The Tanzania Zambia Railways Authority -TAZARA- owes various institution over USD $729m.
Communications Deputy Minister, Mubika Mubika, has attributed the debt to the poor management at the railway firm.
Mr. Mubika told parliament on Tuesday that the firm has not paid various loans amounting to 500 million U.S dollars it acquired from the Chinese government.
The Deputy Minister explained that the money in question is supposed to be paid back by both the Zambian and Tanzanian governments.
Part of the debt is owed to institutions which provided various goods and services.
Mr. Mubika also said TAZARA did not declare any dividends to government between 2006 and 2008.
/ZNBC/NEWS
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Let the goverment come in!!!
LT , dont give us ZNBC news! thats why your stories are boring! create your own source!
Hey Baby C at least we can discuss them here, its alright. Am waiting for those Zambian Airways supporters to come here say what is 30 million compared to 700 million. Will comment more later after M’embe and Nchito’s sponsored bloggers have their go.
You are right papa!…….
Unsettled debts are the order of the day. Very few companies are able to sustain themselves financially nowadays, the rest are simply operating on state stimulus funds.
Ministry of Communication awe mwee.Baby C kohambana wth sku naiwe uyeko ku boma kuli amalyalyalya
Zambian Airways does not owe $30million but $12million.So Are the Directors of TAZARA also being subjected to these fake investigations?
The more than $700m debt indicates that no company/corporation is immune from operational problems. I wonder if an investigation will also be conducted in this case and establish why the debt was allowed to accumulate to this figure and if it will pursued to pay back like ZA. Maybe its okay since GRZ partly owns this entity
GRZ should be real with matters, i think this time they want to show off because of the issue for Q3?They are so excited about it and just because Post paper is involved, they have failed.Where was GRZ when all that debt was increasing to that much?
That is alot of money, recover the money GRZ that is your task.
Chiguliseni ku ma chinese kansi!
The 700million dollar debt includes the money for constructing a railline from dar to kapiri by the chinese government. Rememba the debt was just only $50m at first.
# 10.
Then the Chinese Govt didnt exert pressure to get their money like GRZ is doing on ZA
That is their prerogative surely? So you are saying that Mmembe and Nchito should get off scott free with their debts? Also Tazara is a joint venture between two govts -TZ and Zam so you can not compare the two.
So you mean TAZARA should be careless bcoz its owned by two govts? Debt is debt regardless of who has it. By the way didnt say ZA should be get away with the debt but wondered why the debt owed to the chocholi govt has been collected upto this day.
Prepare for hard times ahead.
Thats why Govt is so pro -choncholi. …debts. Nowonder the choncolis misbehave coz they are your creditors. The solution is to fire and jail all those who have been directors at TAZARA for mismanagement.
Credit crunch bites all.
Thats the new economic infectious disease.
DELETED
Its your view and very much respected.You are forgiven too.
This debt is huge and at least some one agrees to say this has happened due to poor management at the railway firm. Now who is going to pay for this crime???
And so another taxpayers money for tribunals and sittings to take place. Where to Ba Zambia?
Rubbish.