President Edgar Lungu has directed that ZCCM-IH to drop its fraud case against First Quantum Minerals and some of its directors, his spokesman Amos Chanda has disclosed.
According to Bloomberg, Mr Chanda however said arbitration over the matter will continue in the London.
First Quantum Minerals had written to the Attorney-General expressing fears that its directors named in the case could be arrested if they enter Zambia and asked him to intervene.
ZCCM IH which has a 20 percent stake in First Quantum’s flagship Kansanshi mine, also started arbitration proceedings against the company in London last year.
In the Lusaka High Court case and the London arbitration, ZCCM-IH argues First Quantum took out a loan from Kansanshi at non-commercial interest rates and used it for company operations outside Zambia, disadvantaging ZCCM-IH as a 20 percent shareholder in the mine.
First Quantum is accused of fraud and ZCCM-IH is seeking as much as $1.4bn.
First Quantum CEO Matt Pascall described the allegation as “vexatious and untrue”.
“The instruction is firstly to reach an amicable settlement,” Mr Chanda told Bloomberg by phone.
“The settlement presupposes that the arbitration case in London will continue but these other actions that have been started here in Lusaka, they have to stop.”
Mr Chanda said President Lungu asked Finance Minister Felix Mutati to oversee the dispute between First Quantum and ZCCM-IH a month ago.
“We foresee a swift settlement of this matter,” he said.
Mr Chanda said the letter First Quantum’s operations director Matt Pascall wrote to the attorney-general on April 21 was “totally unnecessary.
First Quantum declined to comment, and ZCCM-IH didn’t immediately respond to a request for comment.
Meanwhile, President Edgar Lungu has assured the donor community that his administration is committed to upholding the rule of law and the tenets of democracy.
In a message to members of the diplomatic corps conveyed by Minister of Finance Felix Mutati at the European Union national day last evening, President Lungu said his political governance model will be anchored on the rule of law, non interference and respect for human rights.
Mr Mutati said the Head of State will promote political dialogue to induce foreign investor confidence in the Zambian economy.
The Minister also said Zambia has chosen to anchor its economic development on home grown solutions to deal with the challenges that the country is facing.
He thanked the EU for its continued support to various development programmes in the country.
Earlier, European Union Head of delegation Allesandro Mariani described the ties between the EU and Zambia as solid and dynamic.
Mr Mariani pledged the EU’s support to Zambia’s development agenda and wished President Lungu and the people of Zambia prosperity.
I thought lungu said he had no powers to tell police or ACC to drop charges against anyone accused???
When he drinks he forgets I think, what he says in public
Smoking dobo is worse than lutuku…..
The president is within his rights to.
My suggestion is, we subscribe and trust his judgment unconditionally
Thanks
BB2014,2016
President Lungu directed ZCCM – IH to drop the case against First Quantum Minerals in Zambian courts. Last time I checked the police and ZCCM were completely different institutions. Please cut down on smoking Sinkamba’s stuff.
This visionless Lungu knows nothing about the economy but only ordering people to do fraudulent things.
Visionless Lungu & his PF bandits are failures who have no heart for the people.
~Where is the Saudi Arabian oil for K5/ltr?
~Amid dununa reversed load shedding daily, now electricity bills have been increased by 75% due to visionless Lungu & his charlatans incompetence.
~Anyway, how much is mealie meal today?
By the way, are PF bandits immune to load shedding, plummeted economy,electrical tariffs & from the rotten judiciary?
Blind Lungusha economy has truly proved how much visionless he is~no stamina & only abusing power by interfering in the judicial precepts, yet Dagama insinuates his denials.
Lungusha economy & PF bandits are prevalent in failures.
The Skeleton Key
~206~
Iwe count or police, lungu said he had no powers to drop active cases until the cases are concluded thats when he can pardon…… Dance your dununa reverse properly
ba “The Skeleton Key ~206~”, You seem very verv very bitter, angry, negative and full of complaints. You sound like a Hot FM caller called Allan. I wonder:
(i) how you make it through the day and
(ii) how irritated the people around you must be
Recover soon aisha and cheer up 😀
Why doing this ba president? Do you think if a Zambian did something like this in Australia will be let go? I live in Australia and answer is no. These people think you are stup!d mr president and if you can sink so low to intervene in such cases, then indeed they will believe that you are a stup!d man whom they can manipulate easily. Plus last time u said u have no power to preside over court cases to stop prosecution on HH, what about FQM?.
