Wednesday, June 19, 2024

I have no problem with the probe of the sale of Zambia National Commercial Bank -Magande


FORMER Minister of Finance and National Planning Ng’andu Magande
FORMER Minister of Finance and National Planning Ng’andu Magande

FORMER Minister of Finance and National Planning Ng’andu Magande has said that he has no problem with the probe of the sale of Zambia National Commercial Bank (ZANACO).

Mr Magande said he stands ready to be called upon to answer all queries, but quickly added that as Finance Minister he was not in charge of the actual selling of the bank. He said the President has constitutional powers to order a probe in matters he feels have been marred with irregularities.

President Sata on Friday directed Minister of Justice Sebastian Zulu to immediately probe the sale of Zanaco to establish whether procedure was followed when Dutch bankers Rabo acquired a 49 percent stake in 2007.

“I have no problem with the probe into the 49 per cent sale of Zanaco bank. But what should be understood is that Government acted on a decision that was made in 1998 by the Chiluba government. A decision which was in the best interest of the country looking at the state the banking institution was in,” Mr Magande said.

Mr Magande said in an interview that it was regrettable that the probe has started at a time President Mwanawasa is no more because he will not be there to answer any of the queries that might arise during the inquiry.

He said during the sale of the bank, only 49 per cent shares were sold to Rabo Bank while the rest were offered to Zambians, who have since acquired the shares. “About 200 Zambians have shares in Zanaco and all the procedure into the sale of the bank shares was explained to Zambians, and to the Patriotic Front led by Mr Michal Sata and Dr. Guy Scott, who presented a petition to me.”

Mr. Magande said, “I explained the position Zanaco was in and the reason the government then decided to sell the institution (partially privatise).” He said he expects people who agreed to the decision to privatise Zanaco when called upon to appear before the commission to be truthful on the matters regarding the state of the bank at the time it was being sold to Dutch banker Rabo.

“The Levy Mwanawasa government acted on a decision that was made in 1998 by the Chiluba government because it was beneficial to the people just like the PF has continued with the MMD-initiated FISP (Fertiliser In-put Support Programme),” he said.

Zambia Union of Financial Institutions & Allied Workers (ZUFIAW) secretary General Joyce Nonde-Simukoko said the probes instituted by President Sata need support from all Zambians to clear suspicions regarding the sale of public institutions in the past.

Mrs Simukoko said people have the right to know how the former government sold public institutions because they are shareholders. “People appearing on the commission must be able to tell the truth. We do not want people who will go there and tell things to please the President at Zambians; this is the only way to clear suspicions on how public institutions were sold so that the country can move forward.

“There is a lot of gossip and rumour mongering which creates tension in the country on how government operates,” she said. She appealed to the PF government to be transparent by disclosing how much they are spending on the commissions of inquiry and the constitution review because they are accountable to the Zambian people.

Sources within the bank said Rabo Bank bought a total of 49 per cent shares from government. Of the total, four per cent were sold to Zambia National Farmers Union (ZNFU). Government retained 25 per cent while 25 per cent were sold to the public.

And ZNFU executive secretary Ndambo Ndambo has welcomed the probe saying they are ready for the outcome of the investigations. ZNFU has shares in Zanaco. Mr Ndambo said the formation of the commission of inquiry to probe the sale of Zanaco is in the best interest of the nation.

“The President might have information regarding the sale of Zanaco which the public was not privy to during the sale in 2007. As shareholders, we welcome the move on behalf of the farming community,” he said.

[Zambia Daily Mail]


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  1. Mr Ngandu Magande. This man is a good man and can add value to Zambia’s development strides. Magande is a credible citizen. I feel for this man to be is PF government. He can add some value. He performed well as Finance Minister. I hope HE MC Sata will hear my humble cry. I really feel and I am convinced Magande can do well with a government post. Don’t waste talents like that of Magande. Use him as a citizen. He is different from HH and many others. Get this man in government. If you are hunting for Heads, here is one. We need more knowledgeable and bold people to work with in PF. Get this man on bold.

