THERE is good news and bad news regarding Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) decision to sell a 2.28 percent stake it held on behalf of ordinary Zambians in Lumwana Mining Company (LMC) located in North-Western Province.
The good news is, ZCCM-IH that had acquired a stake in LMC from Australia’s Equinox Minerals Ltd, (the first owners) bagged an instant US$167.5 million when LMC was taken over by the world’s largest gold digger, Barrick, in exchange for a minority stake it paid US$30million in just under six years.
The bad news is learning from Wylbur Simuusa, the Minister of Mines and Minerals Development, is that the Barrick Gold cash out cannot be traced or it could have been used for something it was not intended for. In Kwacha terms, the money stands at about K850 billion.
“The money Barrick Gold paid for Lumwana for our 2.28 percent stake is not with us as a government. “I can safely say it is missing because constant calls I have made for a report regarding how the money has been used or what is remaining have not been heeded up to now,” Mr Simusa said.
“Because of the urgency of the matter and the magnitude of the money involved, I am giving ZCCM-IH one week to place a report on my desk explaining where the money is or how it has been used if it has been used”. The transaction was concluded just under five months ago before the polls.
Mr Simuusa said: “the money is supposed to be used for clearly stipulated projects and I have received no co-operation regarding the use so far. I asked questions about the money when I was in the opposition, I was given none, and since I was sworn into office last month, I have received no co-operation. This money belongs to Zambians. It ought to be accounted for.”
On June 1, ZCCM-IH issued a statement in local media announcing that “after due consideration and consultation, the board of ZCCM-IH has accepted the offer to sell,” its 2.28 percent stake in LMC to Barrack Gold, the largest gold miner in the world at US$167.5 million.
Reactions were mixed regarding the ‘sale’ of the minority stake in the largest open-cut mine in Zambia with the anti-trust – Zambia Consumer Competition Commission – on May 27 asking the gold miner to let Zambia “keep its minority stake” in the company but the Peter Munk-owned Barrick Gold prevailed after some “discussions” with State House.
If ZCCM-IH had been allowed to keep its stake in LMC, by extension, Zambia would have owned a stake in the multi-billion dollar JabalSayid copper and gold project in Saudi Arabia but now that is history and reasons for not rising to this occasion remain elusive.
What is certain though is that a highly powered Canadian delegation comprising a former Canadian prime minister and a Zambian living abroad paid intensive meetings at State House to “explain” why it was important for Zambia to give up its stake in both LMC and Jabil by extension.
The money realised from Barrick is supposed to be used for “recapitalisation projects in companies like Ndola Lime, for instance, Maamba Collieries and Konkola North Copper (KONOCO), including the repayment of ZCCM-IH loans,” Mr Simuusa said.
The other part of the money was to be used for “exploration of oil and gas, and for investing in Greenfields and diversification projects. This list I have on my table shows that this has not been done yet that’s why I want a full report on my desk.”
The Daily Mail contacted Mr Mukela Muyunda, the ZCCM-IH chief executive officer, to seek clarification on the Barrick Gold money yesterday but he referred queries to company secretary Chabby Chabala.
Mr Chabala said, “We (ZCCM) cannot release ‘market-sensitive’ information without authorisation from the share-holders or the Lusaka stock exchange.”
Mr Reuben Lifuka, Transparency International Zambia (TIZ) president, in an interview said it would be sad if the money had been “misapplied given the high poverty levels in Zambia because that amount of money has the ability of immediately changing people’s lives for the better”.
Mr Lifuka said it is cases such as “this one that we have been calling for greater transparency and for the strengthening of whistle-blowing regulations so that over-sight systems can be strengthened by way of regulation”.
But just what can one do with some US$170 million in a country like Zambia whose poverty levels stand at more than 65 percent and rural poverty peaks at more than 70 percent and more than 400,000 children of school-going age do not attend school according to a United Nations study?
A quantity surveying expert with a government ministry told us that the money can build about 7,000 classrooms at a cost of about K150 million each. It can also sink a huge number of bore-holes (at K20 million each) to provide access to clean water, which still remains a challenge in many parts of rural Zambia.