Why doing this ba president? Do you think if a Zambian did something like this in Australia will be let go? I live in Australia and answer is no. These people think you are stup!d mr president and if you can sink so low to intervene in such cases, then indeed they will believe that you are a stup!d man whom they can manipulate easily. Plus last time u said u have no power to preside over court cases to stop prosecution on HH, what about FQM?.
In other countries FQM would face heavy fines for an out of court settlement….this pure corruption no two ways about it. NO wonder this Lazy Bum was barred by LAZ as lawyer for stealing client’s funds as he is very corrupt…you try doing this in the West or Canada and you will be writing out a blank cheque to the govt.
What a shame. This meddling and too much assumed power. Quite irritating. This is suppose to be a free market and one individual should the arbitar. Very disapponting. This proves that he instructed the arrest of HH
edgar lungu is a fraudster, a criminal that’s why he has ordered ZCCM-IH to drop the case against FQM…
@Ndobo
This is a civil not criminal case. ZCCM-IH is a government owned company and its head is the President representing the Zambian tax-payer. The President delegates the Fonance minister to sit on the board. If you had shares in a company, you could sue a fellow shareholder for improper business conduct. This is what the problem is.
Ask HH and he will tell you.
The FQM boss is lying about being arrested.
You guys are comedians, where did you get this fellow from. He seems to like his bread butter not only both sides but as well as on the sides.
@Will We got him from Chawama tarvens in Lusaka…
Could it be some handsome brown envelope? I thought he told us he was too humble to intervene in legal matters? ZCCM-IH has a case which only the courts should determine. Why double standards? Even if you have powers to intervene, that should never be done with hypocrisy! Drop the made up treason case as well then we’ll see that you mean well! It is just damaging the little left of Zambia!
I am equally surprised to hear this because Lungu clearly told the nation several times that he does not interfere with the judicial process 🙁
Exactly !!!!!!!!!!!!!!
Let go what rightly accrues to you from own resources then pick up a bowl and go begging even to the extent of agreeing to “Kaloba!” Classic justification on why those donor nations pouring their hard earned tax payers monies into nations like Zambia should stop! At best what Lungu is letting go could have been resources for matching funding to what the country receives from well wishers!
@Ndobo ZCCM is not police. Its a state owned company that receives orders from the President since he represents the state. He can decided if they should sue or not sue
What a shame for Zambia. Lungu is self contradicting doesn’t know wether he is coming or going. Whilst Lungu clearly stated that he’d never interfere with a court case, however, he ordered ZCCM-HI to drop the lawsuit against FIRST QUANTUM. Edgar Lungu told the state investment company to drop its fraud case against the country’s biggest copper producer. Isn’t this self contradicting.
Lungu is corrupt. He is interfering in the court case because he has vested interest in the operations of First Quantum via his trucks which he bought being used by the mine. He is just a disguised crook and a thug and not a leader. His Islamic faith knows no kindness because they believe in using violence and force to achieve their goals and objectives. Hence our current violence and abuses from state organs under his personal guidance.
If you ever wondered why we remain poor, it is because of the scum like Lungu that go to State House by hook or crook. First Quantum know very well that ZCCM-IH have a solid case, that FQM Zambia’s cash was used to expand FQ International’s assets without ZCCM-IH also benefiting. Lungu is corrupt and crooked to interfere in this straightforward case of exploitation of Zambian resources by these Rhodies.
So if he were Christian this would not be happening in aa Christian nation (whatever that means)?
CHECK HIS ACCOUNT SINCE VISITING ISRAEL.
IT IS OK TO FORGIVE FOREIGNERS WHO ARE STEALING FROM ZAMBIANS BUT SHUTTING DOWN A ZAMBIAN NEWSPAPER OWNED BY A ZAMBIAN FOR TAX INSTEAD OF LETTING HIM CONTINUE TO PAY HIS OWED TAX.
LUNGU HAS TRUCKS WHERE DID GET THEM FROM?