  2. Well you were cheering on when it was time for Zamnet. Are you now telling as that Dr Musokotwane sold Zamnet on his own? Was it not a cabinet decision? If you live in a glass house do not throw stones, the saying goes.
    We need to probe you on the row you played in Nchito’s Zambian airways. You simply you stopped Zambian airways from being liquidated there by Zambian lots tax payers money. The we need to investigate the safe of the houses in Avondale and how Safa benefited… the list goes on. We need to start from 1991.

    • You mean ZAMTEL.

      Anyway, you are right.  Let the DPP, Mutembo Nchito, prosecute Magande for abuse of office when he single handedly allowed Zambian Airways to illegally retain airport fees, an act that was not tolerated by RB and Musokotwane, hence the animosity that ensued from Mmembe’s Post against RB.  Let Nchito prosecute his benefactor Magande.  At least Musokotwane consulted widely (within his ministry, with ZRA, ZDA, Legal Affairs etc) on the VAT deferrment  by Varun Beverages.

    • smyszesalealan on November 1, 2007 I havent been able to Keep all wheel drive acadia’s on my lot, even with the $50K Canadian price tag, or higher. since they havve come out my dealership has sold app. 45-50 of the bastards. may not seem like much but we only got our first one in late may.

  3. These probes are pathetic, waste of money and time,any other government will be probing the precedent regime?

    It is a cycle of the less elite, Grow up and move on The president is not fit for purpose and I was always on his side

    Pathetic, someone pass the puke bucket


  4. The costs being expended on the probes, Commissions of inquiries and also the costs of the legal system to try if at all these people, is far greater than the tangible results likely to emanating from them

    The resources being wasted on these could be better used elsewhere not less creating more jobs and perhaps reducing your $2 Trillion debt.



  5. Magande has missed the point, the probe will find you with a case regardless of how clean you consider yourself. The probe has to find some faults in order to justify nationalisation and thats why the probe itself is unecessary as it is just a means to to a predetermined action.

  6. Mulongoti, Magande, Mpombo thought by jumping sheep and starting to shout the right noise they will be spared from their past deeds….
    This circus will end with a Commission to investigate SATA him self. He thinks we have forgotten his about his deeds to.

  7. # 8 Mushota if you put all the analysis together, it may actually turn out that it is more costly to the country to have all these companies continue operating in the hands of investors who corruptly acquired them. The nationalization costs may be high but only in the short term. 
    I wonder what kind of education you are getting, anyway. rather than puking, you better  re evaluate your self view, and no doubt, you will have a ocean to fill with puke.

  8. PEOPLE OF GOD READ WELL THIS:”….Mr Magande said he stands ready to be called upon to answer all queries, but quickly added that as Finance Minister he was not in charge of the actual selling of the bank.” I SMELL SOMETHING HERE THE MAN MAY BE AWARE OF A ROTTEN AREA SOMEWHERE. OTHERWISE I RESPECT MAGANDE AS ON OF THE BEST FINANCE MINISTER, HE IS INTELLIGENT HAT OFF FOR HIM

  9. Leave Magande alone, while I commended the president over the zamtel issue. On this one, I fully don’t. Mr. Sata please reconsider, what you need to do is establish the benefits of having a privatized ZANCO against a nationalized one. Establish the job creation to the job loses and the top jobs given to Zambians in ZANCO before even going towards the probing issue. If all these guidelines I have mentioned above yield positive results for the country then there is no need, especially on the jobs part. Also, if the dutch bank is bringing in foreign capital then leave it alone, the last thing you want is to start causing diplomatic problems with the dutch, so be careful in how you handle this. These people help us with their taxpayer money. 

  10. chi magande you are a chi coward,why mentioning all the chiluba goverment nonsense,why all the trash of ukuzala chikalah,at as minister of finance you were not responsible of pono.why can`t you just stand firm that it was goverment descision and we presided over it colectively.
    badness you are a chi weak soldier,maureen mwanawasa prevailed too much over you and this sata was told so he knows who he is targeting and you magande you know maureen`s role but mwali ba puppert bakwa mwanawasa ukufwaya bu president

  11. Bring Sata to the US for an independent psychiatric evaluation before it is too late. This country will collapse, if you’re not careful.

