Development Bank of Zambia (DBZ) Acting Managing Director, Darwin Shinde has asked government to consider recapitalizing the bank.
Speaking today when Deputy Minister in the Ministry of Finance Miles Sampa called on management to familiarize himself with the bank’s operations, Mr Shinde said that the bank’s capital has gone so low that its impact in the market has been inactive.
And speaking during the tour, he Deputy Minister observed that there was a lot of indiscipline at the Development Bank of Zambia because internal correspondence was being leaked to the media.
Mr Sampa has since has asked management at the bank to discipline workers that have been leaking the information.
Mr. Sampa also asked management to take the blame for any bad loans the bank incurs in the process of lending.
He said that the bank should not pursue individuals who borrowed money without signing personal guarantees.
In an apparent reference to the Zambian airways case, Mr Sampa noted that the bank should treat borrowers with a different set of rules.
He also directed the board to employ a managing director within the next two weeks but warned that the Managing Director should not be politically inclined.
ZNBC
Get the back the k14 billion from your muchinga friends you are protecting. That can help in recapitalization of the bank. Deputy minister stay at home. You have no role in policy making. You are just an expensive decoration been kept at tax payers expense. Nepotism is corruption and a tax on hard working Zambians. Muchinga family forest indeed!
This Government lacks tact, spin doctoring and down right very amateurish. Surely with all the noise around DBZ, is this the time to even ask for re-capilisation? Even the deputy Minister, is this the time to say that the bank should not pursue individuals?
Well good luck. I see all the bloggers screaming go collect K14billion first before you have the audacity of asking for more tax payers money.
More Popcorns please. The turns and twist in this soap opera is indeed jaw dropping. Will seat back and enjoy
Mr Sampa noted that the bank should treat borrowers with a different set of rules.
Taxpayer now has to take the brunt of Mmembe’s loan, what a country!
Iwe ka Fred give that bank that K14 billion, why should we be the ones to recapitalise it when you siphoned all the money..intentionally, knowing you wont have to pay back…..you are a cursed man.
comparing to the regional DFIs, this has been a useless institution. In Zim, there are more than 5 of these things. Ba Zambia….Malawi will set up one and I guess it will much more effective than this ..katondo business…
Miles Sampa, why should the bank lend money without guarantees? This kind of corruption will not be tolerated. The bank management have to use all means possible, including ceasing personal properties, to collect money from borrowers who have defaulted. It is unacceptable to avoid persuing such borrowers legally and the managers who were in charge should be summoned to show cause why they should not be prosecuted for loaning tax payers money without any form of safety-net. CORRUPTION IS TOO RAMPANT IN THIS COUNTRY!
Iz this the same minister who cut some treez at some point in Southern Province, much to the displeazure of localz?
14 billion will recapiyalise u to some point, get if from mmembe
@ leaking of official documents ka…..he means the letters Chikwanda wrote to DBZ to discontinue with the court case…..yaba.
What a country of intellects with no scopal!!! We are dead and buried, with this Leadership. How did I……….vote.! Ho.. no….!! Huge loans without collaterial. Where on earth! Iwe chi Miles Sampa (Kilometers Sampa)
What does this Miles(Kilometer) Sampa mean by “the bank should not pursue individuals who borrowed money without signing personal guarantees” Sounds like he is protecting some chaps
Ati employ MD within 2 weeks? Ya! Ya! Ya! Ya!
But ba Miles Kilometres Sampa muli Chikopo Zoona
who cares? i didn’t even know there was a DBZ. these are institutions PF is propping up to steal…they came into power to steal that’s it. so whatever they do to DBZ I don’t care. i don’t pay local taxes. those that pay local taxes voted a stealing government into power, so that is what everybody wants. I don’t even know why there is so much noise about Mmembe and Nchito when the same people complaining are the same people who voted PF and Sata into power. For 12 months we warned people, they didn’t listen and now it is too late. it doesn’t affect me at all. Let people rip what they sowed…
A legion of a dangerous incompetent throwbacks right there.
Zambia’s economic prospects have been castrated by PF’s policies when they came into office. Zambia is a small and poor country that should adhere to the rule of law if credible investors are to create employment for Zambians. Sata in his usual lunacy rescinded tax breaks for Varun and expropriated Zamtel assets. Why is Ireland a top destination for R&D investments in Europe ?The answer is Tax breaks. There is also talk that Sata should dissolve the judiciary and appoint more “independent” judges – now this is absolute BS and it stinks.