MMmm bo Presido,since when did you usurp the powers of the judiciary,apa pena mwasata boss,let those cases be decided by the courts.
“Edgar Lungu has assured the donor community that his administration is committed to upholding the rule of law and the tenets of democracy.”
TOO MUCH JAMESONI!!!
Does this FAILED LAWYER even know what the rule of law or democracy is?
Assaulting Citizens at their homes in the middle of the night does NOT QUALIFY!
No wonder these investors are scared.
only PF will believe what Lungu says; the man says one thing and does the opposite; he is also surrounded by jihaddists like Kaizer and Kamba and Lusambo etc who believe in violence for achieving what they need while claiming to be christians
Always, always, look to the opposite of whatever Lungu says. Lungu is a hypocrite, a liar, a crook and a murderer. Those Rhodies have kickbacks lined up for Lungu. Just watch how he will sabotage the arbitration case in London very soon. Lungu is converting national resources into his private pockets using third parties like First Quantum and the Chinese.
FQM is a major player in Zambian economy however they need to follow the law as well.
I think this is bad move by government and sets bad precedence.
Investors take advantage of our good will to exploit us, we have the gold and other minerals – why should we dance to their tune?
Above all, EL is acting within his powers which all Zambians gave him through ballot – in that sense lets all support EL.
Why putting blaim on investors? It is your wise, humble, visionary, anointed and utterly corrupt and convicted embezzler EL who is to be held responsible.
Which powers are those ?? We were told he does not interfere with court cases ?
And he could not help to save a local Company the POST. Silly man
Was the POST paying tax? This company has paid billions of taxes and its books are up to date.
We will check if GBM has been tax compliant before we sit on him.
This is a no nonsense governement – thats why all Zambians LOVE it.
@Munone! you are a dog just like Lungu!
This is tragic, only a fortnight ago he claimed he has no powers to stop proceedings against an accused but how here he is doing just that. Fir them to take a loan from Kansanshi at non-commercial interest rates & use it for company operations outside Zambia, was most injurious to the interest of ZCCM-IH as a 20 percent shareholder in the mine. Being the injured party, why is he behaving like this? Is he made?
This is how first world operators use dictators in third world countries to extract maximum value and exploit poor people. We are poor because we let foreigners exploit us through corrupt leaders like Lungu.
he is thief…
Once he is out of office, a special prosecutor must be appointed to investigate this directive, it stinks of corruption. And why did they write to the AG asking for intervention? Sometimes really one wonders why god endowed Zambian politicians with such a wrath of stupi.dity. Remember diesel from grass, 300 shoes and marching suits?
We are a cursed people who allow scum of our societies to rise to the top.
You on the money
Good morning underfive, if you have performed well in your lessons during your career at the correction facility, the DPP may recommend to the President that you are no longer a treason threat and if he agrees the President may then initiate political dialogue as a less vexatious and amicable way of helping you to recognise authority and behave with civilility. In such a case, she may see sense to enter a Nolle, and you may reunite with your beloved wife.
you’re a small i.m.b.w.a! Ku mbuyo kwako kununkha…
Cowards, the world will see how stoopid, how fooIish you are. There will be no favours. Your credibility will be ruined. You won’t continue masquerading as christians and patriots. Instead you will be known as vindictive marauders, violators, crooks and thieves. HH will prove this in court in front of the whole world.
Terrible let me warn you HH is not as corrupt as your Lungu.He will not accept blackmail he would rather die with dignity than sell his soul for soup.He is fighting for all oppressed Zambians who voted for him 1.8million.
…yes hh is fighting for the 1.8m tongas and their tribal cousins who voted for him…hh has blocked pensions for former BP employees for years now…hh chased villagers on his huge tract of land in Namwala…hh benefited massively from the shady privatisation that left millions jobless and families suffering…he is not corrupt???? You donkeys have been brainwashed by this evil tribalist crook!!!
Now that is not interfering with the court process but removal of the vexatious matter which landed you in court for treason in the first place. And UPNDonkeys cannot accuse HH of bribing the President can they? Otherwise the donkeys would be accusing their leader of engaging in corruption, is underfive corrupt?
You have been in govt for 6 years with all govt resources at your disposal. During alk that time you have failed to prove your lies against HH. Even your PFake treason case against him will not stand any scrutiny. Lungu must be gnashing his teeth that he failed to kill HH at night with his 500 PF cadres in balaclavas.