  12. @ 4 wanna be B.I.G,, ______________next to divide the provinces even further and rule you forever and you can cry call us kolwestan, kaponyas, grade 7 the fact is we are in charge of zambia and always will be in charge of u, forever imwe skunka pakonya

  13. Those who kill by the sword, die by the same. Sata’s time is coming, just wait. Chaona munzako chapita, mawa chili pali iwe. Remember these words.

  14. Good for magande. He has been a pawn of mmembe for too long. now he will be sorted out. Thereafter, his king membe will be next

  15. PF is on right track. We have to create conditions that will prevent a future president suddenly removing clauses from the law so he, his bootlickers, his wife and kids could ransack Zambia. We need to make sure an ex-president doesn’t utter stupid statements like ” I didn’t knowingly steal” as if stealing were a reflex action about which you have no control and not a premeditated wicked action. So all of you suggesting we simply ignore the wrong doings of the previous regime are in for a rude shock, because we have to imprison these punks and we will as a lesson and precedent to would be plunderers. I can’t believe we have in Zambia people who think there shouldn’t be laws to govern our republic. Are these people drunk or are they foreigners? 

  16. PF is likely to take us back to the KK days where gov is so big that it runs everything in the country. this path is not good for our country.we are heading towards zimbabwe. our debt will slowly become unsustainable because gov will inevitably go into spending gear. and contrary to #17, PF is driving us toward dooms day. if the past has taught us something, its that gov cannot run business.  

  17. A policeman in State House…kaya! Is Sata going to probe KK, Chikwanda,…even the long dead and gone honorables like the Kasondes of Kaunda’s erra? How far back is this going? Or is he only going as far back as is convinient to him? I strongly feel that Sata has hidden agenda deficient of national interest in his pursuits? Nothing wrong with establishing the truth how business should br run in Zambia but the methodology here is very worrying indeed–Sata seems to be motivated by a hideous vendetta. Cry my beloved Zambia.

  18. Good evening

    #17 Wantanshi thanks for speaking my mind! Everywhere in the world, citizens will fully back up a government that is buying back shares of national property but with Africans, it appears as if they still want foreigners to be in control of their resources.
    Africa desperately needs a breed of leaders who can stand their ground and inforce laws that will protect their citizens even beyond their term of office. We can’t have a situation where foreigners dictate to us how to run our national affairs. The foreigners say “jump!” and we say “how high?”.

  19. No 26

    why buy things you can not ran? Am sure you know what happened in ZCCM, PTC, ZCBC, Zambia Airways etc. Lets talk after a year when Zamnet is ran by government. People will now start making free phone calls from their friends offices at Zamnet. The reality is Zambians can not ran that company. Its painful to know the truth. Zambia has no work culture.

    Show me one profitable company ran by a government in Africa.

    • Ethiopian Airlines is wholly owned by the government of Ethiopia and is not only profitably run but probably the most successfull and well sustained national flag carrier on the continent.

  20. # The Engineer (Australia) . I doubt if you are a true engineer because your analysis is in conflict with the true identity of an engineer. The best solution is not to privatise the company but to look within yourselves for a solution.

  21. Mr. Magande has rights to respond to events that are emerging on the Zambian scene – but best to remain silent. However, Mr. Sata has gone too far in his quest to prove that he is an Angel and that all his predecessors were evil men who plundered the national economy. Although both Mr. Magande and Dr. Musokotwane may be judged by the PF Govt to have erred in their duties, we must be fair to state that Zambians must appreciate that both the Late President Mwanawasa and former President Rupiah Banda appointed the best brialliant Finance Ministers in the name of Mr. Magande and Dr. Musokotwanethis respectively. Frankly, the current Finance Minister in the PF Govt is no much to the two gallant economists. Poor Chikwanda is a mere fossil who has been exhumed to ruin the Zambian economy.

  22. Why did these two Mr Magande and Mrs Simukoko rush to the press? All what PFgovernment wants is to make some of these pubulic instutions transparency thats all. As for the costs of these commission of inquiries that is not your baby or responsibility.The auditor General will tell us when the time comes. All what we want now is the truth or details from some of these transctions.