Ba Shinde is a very seasoned Accountant, make sure you collect that 14bn owed to the bank. It will go along way in capitalising DBZ. Those debtors are very able to pay those debts. So please when you are appointed MD in tow weeks times make sure there are no bad debts to be written off in the name of ZA, FM MN JCN whatsoever
Its over 2 month now since they asked a staffing agent to advertise and conduct some stage managed interviews for the DBZ Chief Executive position. In those interviews they asked candidates if they had anything against favoring PF leaders and cadres in use of public funds. They emphasize that candidate have to be skewed towards PF manifesto and interest than professional practices. A PF cadre is heading the process of recruitment. I would never sacrifice my CV with such throwbacks. Good luck to the cadre taking up this position but remember, all public eyes are on this institution and price for complicity is too big to bear..
K14 Billion first to capitalise DBZ, then talk about leakages later.
Toothless dogs
This is the Mile Sampa, the Hit-man Sata sent to Fix Tongas in Southern Province. Now Sata has sent him to clean up the mess Mmembe and Nchito created at DBZ. Look at how openly they are practicing corruption. Just like that!! What a country…. In the USA where I have lived for the last 20 years, this guy would have been arrested today and impeachment proceedings would have started for his leader. That is how civilized societies work. Now where is that PF supporter Mumba Sr. guy? Are you guys just Bemba Tribalists who can’t see the dangerous path that we on as a country. Open your foolish eyes, PF please!!!
Miles Kapoli, you’re a neanderthal! Since you’re busy protecting your friends (Mmembe and his fat boyfriend Nchito), I hereby urge ALL borrowers from DBZ to immediately stop servicing their debt obligations. How do you expect the bank to be well capitalized when well connected chaps get away with day light robbery?
@ Nubian Princess,
Nobody knows where people like you stand on important issues. You write toothless dogs, but nobody knows if the toothless dogs are DBZ in your opinion or if it PF. I am amazed at how middle of the road you seam to be on many issues. You are the type that take 3 sides to a 2 sided issue.
I like it!! she is lukewarm but from my experience with her..she is PF big time and now Ukwa is…
shit in happening in zambia. i cant wait to start ruling that biiiitch
If the bank is insolvent and it can’t get the money it lent to its clients, let it go down – close.
Is this the Sampa who is said to be the president’s nephew? No wonder instead of being disciplined for insulting the Tongas he got promoted. Who can listen to his trash?
i simply fail to grade the IQ of this zambian government, am in need of a formula that suits their confusion.
“He said that the bank should not pursue individuals who borrowed money without signing personal guarantees”. So they have finally decided to come out in the open that they will sacrifice K14billion public funds (Zambian, donors’ and investors’ funds) to protect Mmembe & Co to the hilt? But Miles Sampa, there IS a High Court judgment in favour of DBZ, isn’t this subjudice too? Opposition, here is more ammunition for our cause, and you have the donors behind you, I don’t think that they can continue to sink their funds into a country where the same funds are used to line the pockets of crooks. What a government, absolutely shocking!!
And this afternoon when the President meets financiers, investors and donors in London what will be his message: “Give us more money because we used your last donation to write off K14billion debt owed by our political allies”? This government has no limit to shame, and where are the donors who usually make so much noise?
Sorry ba Minister, don’t take us for granted, we let go our K14Billion that easily!
Sorry ba Minister, don’t take us for granted, we WILL NOT let go our K14Billion that easily!
DONT PURSUE INDIVDUALS WHO OWE DBZ MONEY? MULI NDOSHI?
PF Miles Sampa is typical of PF govt poor calibre of characters. Sampa has no shame to lecture to an institution that has its own rules of operations in its managemnet of investment potifolios and its philosophy as a bank. To let the bank avoid information leakages is not Sampa’s food. How the bank pursues loan defauters that include his uncle’s (Sata) friends (Membe, Nchito and the Post news papers) will not prevent Zambians to collect their K14 billion owed to the nation. Sampa has to be careful not to protect and shield thieves of the nation as his uncle is doing. A day of recon will haunt him by the future generation of Zambians.
I still don’t understand how these shady charrecters were elected into goverment. are copperbelt residents allergic to progress? or has it got to do with ethnicity? or was it due to unemployment that could have led to irrational thinking? To a certain degree RB & late LPM are to blame for what has transpired.
ba dada, this is clasical tribalism. everyone knew Mr Sata is NOT capable of leading the country but they had to campaign and vote for him purely on tribal grounds and they did that while calling other tribes ‘tribal’ except themselves. its sad to say the least, but dont loose heart i can see some light for he country.