But without the report on Mr Simuusa’s desk, the rest will just be speculation. No-one will ever know whether the money is still ‘intact’ or has been used partially or in its entirety.
The only other way Zambians would know how the money was used would be through a parliament order according to legal experts or by coersion through the Minister, who so far has hit a brick wall.
[Zambia Daily Mail]
You are now in office and tracking the money shouldn’t been a problem as long as the money was paid to Zambia. Documents may have been destroyed but the bank statements should show the flow of money leading to beneficiaries.
and the the anti PF say its a witch hunt, look what Banda and his crew did, jail is the only place for such people. \\\\\\\\\\\\\\\\\HE needs to sort them out
More thieves, another place to be probed!
oh no! not again.
Ichalo champupu shekaskeka we Lesa wesu sure!
Oh please, another shallow and alarmists report mean to hoodwink the masses and give us another silly tribunal lead by no skills and desperate PF cadres to load up their pockets in sitting allowances.
For Goodness sake isn’t there any decent technocrat to advise this government before the really embarrass the whole nation?
ZCCM-IH is a publicly listed company and they produce their results quarterly and if this transaction was concluded in less than a quarter, can’t they wait for the next quarterly report like any other shareholders? This is illegal and insider trading. The company Secretary was right not to respond. Wait for the reporting window.
I hope this Minister was not looking for a big brown box with K850 billion kwacha in it.
Must have been a big brown envolope!
Mr MMD Chief Bootlicker, tell me one thing from your heart..did’nt Banda Steal
next week SATA will say sorry we actually found the money it was here all along
Why Sata and not Simusa. You must be a bitter person. Move on.
That amount is big. Wow zambia is so rich yet so poor.
Securities Act, Cap 354 of the Laws of Zambia requires a publicly traded company to produce results and in July ZCCM-IH produced the results and we have to wait for the next results to be produced rather than start demanding financial results in two weeks. This Minister is insane and out of his mind.
For your own information ZCCM-IH is listed on LSE and Euronext. This means that ZCCM-IH is not whole owned by the Zambian Government it is owned by people in UK people in Europe and Zambians like myself who owns this stock in my portfolio.
Yes they have not paid dividend in 10 years but that is not new if you are an investor seeking capital growth.
Govt risks being sued for insider trading if they bully ZCCM-IH to open books now. This is a serious issue.
courtesy demands that queries are answered. If the Minister requests form information, that request should be met. He is not obliged to wait. He should get answers. If MMD BL does not believe in the unprecedented corruption that was there during the MMD government, he shoud just wait. We work in GRZ and we saw it. It was so open.
motha fuucker
MMD Chief Bootlicker,
Don’t try to use terms that you don’t understand. What do you know about insider trading? ZCCM-IH is public company and you should know that they are supposed to make their financials public. So why should govt be sued for demanding infor from them? Are you for real? You are so dull.
You should also know that producing financial results is not enough. It is what is behind the numbers that is important. Have you ever heard of cooking numbers?
And for your own information, each company has its own dividend policy and they, the board, decide when to pay the dividends. If you were really clever, you would have known all these things.
How does such big an amount disappear like a 20 ngwee coin. Arrest all thieves
MMD campaign money.
Only a blind person could not work it out now.
Chief Bootlicker, you’d better know what you’re talking about. You’re about to convince me, but I’ll listen to you more attentively if you desist from name-calling and saying people are out of their minds, otherwise I might think you’re just hating.
Useless boot-licker, you dream that you knew it all! The Minister has clearly stated that the sale was concluded 5 months ago, why wasn’t it included in the 3rd or even 2nd quarter. If Wilber is out of his mind then you are only in your mind and/or dream
1d10t!
#11, Ok my apologies for name calling, but the content of what I have said remain valid. The Zambia Government does not own ZCCM-IH 100% for them to demand the books within 1 week is totally strange.
