role from these companies . Yes it’s known over the world that mining companies are avoiding paying taxes. People where Glen core headquarters is abased are benefit from the company than where business is done.

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  43. 44 flag " And You"

    Dozing govt. Only good at playing politics of intimidation, oppression and corruption. Corruption is a cancer and very dangerous to the economy. Wait, you have not seen it all. That is the meaning of Chimbwi no plan. If the govt does not know what is happening, then you guys are really dozing. Only good at opening your mouths. Smart guys have gone back home will bucks. Hats off to them. You will be left will ecological problems to deal with.

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  44. 45 flag Kal

    And on top of all this you want a Game Park to be turned into a mine!

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  45. 46 flag amukwelyanisa

    PF all this is happening under your watch!

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  46. 47 flag Mei Matungu

    PF must be prosecuted for their blindeness!

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    1. 47.1 flag amukwelyanisa

      Our tragedy is that PF claim to have sight and foresight, when they actually don’t.

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  47. 48 flag Kaingo

    It is annoying to learn of this. Firstly, unless corruption has become institutionalized, BOZ has now a mandate to monitor business like KCM in terms of sells and revenue. This simply point to corruption levels, and lack of seriousness at both BOZ and those in the intelligence system. How can a company like KCM continue stealing money from the Zambian people right in the faces of those mandated to protect and safeguard the well-being and resources of Zambia. I strongly doubt it that no one in government and support institutions has not known about this. I am deeply saddened and disappointed by this. How could BOZ with its properly trained officers failed to have seen in this. One factor by those ****** at BOZ is promotion of family trees even unqualified ones

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  48. 49 flag Kaingo

    These kind of failure cost country both today and tomorrow huge economic benefits from mining. How can the whole BOZ fail the Zambian people in this manner and at the same time this could simply be one of a thousand such cases. Those shoe making noise cvnts at BOZ should explain this matter properly, inclusive of their challenges to identifying such thefts of national resources. Equally the intelligence community should wake up on these matters by being on top of things. Why does it have to take a foreign NGO to point out thefts of nationals resources when there are women and men who are employed and get paid to do just that. This has shown a lot of weakness in the government supporting structures. Those ****** are simpy busy wearing suits, yet simply keen on corruption. I am saddened.sht

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  49. 50 flag Mei Matungu

    Does anyone know of a government anywhere in the world as mayopic as this PF government? Isn’t PF breaking the GUINNESS WORLD RECORD for being poor custodians? Who, under such circumstances, can think of giving away one of our national parks to another multinational company to exploit our natural resources free of charge and destroy our ecosystem and a beautiful natural habitat for our wild animals? Are these guys nuts???

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  50. 51 flag Developed Zambia

    One of the key characteristics of good leadership is being decisive. Let the government and all well meaning parties and stake holders in the country decide to take over KCM immediately. Next time we need these companies run as semi-state owned companies allowing only Zambians to invest in them, that is one of the ways you create wealth among the citizens. I think we are mature enough to run our own mines. Remember to be kind to the Indians who are already in the company because we are not as bad as KCM so don’t mistreat them, let them continue working as they have been because kindness and understanding is what separates us from crooks. Sow kindness as you operate in the universal law of reciprocity. Love, unity and kindness is what we are as Zambian and these never lose. Thanks.

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  51. 52 flag Mei Matungu

    This is what happens when a country is ruled by the stomachs of its rulers and not by their brains. PF are ruling with their stomachs. All they care about is more money in their pockets, and they are getting it.

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  52. 53 flag amukwelyanisa

    Had it not been for this white man called Guy Scott, PF would have rotten to its core with corruption.

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  53. 54 flag Mei Matungu

    PF’s ‘more money in your pockets in 90 days’ campaign slogan was a recipe for corruption. Now the country is reaping the whirlwind.

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  54. 55 flag Mphangwe

    This PF govt has well established institutions that are well placed to conduct forensic auditing on the financial status of industries in Zambia . I fear that Guy Scott is expressing a SICK mindset. It is extremely absurd for a Republican Vice President to pour out such rotten trash on matters that can best be handled by the Ministry of Finance. May be the A-Team has some sinister motives against Alexander Chikwanda. May be Zambia is better off hiring a Chinese for the post of Vice President than pick to engage some fossils from the British Museum (Natural History).

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  55. 56 flag Scrutinizerer

    ..this news is really disheartening to every patriotic Zambian. Obviously there are Zambian senior staff in marketing and finance departments who are suppose to be whistle blowers….but could not be able to blow because their mouths were stuffed with dollars. These are the mansions and state of art guest houses we are seeing mushrooming and popping up every where.
    I would have loved to see Guy scott, HH and Nevers travel togather to Chingola. Summon the Executive Chairman Agarwal and ask him one question only – ‘What’s going on’..????

    Let these guys show us that they can for a moment shelf the political bickering and face the common ‘enemy’ for the sake of Zambians

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    1. 56.1 flag Zambia

      Why should the opposition travel to Chingola, their role is to put pressure on the Govt of the day to ensure that adequate controls are put in place and good policies are implemented on behalf of Zambians.

