Wednesday, July 17, 2024

Government should not entertain CEOs who bargain for shares in national institutions-Elias Chipimo

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Elias Chipimo Junior
Elias Chipimo Junior

Opposition National Restoration Party (NAREP) has said that it was sad that Zambia Railways Chief Executive Officer Prof. Clive Chirwa was alleged to have demanded for shares in a national institution.

Speaking at a press briefing in Lusaka today, Mr. Chipimo said the party was worried about the developments reported in the media concerning Zambia Railways.

He said government should not to entertain chief executive officers who bargain for shares in national institutions as part of their contract.

Mr Chipimo called on Transport Works, Supply and Communications Minister, Christopher Yaluma to institute an inquiry into the reported corrupt happenings in Zambia Railways Limited.

He said the goings-on at Zambia Railways raise serious questions which need urgent attention through an inquiry.

Mr. Chipimo has since called for patriotism and good governance from persons mandated to run national institutions.

He further hoped that government will heed to the calls to institute an inquiry in the happenings at Zambia Railways.

And NAREP has welcomed the decision made by President Michael Sata to suspend Mr. Clive Chirwa following various allegations that have been raised against him regarding the events at Zambia Railways.

In a statement released to the media by the secretariat , NAREP said that the allegations were serious and had prompted serious questions to be asked about how we select those that are appointed to manage our national assets.

“We believe the suspension will enable the investigative departments to conduct a thorough probe and provide the answers to the many troubling questions we had raised in our media address earlier today.”

“It is our hope that the institution and individuals mandated to carry out the investigations will do so in an independent and professional manner that will allow the truth about the goings-on at Zambia Railways Limited to be fully determined. The probe should be completed within the shortest possible time and the findings should be made immediately public.”

ZANIS

35 COMMENTS

    • Chipimo could you please lecture us on why its not okay for CEOs to acquire shares in the companies they run.? Why would it be problem when he or she buys those shares.? I thought that would show how much confidence they have in that company.? Chipimo could it be jealous, I hope not

    • Iwe Big L, read and understand what people say. Chipimo my President said “CEOs should not acquire shares in National Institutions they run” and not any institution.

  1. Thumbs up Mr Chipimo! this chap thinks Zambia Railways is the London stock market. In the UK since the recession hit the economy, Ministers and top executives had to give up, cut and forfeited their huge allowances and bonuses for the sake of economic recovery. And now we are talking about ZRL a broke and troubled organisation in this third world economy with dilapidated rail infrastructure!!!! come on!!! where is the morality of his appalling demands.

    • dnt kubeba…..no transparency at all if the board had not raise his issue in 5 years Prof Chirwa would have a proud owner of 25% stake in a company he did no input money but merely employed. Donti kubeba!!! im sure we have zambians learned or not who have worked harder than Chirwa.

  2. It is not new for a CEO to have shares in the organisation he is running. It is actually used as an incentive for him to make the business successful since he stands to lose when the organisation fails.

    • All Zambians have “shares “in ZR. Chirwa’s proposition of 25% equity can only be from a crazy man. For starters he has due citizenship and hopefully the Anti corruption commission will bring that to the fore.

  3. Nothing wrong with offering shares to Management and staff as it is a good incentive but 25% was too much for an individual and most especially with ZR being a parastatal company.

  4. It is standard practice in the developed world for CEOs to be vested in the companies that they are running – let’s talk about 25% if it is real.

  5. Actually, Chipimo and many other Zambians are very correct. What qualifies Chirwa to buy shares from ZRL which does not qualify any other bonafide Zambian? Its ridiculous, selfish and unpatriotic.

  6. There he goes again – after the horse has bolted – enter Elias.
    Elias, you need to man up and stop being a coward. I had true faith in you, but now only doubt. When your uncle Sata was sinlge sourcing Chirwa, that’s the time you should have stood up and shouted loudest. As you should be with all the blunders he continues to burden the Zambian taxpayer with.

  7. There is no quick fix solution to our woes, they shall never take 3 years and certainly not 90 days to fix. What we need is not a one man show as the way everything is being run by the State. We should end this nonsense of hero worshiping leaders. These Guys are our servants. We need to put in a team of technocrats who will brainstorm and come up with brilliant ideals for Zed. We have a number of highly experienced and bright Zambians who have been working in the Railway industry for a number of years such as mechanical engineers, we have brilliant economists, civil engineers etc. The real problem is that we are not patriotic enough to bring our country back on track, I see a problem of “entitlement” culture that has griped most of us which is quite unfortunate.

  8. Prof. Chirwa’s greed to want 25% shares was unpatriotic for a so called rich man. Elias needs to speak faster and early to advise the nation. His failure to react quickly won’t help him. When HE MCS was in opposition he was always quick to critic so elias should learn from him.

  9. Sorri but I dont know this Chipimo guy. Is he the son or grandson to Kaundas Elias Chipimo? Muziba ilyashi lyabuchona nalyo ni Phiri anabwera bafwethu!!!