THIS CASE IS DIFFERENT FROM THE TREASONABLE MATTER. THE CASE IS NOT DROPPED. IT IS STILL ACTIVE IN LONDON. AND THERE ARE BETTER WAYS OF HANDLING THIS MATTER WITHOUT DOING HARM TO THE ECONOMY. IT IS TWO COMPANIES FIGHTING LEGAL BATTLES. BUT TREASON IS A CRIME AGAINST THE STATE. IN THIS CASE THE ACCUSED IS WILLING TO MAKE AMENDS. BUT NOT IN THE CASE OF THE CHALLATAN ACCUSED OF TREASON.
1MBECILE, learn spelling before showing your inbred geneticaly transmited CHARLATAN 1mbecility
ZCCM IH belongs to the people of Zed. $1.4bn is not small change to the economy. The govt would not go begging to the IMF or World Bank.
The ills of corruption have far reaching terrible consequences to the people and economy. At the expense of the country you have a few. Governance is for the strong and the weak.
You trivialise this matter which has proof but harass HH on tramped up charges? Where you spend millions of money you don’t have in arresting him? Does that sound logic and reasonable to you sir? If not I may believe that some people are closer to monkeys than humans!
You talk of bitterness as if it has any substance at all! I am not bitter but sad!
Why run to London for judicial reprieve? Ever wondered this sir?
Independence and professionalism are seen in the institutions of the UK and that is why you ignore yours! Shame indeed. Kafupi’s case also sent to London courts! Don’t we have a credible judiciary in Zambia? I rest my case
@KBF aka SpellingMaster, it’s geneticalLy and transmitTed.
Learn spelling(sic)….!
@Vizungu, it could be American English and not British English. But Challatan is Bemba English.
Lungu is on record that he can not interfere in court proceedings….how com….who has been ordered to stop what is happening in Zambia? Iyee mayoooo
He is the president he hasn’t the right to change his mind.
I just completed my PhD.
Thanks
BB2014,2016
@ Mushota
“PhD” in arse l1cking and d1ck sucking?
Mushota the next time I see your name and phd in the same sentence I will believe you are a pig. All this time I had been made to believed PhD meant smart and not stupidity.
And that’s the reason why Lazy Lungu can not host a press conference as he can not simple questions like that about his political interference.
@Mushota you are illiterate. “…. he hasn’t the right to change his mind” actually means that Lungu has no right to change his mind. Are you also questioning why Lungu changed his mind? Are you a mental retard or functional illiterate? The other day, you wrote about the IMF “borrowing” Zambia some money. And the other time it was about the Zambian “erection”. This is your real you, not all that jazz about being educated with a PhD.
Is it an Internet phd or sorry PhD. Pig? Not even, just a shoat with no direction.
Lungu has destroyed Rule of Law and Good Governance in Zambia. To achieve his One Man Party Dictatorship Lungu has destroyed ECZ,ZPS , ZRA, Concourt and the Judiciary. These State Institutions can no longer discharge their duties Professionally as Lungu interferes with their day to day operations. As a Result Zambia is now a failed Police State Dictatorship. Dictator has joined ranks of Dictators like MU7, Mugabe ,Gnassingbe etc.Right now Lungu ordered the arrest and jailing of HH on trumped up charges after he ordered a Barbaric Raid on HH’s Home. In Zambia Lungu is going to have a tough time to sustain his Dictatorship. Zambians are resisting Lungu’s Dictatorship and without Financial Support from the West the Zambian Economy will implode with dire consequences. Just wait and see!
So the israelis that bought into zccm will now be questioning the price paid as they woul have based value kn thr outcome of the court case. Credibility is vtal in the world’s perception of a nation. Do we look credible
Is this an official statement? Too much misinformation campaign by UPNDonkeys. I would rather wait for an official statement and if so, with clarifications, before I make a comment. Otherwise I risk becoming a donkey myself.