For example, I own FirstRand Shares, I cannot go to their company secretary and say , hey you got a $5million refund on the FBZ deal that was reversed, where is the money. Show me the money in one week, even if am the majority shareholder. That is unheard of.
The way to do it is to wait for the results for the period to be published and firms usually call for an annual general meeting of shareholders where I can now question any anomalies in the results. That is the civilized way to do it.
Rushing to the media over just suspicion is embarrassing
you’re joking right?
#12 Njoka
You see, it is shallow people like you tempting me to jump on the name calling bandwagon. Where did you get the 5 months ago sale. Can’t you dig information for yourself without depending on lies from shallow people who are lazy to research.
As I said ZCCM-IH is listed on LuSE. London Stock Exchange and Euronext. If you doubt LuSE go to LSE site and search for share code ZCC, The cautionary of the sale was announced on 1st June 2011 at 14:47 hours. Results ending March were published on 1st July.
Man, this is public knowledge which the whole world know and you decide to believe your Minister’s 5 months fake stories. Absolutely shocking. What was the point of going to school if you can’t use your education. Now you know why I call you kaponyas
I know Mukela Muyunda very well. That’s the guy RB used to bring down Zamtel. When I first head that he was appointed ZCCM-IH CEO, I expected a lot more problems there. This guy is a mercenary. Ask anyone who worked for Zamtel or Zambia Sugar or even ZAWA. He is known for causing trouble wherever he goes. When he was a lecturer at CBU he caused a lot of tension within the administration. The guy left CBU after being exposed that he was a shushushu. Stupid Muyumda. Am glad his mother, Mervis Muyunda has been recalled from representing Zambia as High Commissioner to Tanzania. We will follow you for the money you stole from Zamtel.
Mr. Mukela Muyunda should account for this money. This is the man who is at the center of the sale of Zambia Sugar and Zamtel as Chief Executive. He misdirected the Zamtel Board and the government that Zamtel was insolvent and yet the fact was that it was a growing concern. After privatization of Zamtel, he was retained by the new buyers but was unceremoniously fired barely two months in employment after he attempted to defraud the new owners of $50,000. He was then appointed or awarded a chief executive position at ZCCM-IH by the previous corrupt Government of RB. This is the man with no shame and this time he should be made to account for his actions. These are the people we do not want if this country is to prosper.
MMD Chief Bootlicker,
you have spoken well….\:d/
So no wonder those fake developments by Banda and his cronies. We a full report on how the money was used.If
This is disgusting. MMD thieves must pay at all costs even if it means torturing them.
jail the bastards………………………
I dont like people who first screen before getting their facts right,this has been typical of PF govt.Money is not like burns bought at a market.Money leaves with it a trail.Jst becoz the minister cant have a report he goes to the press and says money has been stolen.Who can steal all that money without being noticed.The Monister must be serious and stop jocking.We are in a hurry to see more money in our pockets not those wild allegations which even a child cannot buy.
MMD Chief Bootliker you sound too defensive as if you are the hired lawyer for ‘MMD’s State House’ and indeed ZCCM-IH. What the minister is demanding for is just a report or even a draft one. I am sure he has smelled fish around the all transaction. So sir dont just rush to lick the boot which is mad right now. You know sometimes you pity even these young and promising professionals like Muyunda and Chabbby who find themselves in the mess they may not even have avaided !!
@MMD Bootlicker. The way I understand is that the Government of the Republic of Zambia is 100% owner of the missing money. I will go to the ZCCM-IH but please also explain to me the shareholding arrangement of this company. The way I understand is that ZCCM-IH if wholly owned by GRZ.
The Company’s shareholders are the Government of the Republic of Zambia (GRZ) with 87.6% shareholding and private equity holders with 12.4%. Minority shareholders are spread throughout the world in various locations.
chief bootliker: you dont support corruption in the name of miss interesting laws. dont mislead zambians, if you are RB’s shushushu well its your choice. some one cannot fail to even brief the minister just like that. mind you simusa is a bussiness man who has shares in alot of companies and he understands what you are saying very well.