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    2. 56.2 flag Scrutinizerer

      …according to you the role of the opposition is to put pressure and to oppose….??…I will not comment further because you and I are definitely at different levels…..

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    3. 56.3 flag Clutchplate Banda

      Nevers should know more, it was his president (Mwanawasa) who brought these Vedanta in 2004

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    4. 56.4 flag Zambia

      With all cadre hats off we can choose to agree to disagree. So going by your analysis what role do you think the opposition should be playing in the trip you are suggesting in Chingola.

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    5. 56.5 flag Scrutinizerer

      @Zambian
      …u win my dear…..no further comment

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  56. 57 flag ben

    Too busy renaming airports, creating new districts, making by-elections to see what is happening to Zambias future!

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    1. 57.1 flag amukwelyanisa

      can’t teach an old dog new tricks!

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  57. 58 flag Mwana Withu

    The only man in PF cabinet who would have known what is happening at KCM is Wilbur Simuusa, because he was himself a miner in Chingola, educated at Unza and USA. He became the minister of Mines. But the crooks made sure Simuusa was shifted from there in order to hide their crooked ways. Anyway, we all know a fish starts to rot from the head. Can we blame KCM? Where was the Big Snake cobra?

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    1. 58.1 flag Clutchplate Banda

      Iwe Mwanawasa brought Vedanta in 2004 so just do some research before starting to shout about your ignorancy

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  58. 59 flag Mahatma Ghandi

    Indians are good at cooking figures but they are terrible liars.It is actually pretty easy to catch them offguard.I don’t know how the government were tricked but foil Vendata just got already available figures to add up.Indians are terrible at covering their tracks.

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  59. 60 flag Kaingo

    Infact just for fun goggle this board of directors
    Mr. Navin Agarwal
    Mr. Kishore Kumar
    Mr. Deb Bandyopadhyay
    Have excluded the rest of board who are Zambians.

    Let those who have eyes see

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  60. 61 flag kabwe kaabwe

    Firstly,the announcement should have come from the bank governor and not vice president.why is he stepping on the governors toes?
    2. These indians are atleast creating jobs for zambians. we blacks have even failed to do this.. Its just about lining our greedy pockets.
    3.They are supposed to externalise their profits.Who will do business without getting any rewards.Even Kaponyas know this-
    4.More money in peoples pockets meant for the politicians and not common man- We are all ***** who voted for PF.
    5.We have allowed mining in Zambezi valley despite a lot of environmental degredation. Why? because the ministers benefit with Bribes…….
    Viva zambia- only God can help us now….
    6.Vote wisely next time – Hh will be a good alternative. The man is educated,intelligent, and young with…

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  61. 62 flag vivienne

    Mr. Guy Scott, why are you not moving in and taking steps to stop the rot? If you are politicking then it will cost Zambia billions of dollars but if it is true, move in fast, bring in a serious manager. Also investigate Maureen Mwanawasa for the role she played and Mr. Mahtani for charging, sharing and externalising millions of dollars without paying taxes in Zambia, abetting the corrupt activity and being a conduit of money laundering for late Mwanawasa and Maureen. Luckily Maureen is still alive and can be questioned to find out the truth. Today is an historic day in Zambian politics. Andrew has been convicted and PF shall keep this up by not applying selective justice but caging Mahtani for his money laundering activities.

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  62. 63 flag Puta

    @Vivien, you are a troubler. How do you start blaming innocent persons who are nowhere in the story? Dr. Mahtani is an honest businessman. He has created thousands of well paid jobs. He pays his taxes. He is a good christian and I have seen him rising from his childhood days in Ndola to present day business tycoon but never found him amiss.

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  63. 64 flag Mufumbwe

    Blame the Zambian professional, who seem to specialise in criticism. At the very beginning they should have been there analysing and criticising. We had an eminent lawyer in State House, how did we not carry out due diligence? Where was HH and people like him, experts in that area? How could we grant an Indian company with no record in any mining the biggest orebody in Zambia? People patted themselves on the back because we had an investor! One has to be very careful with Indian companies. We have to wake up and not just shout after the horse has bolted. Now get smart and think of the remedy.

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  64. 65 flag wrt

    So zccm andboz doesnt know anything or their pockets are filled wt something. Do we have people who think in zambia. Whats going on you cannot develop by usng foreigners. Shame, shame. We need to go back to zero

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  65. 66 flag wrt

    Suppose we all agree that lets just start from farming to feed our selves and get rid of these bogus investers.
    And then we start developing our own researches and developments. I think thats how every developed nation did. We cant start from the middle

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  66. 67 flag Mei Matungu

    One day Zambians will awaken to find that they no longer have any minerals because the white man took all their minerals away and killed all their wild animals!

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    1. 67.1 flag amukwelyanisa

      That’s when it will dawn upon us that we do need to use our brains after all!

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  67. 68 flag kapuli wa ng'ongo

    There has been false declaration of production of copper and hidden data on other metals mined like cobalt, gold and others that never even enter their books. A portion of Mineral sales are paid for overseas and do not find their way into national forex earnings. Meanwhile zccm ih is a share holder

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