The Zambia Institute of Chartered Accountants (ZICA) has spoken out on government’s takeover of 75 percent shares in Zamtel from LAP Green Network of Libya after the Sebastian Zulu led commission of inquiry established numerous irregularities in the sale of the firm.
Speaking at a media briefing in Lusaka today, ZICA Chief Executive Officer Hapenga Kabeta said government should have engaged LAP Green with a view to reach a consensus that would give more benefits to the people of Zambia.
Mr. Kabeta suggests that one of the alternatives for government would have been the reduction of the shareholding for LAP Green from 75 to 49 percent.
He has expressed hope that the move by government to repossess Zamtel will not prove to be costly to the Zambian people.
And Mr. Kabeta has objected the manner in which the Zamtel Chief Executive Officer Mupanga Mwanakatwe has been appointed.
He says ZICA does not question the professional standing of Dr. Mwanakatwe but that the principle used to appoint him was not appropriate and not in conformity with good corporate governance practices.
He says government should have appointed an interim board of directors which a chairperson which would have appointed the Zamtel CEO rather than appointing an individual who at the same time is chairman of the board.
On government’s move to rebase the Kwacha, the ZICA chief executive officer says government should have taken a more consultative approach in this regard.
Mr. Kabeta adds that the six months period stipulated for implementation of the rebased Kwacha raises challenges such as the designing, tendering and printing of new notes and coins, the process of withdrawing the old notes and sensitization of the general public.
He has since advised government to consider moving the implementation date to January 1, 2013 adding that this will give the nation adequate time to adjust to the development.
QFM
Hapenga Kabeta is usless… his thinks RB is still the president.
You are right about that. Its very unprofessional of him to be dragging the ZICA profession into politics. If we are to flip all pages one by one its obvious he is a ‘upnd’ supporter !
The president appointing individuals to head these institutions i.e. Zesco, Zamtel is the reason they have under-performed. These people, as qualified as they my be, are effectively rendered useless as they are forced to carry out the will of the appointing authority, in this case an individual. On the rebasing of the kwacha, as good a move as this may be, I totally agree that more time and consultation is needed. We cannot have a situation where someone wakes up one day and decides this should be done and tomorrow his wishes are carried out.
I remember commenting on the issue of Coperate Governance when appointments were done and on PF cadre said i said i should do more of night school. People should desist making comments on matters they dont understand
Why do illiterates attack a person rather than debate on the points the person has raised? Most of us are anxiously waiting to see what the cost of Zamtel repossession will be to Zambians.One also wonders why the President who is going after former govt leaders for not following procedures is himself not following laid down procedures.
Hapenga has soem points worth noting, for example, he is clearly right to question the appointment process of the nw Zatel CEO. He is also right to sugest a more consultative process in rebasign the Kwacha.
However, one thing Mr. Kabeta should bear in mind is that Government may want to move fast on the currency to compel cash crop farmers o bring their cash into circulation fearing they must lose out. In the process, a few more will be nabbed.
u c zed the pipo that ar targeted on the rebasing of the kwacha ar jus a hand full compared to the rest of zambia which will bear most cot as to compaigning , sensitisation and other costs like repreinting designing , coz it costs more than K5,000.00 to print a K5,000.00 note
there goes wise piece of advise for PF..if you have ears to listen do..
Kukambakamba. Ha……… something and you are CEO? bazakuchosa bafake mubemba munzawo. They want all “their” CEO positions.
No.1 Good Morning Zambia
Why is it so difficult for you to discuss the issues raised?
these kaponyas don’t understand what you are taliking about, they are straight from chisokone market.
imwe ba chikala u are useless,why do even blog ai??lowest expactation ever mother fu.cker
Good piece of advice, landing on deaf ears of PF. Zambia with PF is not going anywhere. I pity Zambians as soon will suffer more.
PF can not comprehend such sound advice as exemplified by #1.
Good advice fromm toothless ZICA. we need more action from you Mr. Kabeta. What are you doing about expatriate accountants? They have no better qualifications but you have allowed them to take our jobes. This too is where your energy and voice is needed.
we dont want cash crop please change the kwacha so that the greed ones and all those who store should cry with thy pants down,zamtel issue guys let it be for zambian Dr K K bulit zamtel for zambia not for sale gents if you hard relatives who used to work for zamtel then you can understand if not thats where selfisheness,greed comes in let us wait and see,:((
thumbs up.