Money is with ZCCM-IH bankers. Shallow report indeed. That money is very much in Zambia and Mines Minister should realise he is in Govt and not opposition. Ministry of Mines does not keep money raised from public company divestitures. Please ask Ministry of Finance Secretary to the Treasury who will tell you where it is. Please ask and you shall be given details. Cap 366 of the laws of Zambia is very clear including public Finance Act and Minister of Finance Act which establishes Minister of Finance as a corporate sole. Please don’t alarm what you don’t understand. Government is complex but understandable. Spend time to understand the system before you start to look very very stupid.
Their should be a paper trail that can lead us to the money. They should start by asking who the new company paid and follow it from there.
According to MBENDI.CO.ZA, ZCCM-IH has the following share holding:
Konkola Copper Mines Plc – Chingola, Zambia (20.6%)
Copperbelt Energy Corporation – Kitwe, Zambia (20%)
Kansanshi Mining Plc – Zambia (20%)
Chibuluma Mines Plc Zambia – Zambia (15%)
Luanshya Copper Mines Plc – Zambia (15%)
Chambishi Metals Plc – Zambia (10%)
Mopani Copper Mines Plc – Kitwe, Zambia (10%)
shareholder: Government of Zambia – Zambia (86.6%)
Directors and shareholders are:
Chairperson (Non-Exec.): Mr GK Chibuye
Director: Dr DH Kalyalya
Director: Mr GP Mukala
Director: Dr S Musokotwane (Situmbeko)
Director: Mr E Mutale
Director: Mrs LI Ng’andwe
Director: Mr LS Nkhata
@ MMD bootlicker. I still cannot add up these shareholding structures.
MMD Chief Bootlicker, please come up with a news paper will be buying it
Chief boot licker, stop calling PF kaponyas, you donkey. we know who you are and we will sort you out. Your BA degree is no better than the qualifications of the PF ministers you son of the pig. You seem like you have nothing to do except monitoring the comments posted on this website and constantly posting negative comments on what ever the PF GOVT is doing. We know you guys stole too much money and to some of you $167 million means nothing and stealing became part of life.
There goes a typical PF kaponya with a bag of insults.
Time Will Tell, This ‘son-of-pig’ seems to be a lot more educated than you hence your threat to sort him out instead of arguing logically and trying to convince him. You sound like a PF kaponya.
I still believe there is need for the people in leadership to be calm and not to alarm the nation at every turn they take. The minister may have information about this case beyound what he has put across. PF govt ought to realise this as quickly as possible. They have enough resources at there desposal and they must use these fully before they meet the media. Bwana minister please do you homework in full and give a final report, now that you are in govt when you speak it should be facts. Otherwise we shall reduce investor confidence in our companies for nothing. I do not see how tomorrow you will be asking people to invest in this company’s shares… remove it from Lus Stock exchange then reports will come to you on a daily basis
@MMD Bootlicker, don’t lie to people here! If Bill Gates’ ownership of 9%, which is the largest by anyone in Microsoft, makes him the owner why isn’t the government owner of ZCCM-IH when they own 86.7%? Besides they are questioning the proceeds of the 2.28% of the shares they sold, you don’t have to wait for Q4 results for that!
I have just noticed that the quality of Zambia Daily mail articles has dramatically improved in the last 2 weeks. The English is good and the stories are interesting. Well done PF for removing illiterate cadres from editorial positions.
Government of alarmists by alarmists for alarmists.
@ MMD bootlicker ??????????????????????? not making any sense at all
Mukela muyunda at it again. sold Zambia Sugar, Finished Zawa, Sold Zamtel and Now ZCCM -IH. This chap runs some night club and lodge in mazabuka. The chi big fat and tall wife is incharge while he steals money and runs his businesses. Can sata sort this chap. please.
and the clean sweep continues…
All thieves and crooks will be kicked out …. winthin 90 days… ! :-)
# 25 @ independant
this is the shareholding structure :
Actions “A”
Ministry of Finance and National Planning on behalf of the Government of the Republic of Zambia
53 825 808 actions (60.3% capital)
Actions “B”
GRZ 24 329 828 27.3%
Rest of “B” Shareholders 11 140 792 12.4%
________________
89 296 428 100.0% grz : 78 155 636 (87.6%)
———————-
The 11 140 792 “B” Ordinary Shares are thinly spread and held as at 31 December 2005 by
minority shareholders.