You couldn’t be more correct. According to a report by The Daily Nation this morning, this matter was commenced in a London Court in 2007 but ZCCM-IH commenced proceedings in the Lusaka High Court. ZCCM-IH appointed Michael Sullivan, who was part of the Task Force legal team that persecuted FTJ, in 2007 to prosecute FQM on matters that date back to 2007. The Zambian government issued instructions to drop the case in Lusaka as it remains active in London. LT reports that the instruction is coming from president Lungu but The Nation reports it comes from Government. The fact that LT conveniently conceals the fact that this matter dates back to 2007 and involves characters from the infamous anti-corruption cartel makes this report very questionable. It seems LT hasn’t done its research on…
Total lies. This case was taken for arbitration to London around 1-2 years ago, and not 2007. Cases do not take that long in the UK.
…I think I would rather believe a reputable independent newspaper than a brainless donkey who depends on unconfirmed social media reports…
Wonders will never cease in this country. These foreigners will continue extracting our wealth and when they are found wanting our leaders are protecting them. Very very unfortunate. If the allegations are truly ‘vexatious and untrue’ why are they afraid of going to court? The only people who will end up losing in this case is us, the poor. People in influential positions will be bribed by the mine owners for helping them with court cases and their pockets will be fattened. How can you fight poverty in this way?
And you wonder why political parties in the govt in Zambia seem to have deep pockets. These musungu are smart they use your greed against you…in their countries they can not question such openly as their shareholders would roast them.
An illegal president who is the police the judge and the executive. And you say we have rule of law. Very sad that lungu has been bought by mere directors. Lungu needs to be eradicated from this earth. He is a scourge we don’t need
NEZ, you are a product of a broken condom
“First Quantum Minerals had written to the Attorney-General expressing fears that its directors named in the case could be arrested if they entered Zambia and asked him to intervene.”
HH case as sent chills down the spine, how the Zambia judicial system uses due process.
If what characterized the PF party president elections after Sata’s demise, the recent petitioned presidential elections, the Quantum Mine intervention and the cantankerous treason charge against HH are any indication of Lungu’s way of doing things, then we are faced with a degree of incompetence of biblical proportions.
“In the Lusaka High Court case and the London arbitration, ZCCM-IH argues First Quantum took out a loan from Kansanshi at non-commercial interest rates and used it for company operations outside Zambia, disadvantaging ZCCM-IH as a 20 percent shareholder in the mine.First Quantum is accused of fraud and ZCCM-IH is seeking as much as $1.4bn.”
Here again further evidence of looting and the people we entrusted as gate keepers helping to facilitate the looting of our children’s resources. I wonder how much they transferred into Lazy’s Swiss account to get rid of this problem. Only in Zambia…it really pains me..you can not move forward with such corrupt enslaved minds.
HERE IS WHAT COULD BE BEHIND THIS DECISION:COURTESY OF AFRICA CONFIDENTIAL
To sue or to schmooze – 28th April 2017
Ministers are torn between demanding cash from a mining giant accused of fraud and maintaining a cosy relationship.The move by Zambia’s largely government-owned mining investment company to sue First Quantum Minerals for fraud has put its chief executive officer Pius Kasolo at loggerheads with figures close to President Edgar Lungu. Under Kasolo, Zambia Consolidated Copper Mines Investment Holdings, which holds Zambia’s stake in foreign-owned privatised mines, brought a suit against FQM with the Lusaka High Court in November and simultaneously filed a Notice of Arbitration in London claiming the Vancouver-based company cheated Zambia of US$2.3 billion. ZCCM-IH accuses…
continued…ZCCM-IH accuses FQM of defrauding it by using money from its Kansanshi copper and gold mine as cheap financing for its other operations without the state investment company’s consent.
From a small company running only the Bwana Mkubwa copper processing plant in Ndola, FQM has grown to become Africa’s biggest copper miner. The 80% ownership of Kansanshi it acquired in 2001 propelled it to prominence and it now has several projects in the country. According to official data from the Zambia Development Agency, FQM has invested $5.7 bn. in Zambia, with $2.6 bn. going into the Kansanshi Mine, $1 bn. into the Kansanshi smelter and $2.1 bn. into the Trident Project at Kalumbila, which includes the Sentinel (copper) and Enterprise (nickel) mines. It also has a 16.9% stake in…
continued…stake in Glencore’s Mopani Copper Mines.FQM bought the greenfield mining project at Kalumbila in the Northwestern province in 2010 by leveraging the warm relationship it enjoyed with then President Rupiah Banda. This expansion in its Zambian interests came in the wake of an ugly dispute in Congo-Kinshasa, where the company had established itself as one of the country’s biggest investors before simmering bad blood led President Joseph Kabila to expropriate mining units at Kolwezi, Frontier and Lonshi in 2009-10. The company has also become an increasingly significant player globally. In 2013, it acquired Cobre Panama, a large open-pit copper development project in Panama, and it has operations or projects in Mauritania, Australia, Turkey, Spain Argentina and Peru.
