(left) addresses new Zambia Railways Board members at his office as
the new Board Chairperson Davies Chama looks on in Lusaka
Communications Minister Yamfwa Mukanga has strongly defended the controversial listing of MTN Zambia’s 11.9 percent shares on the Lusaka Stock Exchange using a newly created investment company called Ikulileni Plc.
Mr Mukanga told Journalists in Lusaka that there is nothing irregular about the share offer adding that he is one of the Zambians looking forward to buying the shares.
He said as far as Government is concerned, both MTN and Ikulileni have meant the listing requirements as stipulated in the Securities and Exchange Commission Act.
Controversy has erupted following MTN Zambia’s decision to list its shares on the LuSE using a Special Purpose Vehicle called Ikulileni Investments Plc which was just incorporated in October last year.
Stakeholders have raised concern that allowing Ikulileni Investments Plc to list on the LuSE will be a breach of the listing rules that stipulate that a company needs a minimum of three year profitability history.
They also fear that a possible conflict of interest may erupt because some MTN Directors including Board Chairman Valentine Chitalu are also shareholders and board members in Ikulileni.
Governance activist and Lawyer Kelvin Fube has since threatened legal action if the planned listing proceeds.
Mr Fube stated that the suspicious manner in which the listing has been crafted goes against the true spirit of local economic empowerment.
Others feel that MTN is trying to run away from its responsibility and scrutiny by its minority shareholders who will invest in the firm if it lists directly like its rival Airtel Zambia.
Our government should look at this deal properly than issuing statements like I will buy shares myself. Please protect our laws, if you breach the laws you enact, how do you expect others to adhere to them.
What a corrupt minister and president Lungu we have!
2016 is coming and you will face the consequences you people.
No wonder the Cobra called this Minister cipuba with ZNBC rolling its cameras on live TV. He (Sata) also told home to lose weight as he was much slimmer before!
IKULILENI?? what happened to Ilundachalo-PF LTD?
When you see a politician like Yamfwa coming out so strongly in support of a private initiative against logic, just know that he has received a ‘fat kick’ in the backside! The id!ot has been paid. How can directors of MTN be directors of Ikulileni? How?? This brings me to another point, how did Valentine Chitalu become board Chairman of MTN when in fact MTN came into Zambia at a time Valentine was the Director General of Zambia Development Agency? And how come he is not being questioned by anybody – is it because he is not a politician or is from a certain privileged tribe? Zambia is rapidly going to the dogs under PF
1.4; did you mean his fat backside?
Stop the rot. MTN will pay for this daylight robbery. Whoever is involved in this scandal will pay dearly in 2016. Jemasoni do something before Pilato releases a song on this corruption.
MTN is just in order as advised by regulators. In Zambia every thing has be malilisho, buy shares or move on
Marlon @ 2. What about the legal requirement for at least 3 Years Financials from Ikululeni, which has only been in existence for 1 Year? Is that also ‘malilisho’?
Let us at least follow our own laws. We put them in place for a reason!
As somebody once said…uli chi poo-ba???
This minister is dull……..
The problem with these empty tin ministers is they have clearly no respect for facts and figures to backup their utterances…surely how can you trust such dull people. There is fear of conflict of interest why can you not address that issue this is people’s investment will are talking about here.
…people’s personal investment we are talking about here….
Schemes with no legs should be avoided….Iku what!
just imagine such a minister being grill at the capitol hill in the US on such regulation failures and then he says ” i will buy the shares myself”. If luse was such a sensitive stock exchange, someone shud fear for the ikulilen’s share performance on its debut
MTN are just running away from having their books of accounts becoming open to public scrutiny. They definitely have something to hide. Ba Minister what are you helping to hide
I have been in support of PF since then and always hoping they would be improving by the day……….but this Yamfwa thing is bigger than cheating. The bible says “the rich shall get richer and the poor poorer”. Please those that are capable, Stop this Yamfwa nonsense.