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.”