What is important to PF is the tribe that has been appointed. He is one of theirs(Bemba).
Corprate Governance,spot on
Corporate Governance,spot on
Sound professional advice from ZICA. Other professional bodies like EAZ, LAZ including the church should make their positions clear on current national issues. It’s pointless to have some of these Associations who keep mute when critical economical/social issues are raised.
Whilst sympathising with the PF govt trying to uplift the living standards of Zambians, I feel govt need to consult more when making their decisions. There’re no short cuts in managing a country. Bravo ZICA!
Tonga mumbwa mumbwas, ifiko, Crocodiles, cowards etc. You shall keep hating the bembas till you are lowered 6 feet down *****s.
chakubaba iwe kaponya. not my faulty that bembas are naturally thieves and crooks and dull chaps who thrive on lies.
“One Love” you are one incredibly thick Bemba tribalist! Are you gonna live forever? How long do you think Bembas will rule Zambia at this stupid rate of misgovernment? You are gonna get yours in 2016!!
Speed kills ipaya… Hapenga has a point. This we know it all attitude is what messed up amalume a Bwezani, osapanga ntota zilye na ku mutu yai.” Samva za anzake anamva nkwangwa ili m’mutu”
Good afternoon
All valid arguments from Mr. Kabeta and as CEO of ZICA, I’m sure he knows what he’s talking about. However, to understand why the government repossessed 75% of the shares, we need to rewind to the position of Zamtel before the changes where made. The government should be able to explain to Zambians exactly what went wrong then, so that we are all in a better position to understand why certain decisions are being made this way.
As for PF gov’t, I hope they heed advice and follow their plan courteously because strategy is more important than tactics. They’ve got to make sure they are not eaten by a lion while they are sitting in the jungle drawing sketches of the next village they’re about to conquer back.
At good morning zambia.am appaled by your highest level of ignorance,Is it so difficult for you to discuss the matter at hand.I remember so weel that i commented on the need to give this debasing issue six more months to january atleast and the need to dialogue with LAPGREEN on the possibility of just reducing the share holding to as little as 49% and not the way the company was forcibly grabbed.Diplomacy is vital in all dealings and as governmaent i urge you to be wise when dealing with sensitive national matters
wasnt Kabeta Hapenga fired from ZAWA for poor corporate governance and lack of consultative approach?
If indeed he was then he is better placed to advise the preso not to follow in the same path.
The way of thinking of some people is shallow, hence ample time is not taken into consideration when they are planning important issues like currency debasing. I know after six months they will come back to the public with excuses why things have not worked as they had planned. Remember the issue of constitution to be ready in 90 days. Speedy kills. Kabeta has given wise advice. Those that are wise will heed his timely advice.
Phil, I concur with you. Pf should not do things in a hurry, they should bear in mind that they have a 5 year mandate.They are behaving like MMD who wanted to do alot of projects in a few months towards elections.
The are good points here ,I have never seen Govt handpick
Zamtel CEO, board is supposed to appoint CEO, rebasing
Kwacha needs more time, Stealing failed ideas from Zimbabwe
Is not good , so if someone owes me k50000 u think I’m gonna
Accept him giving me back K50 .do we have to be changing
Currency every Govt change ,instead of finding ways to strengthen
The currency that’s cheaper than printing new currency
It could have been a very costly and lengthy process to strengthen the kwacha, mostly especially in line with the dollar.
About you getting K50 instead of K50000, you will soon understand the power of a K50.
Mr Kabeta makes sense, however the challenge is much more deeper than just good cooperate governance. We have a constitution that makes the president an aboslute king with little or no accountability to the people, until election day. The system also means that if the president does not decree (Like a King) nothing happens, all wings of a sound constitutional system such as justice and parliament should be able to act independently. The police need directives from the president to act, what nonsense is that? What we have is a country that takes 2 steps forward depending on the president of the day and then 20 steps back when another comes. How can leaders spend so much negative energy and expect to deliver, just look at UNZA a national university that is not fit for human habitation.
