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Friday, June 5, 2020

ZNFU Council reaffirms decision to dissolves investment firm, Lizara

General News ZNFU Council reaffirms decision to dissolves investment firm, Lizara

ZNFU President Dr. Evelyn Nguleka
ZNFU President Dr. Evelyn Nguleka

The Zambia National Farmers Union has reaffirmed its 2014 Council resolution to dissolve Lizara Investments Limited.

At its special council meeting held on Monday, ZNFU also requested the Board to expedite the process of winding up the transfer of shares of ZANACO shares to ZNFU.
Lizara is a Special Purpose Vehicle (SPV) which was created by ZNFU to protect its 3.41 percent shares in ZANACO.

It is now believed that those shares in ZANACO are now valued at more than US$9 million and are at the centre of a row at ZANACO which has seen fraud allegations levelled at the ZNFU Board and its Executive Director Evelyn Nguleka.

But Dr Nguleka said in a statement released after Monday’s Special Council meeting that the Council resolved to urge the ZBFU Board and management to continue engaging cooperating partners until the audit process is finalised.

“The Council reiterated the need to speed up the conclusion of ongoing audit process so that the final audit report is used to provide the basis for the Council to make necessary decisions and or to take appropriate action (s) at its next ordinary meeting scheduled for April/beginning May 2016,” Dr Nguleka said.

“The Council requested the ZNFU management to provide resources for the second formal draft audit report as requested by and agreed with the cooperating partners,” she said.

Dr Nguleka said the Council requested the ZNFU Board to follows up with the Zambia Institute of Chartered Accountants (ZICA) and obtain a response on the progress made this far on the request for ZICA to review the entire audit process and the findings of the preliminary audit report.

“The ZNFU Council urged the Board to continue engaging the cooperating partners until the audit process is completed.”

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  1. Typical of a group trying to protect one another. Dismissing an impartial audit so ‘friendly’ auditors come up with what will free them from all blame.

  2. Dear Country men and women. do not be fooled here. Lizara has nothing to do with the alleged 34 million kwacha fraud. We are being blind-folded here to divert attention from the real issue of fraud, embezzlement and thieving to an internal fight withing ZNFU Board. What we need to hear is exactly what has happened to the 34 million kwacha and not internal fights.

  3. I will wait for the final audit report before I can open my mouth. Farmers are patient people. I will only comment on the final audit report issued by ZNFU board or management and not any other as per procedure. HAVE YOU EATEN TODAY THANK THE FARMER.

  4. Totally agreed with Zaine, we the farmers want to know more about the money meant for us (the K34 million) and refuse to be dragged into their internal issues. Where has ZNFU been all this time to want to effect this resolution now? This toothless so called president should resign with immediate effect, before provinces pass a vote of no confidence in her and entire ZNFU. To imagine that she still thinks she will still be president in April/May is a big shame.
    It can no longer be business as usual with DONOR funds at play. Please DEC save the country from the ruthless/useless Management.

  5. Zanaco sues Nguleka, others over 2013 debt (http://www.postzambia.com/news.php?id=14669)

    ZANACO has sued Evelyn Nguleka (left), Martin Kalungu-Banda and another in the Lusaka High Court for allegedly failing to repay a debt of K800,000 they acquired on behalf of Golan Poultry Solution Limited. In this matter, Zanaco cited Nguleka, the Zambia National Farmers Union president, Kalungu-Banda, a former advisor to president Levy Mwanawasa, and Mwape Bwanali as guarantors of Golan Poultry Solution Limited, trading as GPS Farms, over failure to settle the K575,000 debt acquired in 2013, which now stands at K814,019 due to interest escalations. Zanaco in its December 18, 2015 affidavit in support of originating summons filed through George Mubanga Kashoki, an assistant manager in the special…

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