  23. you thought you were clever by calling mmd corrupt, you magande, mpombo, mulongoti were all in mmd govt and you wont be spared

  24. Let the DPP, Mutembo Nchito, prosecute Magande for abuse of office when he single handedly allowed Zambian Airways to illegally retain airport fees, an act that was not tolerated by RB and Musokotwane, hence the animosity that ensued from Mmembe’s Post against RB.  Let Nchito prosecute his benefactor Magande.  At least Musokotwane consulted widely (within his ministry, with ZRA, ZDA, Legal Affairs etc) on the VAT deferrment  by Varun Beverages.

  25. @ nine chale with your fellow goonie please switch to watch and digest the pastoral letter,its has come too early this time around

  26. We also know that even Chiluba will not be there. However kindly produce or indicate the 1998 document where the Chiluba administration made the decision to sale ZANACO. Also indicate how many Chiluba administration decisions of this nature were carried through by Mwanawasa administration. Does this include the sale of the mines for US $ 24 million. Does this include illegal liquidation of certain companies. Secondary the Mwanawasa led government must have appriciated the rationale of the decisions made by the Chiluba government. Zambians are interested in this rationale

  27. Magande has no balls period.This nonsense of cooperationg is a sign of cowardice.Zanaco is one of the best performing banks because of Rabo bank expertise.There are more scandals over Zambian airways than this zanaco nonsense.This empty feeling that this and that belongs to Zambians really pissses me off when its only politicians benefiting.How gullible can Zambians be? Pleasr try reading the Pastoral letter from ZEC,they are spot on eish,you mugs can drive somebody mad with your cheap reasoning.

  28. Nevers Mu mba is a lia r and a mon ey lau ndering ma chine

    Him and the de puty Mr Nz oya are ste aling tax pa yers money. They had fired Mr Tem bo beca use he knew about this sc am and was aga inst it. They also have a office slut , Caro lina Rod- riguez who is also abus ing the money. The Ottawa Zam bian mis sion are th ieves

  29. Sata, you might as well just start from 1991 fisililemo mwe – why don’t you start with your nephew Valentine Chitalu who suspiciously privatised over 100 companies??????

  30. It was a good sale with foreigners owning minority share but substantial enough to create proffessionalism and Zambians owning majority shares. It is not like the Zamtel sale which was meant to enrich foreigners at the expense of Zambians. But surely as people are saying, let him go further back and investigate his nephew Valentine Chitalu first.

  31. After the Zambia Airways letter was released we all realized that the dull person in that case was RB. What is the point of this Zanaco probe, another waste of time. I cant understand how Zambians living in Zambia are keeping quiet when innocent people are being persecuted for no reason. They always say that great leaders know how to use other people. Mwanawasa was a great leader because he recognized talent and used it, the same with Obama bringing on Mrs Clinton. Sata promised 90 days money in peoples pockets, houses, jobs, Zambians not even one protest/march. Sata must wake up everyday laughing saying “who knew I could fool so many people to vote for me on empty promises” We need to wake up and protest these unncessary probes, we need to hear job creation, etc. Zambians wake up!

  32. No 44

    I visited Zambia in 2009. You will actually be surprised how the average Zambian is so dull. It would not surprise you they voted for another dull guy as president. Birds of the same …. flock together… the average graduate in Zambia does not even know why inflation is important.

  33. This is share waste of time! President Serpent Cobra Sata and Winter Kabimba stole alot of houses from the people of Zambia when at LUDC and they want to play smart today. When a new government comes in soon will ask them to account and they will account for even the workers they fired when at LUDC. The two President Serpent Sata and Winter are evil.

  34. Bane, lets get down to work as we quietly clean the mess. There is too much talking at the moment without any tangible work. Fold up folks and get down to work.

  35. a1mint on August 12, 2009 Hard to find tests that tests the CVT 4 cyl veisron.The 6 cyl apparently is *quite* the pig on gas, and Mitsubishi is lying through their teeth with their pants on fire about fuel economy .

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