  10. Chipimo’s statements no longer carry weight. His comments on RB returning to politics spoiled it for him.

  11. Exactly my thoughts. Clive is really a douchebag…honestly, 25% of a company when it is evident that the company will be in massive debt in that time?

  12. Prof Clive, we had high hopes in you and glad that you have been exposed this early. Professor Chirwa is behaving like he is the one that borrowed our pathetic boma the money to invest in ZR? Funds should be have been well spent in the health sector, drainage, roads, housing for civil servants, construction of universities, scrap metal re-cycling plant, paper & plastic re-cycling plants etc..etc…? Let him go nama shambililo yakwe. Problem is that our system is too prous….and we expect development with a porous system that provides immunity to leadership…baka bolala….what a shame. Lord have mercy on our pathetic nation..politics of poverty, appeasement, yes bwana…Lord hear our cries. one zambia one nation.

  13. It is refreshing to get sober comments from the younger generation. I call the attention of all well meaning Zambians including Prof Saasa, Prof Chirwa and Dr Athanga: LET US ALL GO BACK TO THE YEAR 1903. Can we see those glistening sweaty backs bush clearing, chasing hyenas, killing snakes but always laying the railway slippers from Livingstone and hoping to get to the mines on the Copperbelt. There was no Falls Way, No professors, No Doctors ets, There were just hard working men of raw muscle who built us the railway. One hundred years later we have a fancy professor who can hardly lift a slipper and does not know what packed lunch is wants to move HQ to Lusaka. What cheek. Imwas born in Kabwe and can slap you prof for belittling my town. Now thw collnialist built the railway in eight ye

  14. Those muzungus built us a railway which served this country well. Now you come and all you want is plunder. I waited for a grand plan to make the railway work. To do some thing honest which we could leave to our children and grand children. As a child I traveled by railway from Lusaka to Ndola. It took 9 hours. Now I am told it takes three days. With Prof Chirwa it may take two weeks. Wake up Zambia. Ask us to do a business plan and prove us incompetent.

    The professor is not being fair. The board may not be the best but they atleast try to save Zambia. Thenonly thing I can thank the prof for is his revelation that our own hard working ministers reside in those ultra expensive flats afterall. Who is fooling whom.

  15. By the time this PF gov is out, hopefully 2016, even gov ministries will be owned by some conmen technocrats because our politicians just don’t understand that law jargon in their proposed contracts. We are in trouble. How can Chirwa claim to be entitled thru his contract 25pc of ZR? Mmmmmmmmmmmm! This a joking government. Nowonder they haven’t even responded over that in order to try and assemble some lame excuse.

  16. Wholly owned Government entities do not (DON’T, NEVER) issue share options to anyone at all. Only time it is possible is when entity is partially owned by the Government and the other portion is floated to the public through initially an IPO (Initial Public Offering) and then normal purchase of shares on the Stock Exchange – example ZANACO. In the case of ZANACO it is possible for share options to be offered to employees, which includes the management, but that will never be a controlling percentage and 25% is a massive controlling share. If true that Clive requested for this then not only was he being mischievous but must be thrown out. ZRL shares in the current state is not up for grabs in private hands at all.

  17. implications of 25%.
    Are sure a real sound mind people will allow someone after just 5 years to own
    25% of Zambian railways which i believe 25 % of Trains, offices, houses, workers, money, rail line, wagons, etc. within 5 years.
    Fare enough. What next. supposing the ZRL is sold to Chinese firm 700 billion, then 25% of that ie 175 billion will be his. within 5 years. On top of 142 +72=214*12*5=12. 840 billion + 2.6 billion *5=13 billion bonuses. total roughly 25.84 and 170=approximately 200 billion closer to HH who within five years. CEO U.T.H claim you 25%, University V.Cs Claim 25% every five years within 20 years every property will owned on average by four people(100/.25*5)
    or if the same CEO cont’s 4ther 5 years another 25%=50%share. Who sighs these documents????kanshi

  18. Why should one be allowed to get 25% shares in a company owned by the Government and that same government pumps in grants/,money in this company? For the information ZRL is not listed on the LUSE and how will those shares be offered to this Chirwa? Maybe he should try Finance bank and other institutions that are conteplating offloading there shares on the LUSE, i guess if the chairman of that bank offers him a job there as CEO, he can ask for some shares to be offered to him…… Offereing shares to CEO’s in companies has its own complications— inside dealing by some selfish and corrupt CEO’s. I can image if this guy was given 25% in ZRL, do you think this guy would declare dividends to the shareholders- GRZ. I dont think so.

  19. Mother Zambia, Where are we going? When is Zambia going to work up from its docility? It seems this Country has become a target of all sorts of crooks and International conmen. Sometime back during the Kaunda regime, you may recall that an international conman all suddenly appeared from nowhere and came to cheat Kaunda that he could make Diesel from grass, as usual, Zambians fell for the idea. Had it not been for the alertness of the late General Kriston Tembo (may his soul rest in peace), the Conman could have disappeared with millions of dollars from this Country.
    Now this Conman Chirwa, comes bragging that he can construct an underground railway transport system and Overhead Electric trains and again Zambians with their docility nearly fell for his idea. Surely if common sense…

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