@ba mwine, when u dont knw keep quiet and pipo wil respect you. That man was my lecturer at CBU and I can confirm his abilities…….chaps at your level of thinking are bring this country down.
cikalalila
Mr. KABETA IS REALLY MISSED IN ZAWA. We now appreciate that Kabeba had a far fetched vision for the Zambia Wildlife Authority. For example, he intended to upgrade management staff standards by employing trainee management staff from Zambian Universities! He wanted to make ZAWA a business entity like parks in eastern africa. What he missed perhaps was the motivation of general staff (ZAWA 06 to ZAWA 10) which forms troops and the backbone of the Authority. Needless to say, the man is a good manager. The impasse in ZAWA is now when dull people (only military minded) are left to toss ZAWA from right to left with conditions worstening from year to year. Even when civil servants have been getting 15-25% salary increment, ZAWA staff sweat for two years with a 0%. HE MCS, PLIZ DO SOMETHING NOW.
You shall get 100% increment with IMMEDIATE EFFECT. Kambwili will be visiting your Head Office in Chilanga tomorrow.
That guy is UPND sent by HH.
I like the way the PF government is acting its swift no time wasting . In MMD there was too much consultation therefore no good results. At times leaders have to take bold decisions to make things move otherwise we would not go anywhere. PF well done so far for everything.
A brave stand by Kabeta….but the issues he raises are wider…..in general corporate governance has been thrown out the window. And it is for this reason that Zambian state-owned enterprises and many others around the world (especially in Africa) fail to perform. Instead of of providing visionary strategic leadership, State House announces the appointments of CEOs rendering Boards (when they are finally appointed, if at all) useless. The Board which is best placed to supervise the CEO and management is unable to do so for fear of annoying the appointing authority and the appointing authority itself is unable to supervise on account of lack of time and not being in possession of all the requsite information….I only hope the PF govt. remedies this recipe for corporate failure….
corruption is corruption.what is this Hapenga talking about?
I think people like hapenga have no integrity.Why should we allow corruption?If it was done illigally then there is no need of giving lap green even 1%.shame on some zambians who can’t think like Hapenga Ha ha ha.This is why a country is being destroyed.I think this guy is crazy.
Tht’s
A
Stupid way of thinkin mr kabeta.
Honestly I don’t enjoy payn K900 000 ( €130 ) for a single paper, I prefer payn K900 for it. I am not really sure, why you are becoming such a rant all of a sudden??
I now understand why Zica isn’t that competitive. Its good that there are few tribalist’ s like you in this country, D09(G)!!!
What we need now is to support the govt as they regain control of ZAMTEL. The major challenge they will face is recapitalization. The other one is how will they resist the temptation of politically interfering into the operations of Zamtel? All govt institutions MUST and MUST pay their bills on a monthly basis or whatever period they agree with the company. The GRZ was responsible for the poor performance of Zamtel and finally, NEPOTISM must not be part of the process this time around. All employees must be professional.
Govt should run Zamtel for only two years then they privatize it and sale substantive number of shares to us ordinary Zambians at a reasonable price.
Mr Hapenga Kabeta, are you the representative of Lap GrreenN? It appears that you seem to approve the illegal manner in which Lap GreenN acquired ownership of Zamtel. You don’t care about Zambians but rather, you would love to protect Lap GreenN interests. Shame on you.
Good points from the learned man.
Zamtel will go into decline in the hands of govt. All parastatals fail due to political interference.
Sometimes i wonder if Zambians care about their country.Do we really care?Why should a person support a company which was bought thrugh corruption?From the begging, Zambians didn’t want to sell Zamtel.The security of this country depends on Zamtel.This is why whites say black people don’t think if we allow people like Hapenga to present us and talk on behalf Zica.I’ve no respect now 4 ka Zica.I think it is a bunch of corrupts chaps.This is why they want every accountant to regestor with Zica so that they keep on eating peoples’s money.Shame!!!when is zambians people going to love their own country and stop selling the country?Do these chaps think about tomorrow or think about how many women they gonna sleep with every year?Coz some pronoucements doesn’t make sense like this one.