“B” shareholders have no right to vote
# 29
The Composition of the NEWS ZCCM-IH Board is as follows:
Name Position on the Institution Date of Board Appointment
Mr A. J. Lungu Chairman Private Sector 20th April, 2007
Mr C. E. Chibiliti Member Ministry of Finance
And National Planning 28th April, 2006
Mr L. Nkhata Member Ministry of Mines and
Minerals Development 28th February, 2006
Mr P. Mumba Member Ministry of Energy and
Water Development 20th December, 2007
Dr D. H. Kalyalya Member Bank of Zambia 11th November, 2002
Mrs L. I. Ng’andu Member Zambia Revenue Authority 30th August, 2004
Mr O. B.
Munyenyembe Member Recommended by Mines
Workers Union of Zambia And National Union of Miners and Allied Workers 8th August, 2006
MMD Bootlicker… If the Minister asks for a report, why shouldn’t they give it to him? it’s not like he wants to give data to competitors, like there’s anyone competing with ZCCM-IH… It’s called acountability, even if Zambeef or Trade Kings were involved in any transaction involving billions of Kwacha the Ministry of Commerce or Finance have to know how the money is going to be spent, for inflation reasons etc….
Why this habit of using public media to deal with govt issues??? Why alarm the masses with half baked or just ingredients of imformation???
Rushing to the media over just suspicion is embarrassing. Please ba PF we voted for you, please be proffesional in dealing with your work. There are proper channels to follow.
If the money was there, the ZCCM IH guys were just going to send the Minister an email giving him an account number or a bank statement stating were the money was… and i might not be a lawyer but i know every shareholder has a right to know what is going on with their investments before any financial reports or Quarterly statements… Tell the Zambian peopel were the money is, otherwise we’ll liquidate that board too..
@ Sola it’s called transparency! if government keeps quiet, you’ll start saying they do things on their own!!!
MMD chief bootlicker is a MMD crook, zccm accounts are opaque : NO ANNUAL REPORT SINCE 2007 !!!
Zccm published only Half Yearly Report with wholly owned subsidiaries as Ndola but without Kansanshi, KCM,…
Chief bootlicker prentends he is a shareholder
Yet he has a big mouth, and he said nothing durant the last agm on nov 2010 !!??
And what about 100 million dollars swindled from ZCCM ???
Former gvt, former finance minister Musokotwane ALSO FORMER DIRECTOR OF ZCCM knew that and where the money was…
if mauritian banks refuse to return money why Musokotwane did not publicly make pression on mauritians ??
–from apanews
APA – Port Louis (Mauritius) Zambia and Mauritius, within the framework of the Mutual Assistance Programme are working
continued
to retrieve 100 million dollars alleged swindled from the Zambia Consolidated Copper Mines (ZCCM), APA learnt here.
The Zambian government holds 85 percent of shares in the ZCCM.
A high level delegation of the Zambian Task Force on Corruption, Tuesday arrived in Mauritius to pursue the matter.
Rama Valayden, the Attorney General and Minister of Justice to reporters Wednesday in the capital, Port Louis, that he will hold a working session in the evening with the Zambian delegation to discuss the follow up of the case which implicates offshore companies incorporated in Mauritius.
He said about 100 million dollars have been transferred through the Bank of Butterfield Account in London
continued
, before being invested in the banking system in Mauritius and said the suspects in the scam are known by Zambian and Mauritian authorities.
At the beginning of the year, at the request of the Zambian government, the Mauritius Supreme Court issued an ’Attachment and Freezing Order’ to several banks here on the accounts of the suspects, Mr Bernard Mungulude, Mr Kazhi Kateke and the Laxi diamond company.
