TWO trade unions have said there was nothing sinister in the award of the contract to re-develop Society House and develop Central Arcade in Lusaka and described the financing agreement between National Pension Scheme Authority (NAPSA) and Zambia National Building Society (ZNBS) as progressive.
Federation of Free Trade Unions of Zambia (FFTUZ) and Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) said the agreement would boost the accounts of NAPSA.
They said ZNBS would have dented its books of accounts and rendered itself insolvent had it decided to borrow money to refurbish Society House and develop Central Arcade.
At a join media briefing in Lusaka yesterday, ZUFIAW president Cephas Mukuka and FFTUZ vice-president Charles Phiri said the decision by NAPSA was consistent with the international standards and cited Botswana where the pension authority had invested in houses to securethe money for the retirees.
They said NAPSA had an obligation to grow the workers’ contributions through the institutional diversification policy under the NAPSA Act Number 40 of 1996, which was assented to in 2004 when President Rupiah Banda was not even in Government.
Mr Mukuka said the earlier plans by NAPSA were to invest money in off-shore accounts but trade unions objected to the idea on the basis that the investment would have benefited people in foreign countries.
He said the process to construct Society House was started in 2004 when President Rupiah Banda was not in Government, while allegations that a Kenyan investor who had won the bid was Mr Banda’s friend were originated by The Post newspaper.
Mr Mukuka said Zambezi Consortium was formed by one company from South Africa, while the majority of the companies were Zambian firms.
He said all tender procedures were followed in the execution of the deal and that NAPSA was merely a fund manager and not ZNBS.
As a result, it would be easier for NAPSA to recover its US$98 million.
He said management at ZNBS had approached several companies inviting them to be equity partners but they all declined because the firm’s books of accounts indicated a negative balance of K52 billion.
Mr Mukuka said the firms that accepted partnership had offered unfavourable conditions that could have placed ZNBS in an awkward position.
Mr Mukuka said Cha Cha Cha House and Central Arcade in their current condition were in a serious state of dilapidation which called for urgent attention.
He explained that the deal had been reviewed further and that there were no losses for NAPSA which would instead gain through interest rates as it recovers the $98 million.
Mr Mukuka said during the transformation of NAPSA, ZUFIAW and FFTUZ were being represented by ZUFIAW general secretary Joyce Nonde and at no time did the Government interfere with the process.
He explained that the new structure would have a modern structure and an automated car parkwith a capacity of more than 1,000 vehicles.
Mr Mukuka said 1, 000 full-time jobs created would add value to the national economy through taxes, while the project also included a five-star hotel that would benefit the capital city.
[ Times of Zambia ]
Then why was PF and its vuvuzela ejaculating allover themselves?
Moderation is the word – you may have your enemy ruling your ‘house’ one day!
The use of the two unions to support the NAPSA/ZNBS deal is abuse of the two unions and shows how union leaders are being compromised. Joyce Simukoko is the Board Chairperson of ZNBS, she is also the president of FFTUZ and secretary general of ZUFIAW. Naturally the above support is not suprising.
The union leaders we have right now are sellouts! How will this invesment benefit ordinary pensioners who are being paid K600,000 per month after working for 25 years or up to age of 55 years old in parastatals or government or as civil servants?Joyce Nonde Simukoko heads the FFTUZ to which ZUFIAW is affiliated and the same Joyce is married to former Managing Director of ZNBS Geoffrey Simukoko, who definately has vested interest in ZNBS! By thye way the same Simukoko is a staunch supporter of Rupiah Bwezani Banda. These are issues of allegiances and not analytical and objective supporting of the investment of US$98 million of pensioners funds in refurbishing ZNBS! The greedy being practiced by most MMD supporters will swallow them soon and very soon!
#3 You have said it all. Thanx.
Do we have unions in zambia because I can’t see what they do. How can they be agaist when the all entire system is complomised. I am tired of this corupt government please RB can announce the the date of elections so that I can give my vote to sata!
I guess the trade unionists are missing the point. The issue is not whther or not the buildings need to be revamped. Its the manner in which the tender (or lack of it) has been awarded. Its sad that people no longer have any integrity….to actually go on record to support something so wrong/flawed is beyond me or atleast any sensible person. Everyday you read or hear stories of people defending government or opposition positions which they do not believe in. Maybe Im alone in this country with relatives starving in the rural areas, without access to energy, water, adequate health or education! Mr. Cephas Mukuka and Charles Phiri, if you are an ordinary Zambian like most of us are and you see the suffering of our people and the rising levels of corruption, I just dont get it: Why stand by
# 2 I love your level of maturity.
you reap what you sow. Chiluba And Sata divided and compromised the unions to the extent non existence.
Zambia,zambia,zambia we talk too much just like RB and his ministers,but at end of the day do very very little to show off.No wonder our country is undeveloped unlike other countries eg s/africa etc.Our roads are bad,hospitals bad,no good infrastructure like stadiums,no good raods like the overpasses like in ghana,s/africa,nigeria etc.Our soccer is down as compared to other countries like ghana who attract quality friendlies with europiean clubs and etc.No development everywhere except talk and talk and talk like RB.Vote SATA and PF for quick development.
ba pf, you have lost it all because of your lies and deception. last time every third person was a sellout, now the ratio has increased to every second person except yourselves. at this rate tomorrow every person without exception will be a sellout including yourselves, how can that be? and before you realise it, it will be time for elections. you are advised not to waste time and resources for 2011 but choose a dynamic and truthful leader and groom him for 2016, you can send him for attachment to rb. this one is a lost cause, just swallow your pride.