If you cant comprehend issues beyond your nose please shut it and learn,no need insulting a Professional Institution.
Foolish ZICA. Where were they when Zamtel was sold for a song. Just tell us that you have lost your crooked dealings with Zamtel. Viva PF for getting back Zamtel.
What ZICA is talking about are things that many people will not understand or agree with. These are the things which companies owners only realise to be true once there companies start going under.
The fact is that almost all companies were bought through corruption except that presidents were hardly involved. A number of companies were sold during the time the current president was in cabinet. The issue of Zamtel is a highly pronounced corruption case because of the debate it generated and persons involved (with professionals such as Attonney General) advising otherwise. The problem now is that the PF government is dancing to the music of the Post to disregard the law in repossessing the company just to please an individual fighting revenge battles with RB over Zambian Airways saga. Good intentions can easily be lost for lack of strategy, and this is hapening over Zamtel. watch the space.
Why are Zambians always afraid? This was a national asset and the habit of consultations, which takes years for a simple decision to be made, is not the best alternative when it is clear that the transaction was done in bad faith. As a country we need to take risks, otherwise will be stuck in the same MMD paranoia of doing things. They were afraid of making goods decisions to benefit ordinary Zambians and the only decisions they made without any consultation from Zambians is their salaries and gratuities. Who need a NCC to rebase the currency?
#13 Mwanakatwe is not a Bemba, just continue with bumumbwa mumbwa.
You can argue as much as you want but kabeta has a valid point. Its the fairest and mature way of dealing with this issue. Its the professional way and there is no malice in the truth
“…..Hapenga Kabeta said government should have engaged LAP Green with a view to reach a consensus that would give more benefits to the people of Zambia”
This is completely stupid thinking. How do you reach a consensus with someone who corruptly obtained a national asset? Or maybe the fact that Lap Green didn’t meet minimum qualifications to buy Zamtel hasn’t yet registered in his brain? What is more worrying is the moral decay where people who should know better can scarcely distinguish between what’s wrong and what’s right.
Question – The appoint of CEO is interim implying that they are looking into appointing a permanent CEO. The Doctor has been made Board Chairman. The Govt as owner of the Zamtel has the right to appoint and form the board. The notion of the flaw in Corporate Governance is surprising. Maybe the article reported wrongly and we should report was said and not what we think Sata said because we don’t like him. I would like to assume that the appointment as interim CEO is a “stop-gap” measure to ensure the smooth day-to-day running of the company. Mr Hapenga if you dismiss someone, would you say let’s negotiate while I find someone to replace you? Gentlemen let’s not cheat in the name of fancy words like corp governance.
Recall what was happening at Zamtel and the way some workers would have be affected if the waited to appoint a CEO. If anything there will be an advert to find someone who can run the company (the ideal thing in public institutions).
Sensible and sound advice. Hope someone is listening.
Very Useless ZICA CEO, what’s wrong with these Zambian CEOs?? They behave so dull. You mean the Government is wrong in everything they have done?? Its ok that we got ZAMTEL back, there is nothing wrong. Thumbs up to PF and SATA.
Very sooN, Zamtel will slide back into serious debt, the pf have no capacity to recapitalise, workers will go for months without pay and Mwanakatwa will blow staffing levels by employing pf cadres to impress grade 7. However, these will not be real jobs and the whole thing will come crumbling again. They will try to sell it to Mmembe and Matani, but the two greedy men will resale at a profit. Then foolish Zambians will realise they were engaged in fruitless proxy battles for membe and matani, because this reversal has no direct or indirect benefit to the gullible Zambian masses
You fool.. When did ZAMTEL EVER FAIL TO PAY ITS EMPLOYEES ?????? not once from the time PTC was built by the mighty teasher (KK)..