The duty of the Zambian Task Force on Corruption now was to seek to identify the local agents and representatives of the suspects so as to be able to recover and repatriate the money.
Hence, local banks have been assigned to submit documentary evidence to expose the criminal gang, or else the banks will face dire consequences, Valayden said.
remember, Mukela Muyunda is Rupiahs puppet ….and you will understand
bootlicker, collapsed kennel !
your master Rupiah has been kicked out… :-)
MMD bootlickers comments makes sense. its true that us so called educated people always rush to give opinions without using our brains to analyse issues.Let me go to the Luse site for more info.PF please stop alarming the nation and get some educated advisors or at least check with LT bloggers before you embarrass yourselves
WATCH THAT SMELL!
It is very hard these days to pass by MMD members who had some portfolio without smelling some “ICISUSI” because these chaps are under so much pressure as regards money they grabbed from all sections of the Govt. Some minsters will be a sorry sight if taken ill to UTH because they are already doing small jobs inn their pants/undies
This is funny. Rt Hon Wibur is now behaving just like his boss HE Sata. They go to the press to discuss government business? Our national security is at risk with these gossipy politicians. All monies that belong to government are handled by the Finance Ministry and the comptroller is the secretary to the treasury. Nadalamei is not dead. He is still around why not ask him? The government banker is BOZ, why not check there if the money was ever diposited? Wilbur, you are not a manager in ZCCM now, you are a Minister so grow up quickly!
And this chap is a minister. Sir, please get to work. That is what you were elected for and not to spread unwarranted rumours. You are there to provide support to ZCCM-IH and not to undermine them. There is no way ZCCM-IH would lose that much money with the Board and its auditors failing to notice.
What igonorance?
Number 29 Independent, I think you are mistaking the capital structure of ZCCM IH and the share percentages that they hold in their investments(mines). Simusa likes alarming his audiences on matters he is ignorant about. Last time in parliament he gave a statement which implied that if ZCCM IH holds 20% in a company, then 20% of the total of the profits made over the years should be visible on a govt account, without knowing that dividends have to be declared or not. Mines are capital intensive and would rarely declare dividends becoz of various growth strategies. This shud be a warning to govt’s proposals to increase stakes in mines that there would cases were more capital have to be pumped through rights issue and boma shud be able to willingly pump the money.
what are you doing bwana minister if the cash is missing..stop alarming us an get to work!
Number #17 – CHKUBABE, You have the right to express yourself BUT NOT at the expense of other people’s REPUTATION and spreading LIES. Mrs Muyunda is my Mother and certainly the so called Mukela Muyunda is NOT my brother and he is NOT RELATED to our entire family in anyway. I resent strongly to your careless self-expression which is DEFAMING our family name. My family (which includes the late President Mwanawasa family) have always been at the forefront of fighting corruption in our beloved country. Kindly make amends to your comments and an apology would help.
Bloggers pliz educate me.When was ZCCM-IH listed and where is it listed?Its news to me.
I miss mushota’s comments
Ha hahaha, ati Njoka where are you have been silenced by the bootlicker interesting
Best blog so far, great comments form educated people and good dose of the usual kaponya rants. Viva freedom of speech.
We await to hear what ZCCM-IH have to say for themselves.
Ba chief boolicker
You pretend to know alot, flushing out legal stuff you’ve picked on the streets to confuse similar small minds but you just as transparent as jelly fish you hardly know anything on this issue. How is it insider trading when the transaction has already completed and cash changed hands? Mate, you are pants just like your name, ZCCM IH has sold its stake on behalf of us the shareholders and got the money, now we enquiring into how the money was spent or how/where its been invested.
There is no excuse for failure to track where the money is ba minister.Launch a man hunt.if they have eaten the money,let them rot in chimbokaila maximum prison.The people involved had this whole thing well planned so that in the confusion surrounding the elections and the after math,no one would know how the money disappeared.