Quantum leap:FQM’s rapid expansion from small-scale Zambian origins to major global reach has upset ZCCM-IH, which owns 20% of Kansanshi Mining Plc. ‘What we have seen is that in the years between 2006 and 2012 when there was a copper boom, First Quantum got money out of Kansanshi Mining and built other mines, which included Kalumbila, but did this without consent of ZCCM-IH, which is shareholder in Kansanshi,’ a source from the Ministry of Mines said. ‘ZCCM-IH owns 20% of Kansanshi and as a result should have been fully involved in all new investments by FQM because they deserve to share in the profits of Kansanshi,’ said another source.During the period under scrutiny, about 90% of FQM’s revenues came from Kansanshi, according to government sources. According to the claim before…
continued….According to the claim before the Lusaka High Court, between 2007 and 2014, FQM directors ordered over $2.3 bn. of Kansanshi profits to be transferred to FQM Finance Limited, which performs treasury functions for the group. FQM Finance then started investing money of Kansanshi to grow the group without ZCCM-IH’s consent.
According to court documents, the claim includes $228 million in interest on the $2.3 bn. as well as a further 20% of the principal amount ($570 mn.), according to sources close to ZCCM-IH. The state-backed company is also seeking $260 mn. as part of a tax liability the Zambia Revenue Authority levied on Kansanshi.
continued…’Whereas we were told that the money was deposited with FQM Finance Limited as working capital for Kansanshi Mining, we saw the main shareholder sanctioning new loans for Kansanshi and at one point we had to pay $24 mn. in arrangement fees… meanwhile, the Group started growing and we have no doubt that it is Kansanshi money they used for expansion,’ a government source explained.
FQM says the claims are ‘inflammatory, vexatious and untrue’, and that the loans were at fair market rate. It argues that Kasolo could not sue because by November 2016, the ZCCM-IH board which could have given consent had been dissolved and that the action was statute barred. Government sources counter that the board had sanctioned the suit before it was dissolved. FQM also argues that it cannot…
continued…FQM also argues that it cannot be sued in Lusaka when the matter is already under arbitration in London.’Fraud is a criminal act in Zambia and that is why both legal actions were taken out concurrently,’ a legal source said anonymously. ‘They [First Quantum Minerals] have gone for the technicality because they have a weak case to defend,’ the source added.The FQM executives being sued by ZCCM-IH are Chairman and CEO Philip Pascall and directors Arthur Mathias Pascal, Clive Newall and Martin Rowley. Since November, they have abandoned their frequent visits to Zambia for fear of arrest. They are represented in Zambia by lawyer and politician Sakwiba Sikota, a strong ally of Banda, the former president who has since become a key ally of President Lungu (AC Vol 56 No 2, PF set…
continued…(AC Vol 56 No 2, PF set for victory).Investment bait: Newall told Reuters in February that First Quantum planned to invest up to $1 bn. in modernising Kansanshi mines. ‘But there are a number of conditions that need to happen before we do that,’ he noted. This may mean ZCCM-IH dropping the legal suit.According to government sources, the suit does not sit well with some top government officials. Zambia’s top politicians are not known for having arm’s length relationships with mining firms. Kasolo’s foes in the cabinet include Finance Minister Felix Mutati, Mines Minister Christopher Yaluma, Commerce Minister Margaret Mhango Mwanakatwe, Energy Minister David Mabumba and National Planning Minister Lucky Mulusa. Kasolo has since sued the Daily Nation for defamation after the…
continued…Kasolo has since sued the Daily Nation for defamation after the paper accused him of wanting to unseat Lungu. A cousin of the late President Michael Sata and one of the Patriotic Front’s early backers, Kasolo is a mining geologist and a radical nationalist who is said to be determined to fight on. ‘Multinational companies are raking this country and there are some government officials okay with this because their hands are smeared by the mines…I am not a sellout,’ Kasolo is said to have told his confidants.