I am sorry to reveal that Dr. Mwanakatwe is so incompent that in 2003, he was dismmised by Airtel (Then Celltel) for gross incopetence. He joined his wife in Ghana who was heading Barclays in Ghana, but couldnt secure a job in the telecomms industry because he doent know anything. The guy has no business qualifications and is just an incompetent screw driver engineer. His only qualification for the job is that he is bemba like the catholic bishops justified
Consultations….! people we hav bn consulting abt the constitution for more than 20 yrs, its time for action regardless
EXACTLY!!!!!!! … Zambians like talking talking, speeches yapping all the time.. Thats why this wasted shi! generation over 50ties has done nothing but steal , sell, steal compared to what the real men in the 60s, 70’s and 80’s did for this country and its future.. consultation consultation.. for what over DESIGNING a bloody note I can to on my computer and selecting a printing firm if De La Rue cannot do it???? PLEASE you ZICA cRAP head … give us a break from your nonsense.. You we not called for you opinion.. Tough.. deal with it.. it life.. Who said ZICA should be called into every meetin g to DISCUSS very simple basic issues??? Silly chap.. You think all those people at BOZ, ZRA, ZSIS(OP), DEC, MoFin, BAZ cannot think? We need action not talk.
If government does not move to do anything we complain when they do something we complain, so what good can government do that will satisfy everyone. The truth is that you cannot please everyone and that is the more reason government should keep doing what it is doing. There are always two sides of the coin. Those who hate PF will always be on the other side of the coin no matter what good comes up.
ZICA has not helped in tightening fraudulent activities in this country but on reacts to such things as engaging LAP green. What is wrong is wrong and will continue to wrong as long there is no one willing to stop it.
Why do fools always like being antagonistic on simple matters. this so called Hapenga thinks he can just start making comments on issues he is not competent about? ever since when did he become a Telecoms expert? He should just focus on ZICA and keep his mouth shut if he has nothing better to say.
In as much as I respect Mupanga Mwanakwata with his doctorate in telecoms, I agree with Sara Chileshe that Zamtel will be too hot for him unless otherwise. When he left France, he failed to get a job with Zamtel and had to wait many years before being employed by one Ebrahim Mo from Egypt. Mupanga’s wife was then DG of Investment Center. She signed a clause that prevented others from operating mobile phones including Zamtel. The Mwanakatwe’s should stay away from Zamtel. Ati Dora siliti, ingabena ? Sata cried foul and am surprised that he has now u-turned. Dig deeper in the Investment Center Files. Baliwinina po bambi !
@51 Yoty…EXACTLY!!!!!!! … Zambians like talking talking, speeches yapping all the time.. Thats why this wasted shi! generation over 50ties has done nothing but steal , sell, steal compared to what the real men in the 60s, 70’s and 80’s did for this country and its future.. consultation consultation.. for what over DESIGNING a bloody note I can to on my computer and selecting a printing firm if De La Rue cannot do it???? PLEASE you ZICA cRAP head … give us a break from your nonsense.. You we not called for you opinion.. Tough.. deal with it.. it life.. Who said ZICA should be called into every meetin g to DISCUSS very simple basic issues??? Silly chap.. You think all those people at BOZ, ZRA, ZSIS(OP), DEC, MoFin, BAZ cannot think? We need action not talk.
Ala bwafya! Bushe fwe babemba finshi twalufyanya manje? Bushe amachito yonse yaletupita pantu twatula ku Kasama na Kumupika?
kabeta u a useles u have failed to protect locally obtained accounting qualifications which are more superior 2 grade exam past papers(ACCA) Any accountancy advert in the newspapers nawadays its acca and yet acca is like a grade seven past paper; students just ve to master the rev kit and u a on your way to the so called internationally recognised qualification. All questions that come in acca exams i can tel which year the question came, all they do is change the names nothing else. Acca is inferior to ZDA which was more reseach oriented. This kabeta doesnt say anything about this nonsense papertuated by our local primitive human resource managers. I have mastered acca questions like i did my grade 7 papers in the early 80s
Well if you want to see the down fall of zamphones, ask the or google what happen in enron, due to the fact that one person maintains the two sweeties position in a firm, this is bad governance, what is Lusaka stock exchange doing, we want to hear your voice
the last 10yrs has seen massive production of zambians holding acca and massive corrupt practices have been rampant ,why coz kabeta is so drunk with his useless qualification. Countries which formulate corperate governance issues and international standrds on accounting are never insulated from weaknesses in their business management