MUSHOTA IS DEAD. REST IN PEACE
@ spongebob
zccm-ih is listed on
# LUSE (main quotation place)
10,000 zmk a stock
# LSE (quoted since 1970)
us$5,80 (last trade 05-May-11)
# Euronext (Paris) listed since 1997 – phase I privatisation –
2,00 € a stock
# nasdaq OTC
ZCCMF (NASDAQ-OTCF)
$4,00 a stock
last trade in 2010
very few trades on Luse, LSE and Nasdaq-otc, more on Euronext
on LSE, Nasdaq-otc and Euronext, zccm-ih is relegated to a second-class market
zccm-ih has a “junk bond company” status on these markets because of a management or mismanagement incomprehensible despite its assets
be careful if you want to buy this stock… Im sure there are skeletons in the cupboard !
Look at this bloggers
Kaunda=Zambia Airways; Chiluba=Aero Zambia; Mwanawasa=Zambian Airways; Banda Zambezi Airways; Sata=Ubwato Airways or something like that. Another Airline is coming watchout.
Swiper no swiping, swiper no swiping, Oh mnnnnnnn you are too late!!!! DRAMA PA ZED. JUST WATCING FROM THE TERRACES TO SEE WHAT HAPPENS NEXT.
If am not mistaken that money should be sitting in an account at Stanchart. There was an agreement to place the money in a fixed deposit so it could “grow” to a dollar amount that was desired by ZCCM as the rate at time of conversion was not favourable. wish our Govt could do some minimal research before running to the media.
# 65
“Mr Simuusa said: “the money is supposed to be used for clearly stipulated projects and I have received no co-operation regarding the use so far. I asked questions about the money when I was in the opposition, I was given none, and since I was sworn into office last month, I have received no co-operation”, said Simuusa
so as he has received no cooperation, he must thump the table and warn publickly the lazy incompetents !! I hope the zccm management didnt line their pockets…
Hon Minister please go to ministry of Finance or the Bank of Zambia they will tell you if that forex came in or not. ZCCM-IH is no longer a parastatal so the days of you telling them what and what not to do are long gone. Live with it!! The results of ZCCM-IH are public knowledge and you will be told about them at the next quaterly report. Bola panshi
Only in Zambia can citizens have 2% stake in their own resources…utterly laughable..i can bet you the Chairman or the CEO of these foreign business get paid more than us…who ever was negotiating these deals deserves a pat on the back. What’s $160m just imagine if we had savvy negotiators back then who negotiated 16% (and were not corrupt), $160m is paltry chump charge to us as country and not worth selling we should be increasing stakes in this mines.
#16 @ MMD Bootlicker.
Consider your comments again. The issues the minister is high lighting are not as complicated as you are putting them. This is simple book keeping. If ZCCM received the money on behalf of the Govt, a simple credit receipt could do the work. When transferring to the Ministry of Fin. ZCCM should produce a debit receipt from the bank. The funds belong to Govt and they
are entitled to know. And the minister did the right thing by going to the source of the transaction who is ZCCM.
As for rushing to the press to report that before exhausting all the available channels, the Minister erred. Such a huge amount will be easily traced. There is always an audit trail when money changed hands.
I have followed thisbwith keen interest and conducted a smal investigation on the issue.
It seems our new minister of mines is still learning how GRZ works. All proceeds og such nature are not kept in a ministry account, but at yhe ministry of finance. Please ask yhe new secretary to the treasuru whovwill brief you that a total of 167m dollars was paid and some money was usee to pay some zccmih debt to grz of 35m and also recapitalisation of ndolalome of 26m. The rest og the money is there in the treasurer at boz. Please honorable minster check all the details before you comment hard like this.
Number 6 is the son of a Dog
Mukela Muyunda is one of the ex Zamtel officials who is suppose to testify before the Sebestian Zulu commission…he knows what transpired in that deal….we hear pepole acquired property from the transaction.
I like MMD chief bootlicker analysis. Chilinadata chimunthu ichi ka. just listen to him and you will never go wrong in your analysis. I end here!
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