Intelligence sources in Lusaka say President Lungu is aware that top government officials are frequently feted and hosted by FQM but seems unwilling to rein in his ministers.
continued…On the other hand, he is reluctant to let go of the suit as Zambia is desperate for cash and is currently negotiating a planned $1.6 bn. IMF loan facility to deal with its deteriorating balance of payment position (AC Vol 57 No 25). ‘Previously, government officials had been dismissed on the instigation of mining firms but so far President Lungu has stood by ZCCM-IH,’ a source said.Experts close to the transaction declined interviews as it illegal in Zambia to comment on matters active in court. Copyright © Africa Confidential 2017
insightful, brother. It is always welcome to view an issue from all sources rather than comment without adequate information. The Daily Nation is also running a special on this matter in tomorrows edition and that will further give more insight on this matter.
Thank you for that, LT watch and learn…
Wake up!!
Bad governance mr president, please do not interfere and let law take its course
The president is wrong on this one. I think president Mugabe of Zimbabwe is the only president fit to rule Africa. What Lungu has down is a very serious issue and no doubt corruption is at work here.
Let’s learn from the Americans by going to court when we see a Zambian president do/done something questionable. What is the function of LAZ kanshi?
Lungu is going to far now. Those white will never respect us if we continue forgiving them like this. I’m sad!
SO IT APPEARS MONEY COULD HAVE CHANGED HANDS AND WE SHOULD NOT BE SURPRISED IF KASOLO IS REMOVED FROM ZCCM-IH SOON!!
And the losers will be the poor Zambians once again!!
The president has asked ZCCM to stop the case. He has not asked the courts to stop the case. He has further asked the minister of finance to mediate between the two parties. The president has no powers to tell the courts to stop cases but he has powers as a parent to encourage dialogue between his people in this case ZCCM and FQM to settle their differences outside the courts. These are matters that can shake our economy if not handled properly. Don’t just condemn, think..! If your children are fighting in your home, would u allow them to go to court or advise them? That money can still be paid outside the courts. Way to go mr president…you are really a good parent.
People thinks so low how can you allow some stealing Zambain’s money at the same time he doesn’t even bank in Zambia is taking every token outside. but you are busy increasing Electricity making poor Zambians suffering and you are confident saying that you are going to increase.
Justice has to prevail mewbantu
I totally agree. Good leadership must allow justice to prevail. Just what is wrong with African leaders? That’s why we will always remain a begging continent. Our leaders will always go the rich America and Europe to beg and attend conferences that bring nothing and flying in first class while the under-privileged remain at home wallowing in poverty
Debate with facts. Here is one, today right now as I am writing HH is being loaded into a police van to be taken to court for continued court process on his treason case. Please go to the magistrate court to see him as he disembarks from the van and led into court, don’t forget to send us pictures.
Bet you have a poster of HH in your bedroom and use it as material for your wank!ng sessions.
So the much lauded investment of $1billion by FQM in kansanshi might not take place at al
Surely the minister announcing the investment would have been aware of all the circumdtsnces of the investment, that is it was aubject tl conditions. This was never mentioned by the minister so has he not misled the nation.
Our economy is like a sausage making machine. Stop putting in at one end nothing comes out the of the other end.
Has zambia stopped making sausages
…kwekwekwekwekwe…what are you talking about, bubblehead??? try using vernacular if you can’t express yourself in english, otherwise you sound like an empty tin (muchi bemba ati “ICHIKOPO”…kwekwekwekwe…
Heeeeeeeeeeeeeeee donkeys the president is not dropping the case but is telling them to settle outside court, that is why he assigned the Min. of Finance (money matters) this is Zambian money so they should pay, we are not interested in going to court but collect the money owed. the problem with you donkeys is you do not understand English any way we can not blame you as it is not you mother tough.
The problem with African leaders is that they think they are the alpha and the omega. They do whatever they think about without regard even to their own integrity. This case puts the president in very awkward position as far as competent judgement is concerned. The president has lost the integrity test and i dont know what has remained of him. Cry my beloved country.