Obama saw the light in the background of white racism and i should not tell you the rest of the story……
Some of us remember our fathers warning us that what was happening (the Zambianization fiasco, the nationalization debacle, etc.) was a whirlwind that we would reap several years later. This is it! The practice of shifting incompetence and masking corruption with arrogance is so endemic one does not even know where to start. Of course I was then too young to even do anything to the up and coming decay of my poor country!
This govt is like a bunch of monkeys in a corn field! Drama every day. Ka lager please! Enjoy Zed GRZ comedy.
Eish but Miles is hated…..
You missed the point. This is not about hatred.
.Miles is that the best you can offer. Shame on you!!
DBZ has – “A Class” External & Foreign Indirect-Government Investors. We are working hard with external investors to ensure all is accounted for.
You and your uncle (Sata) will not win this fight, not even with the political machinery you have coming from Nkwanzi House in the Plot 1 residence.
You under estimated the prudence of Zambians and time is running out on you with all these daily spins and diversations.
Mmembe & Nchito – we have got you where you belong
Recapitalise what? Fools, if you can’t collect the K14 billion just let the bank sink. In that case, what is the purpose of employing a new MD? To employ relatives to a bank that has been killed by your corrupt allies?
O f late i have noticed Mr. Sampa stepping on peoples’s toes making orders nd setting new deadlines.
Actually the PF cabinet is just a set of egoistic chaps with no common direction thats why we see them doing a jumbled range of things. Never before has there been a deputy minister so far ahead of himself.
@ Vilifier, you got that damn right! Who’s running the show in Zambia? Any minister can just say whatever sh.t they want.
Miles lecturing the bank to avoid colecting debts from political friends and where is the ACC in all this?
The ACC are waiting for a decree when Sata finally blames Musokotwane for this K14b. Then they’ll flash to life…
SENIOR CITIZEN OR IST CHINYA CITIZEN, WHICH EMPLOYER CAN ASK FOR YOUR SERVICES ? THE LOSS OF INCOME YOU WERE CORRUPTLY EARNING DURING RB TIME MAKES YOU HATE PF SO MUCH IWE CHI CHINYA CITIZEN. YOU CAN ONLY BE EMPLOYED BY NEVERLANDS( NEVERS MUMBA) AN EQUALY FAILURE LIKE YOU
This boy is a disgrace. I knew his late elder brother Henry. Nice guy who died in a road traffic accident. But this chap is such a let down. He doesnt even sound educated. Prolem is that he combined running a bar at student square and learning. What a shame.
Miles Sampa, chik-la, develop some brains. Do ur job for ordinary people not just for ur our political benefit.
So the solution to the problems is muzzling the workers who are leaking information?.Everything should be above board in an honestly run organization,there should be nothing to leak.Instead of telling management to clean up their act the ministers advise is to hide the facts.These politicians are so naive if these are quality of our leaders god help the country.Soon we will see who has been swimming naked when the tide recedes.
PF is not the party which will develop this nation period. Banks makes money through lending and collecting what is due to them with interest. Now you are saying it is okay to let go of these funds. It is like Sampa is not aware of what killed the US economy. Sampa for your own information bad loans bring down countries with real economies. Stop playing with fire and ask you Muchinga team mate to pay back the K14billion. What kind of leaders do we have ridding on the fact that most people are not educated enough hince they can steal in day light. Shame on you and your appointing authority
PF were master-leakers when they were in opposition. The same people who were whistleblowing against MMD will now do the same against PF. In fact, leaking of confidential documents is now a second nature of Zambians. Remember how Sata even purported to leak a forged letter by Mwanawasa? Sampa is crying too loudly when his uncle has already set the tempo for behaviour in Zambia.
Africa, the only place where such institutions never make a profit.
I cant believe this nonsence is coming from Miles who is a seasoned Banker. It’s mind boggling how people through principles to the wind for political expedience… How can a bank operate like a charity…Giving out monies without recoveries just because the loanees have poltical connections…this country is headed for almalgedon.
ATI warns against leaking documents
NIINSHI MULEIBA TE !? NGA KUTI WA WARNINGA SHANI !
NGA NYUYU UMU GUYS NALIMWISHIBA, NI BA KA BWALALA ABA !!!
Miles (who gets such a name) is a deputy minister he doesnt even sit in cabinet and doesnt influence policy his job is to carry the briefcase of the minister am not sure he cleared what he said with the boss….but what do you expect of people who can try to pickpocket a colleague in a bar…despite being from campus…..Yes Henry though a kaponya had a kinder heart than this man…a lost soul…