No doubt the MANCHURIAN CANDIDATE Edgar Rungu has been bribed by the corpotarions.
He also attacked lawyers who had sued KCM in London courts for pollution of rivers.
He also said ZESCO tarrifs were a must when the hearings were still on going.
This is corruption of the highest order. The so-called President does not serve the interests of the zambian public but those of foreign capitalists and corporations.
More orders like this will keep investors away or moving out.Think about it carefully.
How much was put in the brown envelope for ECL to direct the police to drop charges when he himself categorically said he can only pardon convicted people?. Zambians are we so dull to be taken for a ride by men in power and NOT men of laws?. The mess must be sorted out!!
ALLOW THE RULE OF LAW TO TAKE ITS COURSE -DOUBLE STANDARDS RELOADED
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If the story has it all, then iwe Chanda, Mutati, AG, na Lungu stop that talk and interference in a matter I presume is in court. No need to stop the fraud case. You people are politicians, ZCCM-IH and FQM are business entities. ZCCM-IH has share holders to answer to and so is FQM. Politicians should learn to respect and stay away from business wrangles especially that they are seeking court’s redress. The fact that you are about to sell some shares in this entity (ZCCM) should not becloud your sense of reasoning. This behaviour raises eyebrows; there is more to this mostly in the line of CORRUPTION that we are reading here. I am Zambia, and honestly I don’t like the sound of this. ECL…
Cont’d
….ECL why do you want to behave like HH over ZCCM-IH? You people are the same te?
Felix Mutati is a big traitor in Zambia today, forgets how his cousin Ronald Penza was murdered because of greed. Mutati now cleans all the dirty created by Lungu in the name of greed for money. The end to achieve his greed can be costly.
Abantu aba samwa sana bala sabaila sana! They have no insight how they contradict themselves most of the time. Such people are usually as unstable as water. Twasebana pafula!
Thieves and crooks have no honour. They rape and trash the country that gave birth to them.
Always this kind of deals money exchanges hands.Mark Rich may his rich soul rest in peace was pardoned by Clinton after he donated to the Clinton foundation
President Edgar Lungu has directed that ZCCM-IH to drop its fraud case against First Quantum Minerals and some of its directors, his spokesman Amos Chanda has disclosed.
According to Bloomberg, Mr Chanda however said arbitration over the matter will continue in the London.
It explains why they prefer suing in the UK than in Zambia, no interference.
If these people committed a crime the president shouldnt step in it is illegal let them face the law, many times we have lost resources because of greedy politicians .
These politicians dont love the poor in the nation instead they only want to give away what people need for survival.
ZCCM IH which has a 20 percent stake in First Quantum’s flagship Kansanshi mine, also started arbitration proceedings against the company in London last year.
First Quantum is accused of fraud and ZCCM-IH is seeking as much as $1.4bn.
ZCCM-IH was asking for that money on behalf of the Zambian people. $1.4bn can restart the Zambian economy with ease. The president and his lap finance minister are wrong for this one.
President Lungu is a fool. People in North America who to have worked with this organisation based in Toronto know how it schemes Africa and get’s away with it. There are people willing to be key witnesses who have had a falling out with this organisation mainly because it is a fraudulent corporation stealing from poor African’s who can testify. You have a*stupid president who has been greased and one who does not care for Zambians except benefiting and enriching himself. This organisation is here to ra-pe Zambia of her mineral resources then leave us the mess. We have a dull and dunderhead for a president who is gullible and swallows what he is fed. As Kaunda said s*tupid *****s! What an ass*hole of a leader!
President Lungu is a go-of ball who is arr-ogant and does not listen. People in North America who to have worked with this organisation based in Toronto know how it schemes Africa and get’s away with it. There are people willing to be key witnesses who have had a falling out with this organisation mainly because it is a fraudulent corporation stealing from poor African’s who can testify. You have an idi-ot of of a president who has been greased and one who does not care for Zambians except benefiting and enriching himself. This organisation is here to ra-pe Zambia of her mineral resources then leave us the mess. We have a dull and dunderhead for a president who is gullible and swallows what he is fed. As Kaunda said s*tupid ******! What an ass*hole of a leader!