9.5 C
Alba Iulia
Tuesday, August 11, 2020

Mutati should Abandon Scheme to Sale Of ZCCM-IH Shares-Green Party

Headlines Mutati should Abandon Scheme to Sale Of ZCCM-IH Shares-Green Party

Minister of Finance Felix Mutati.
Minister of Finance Felix Mutati.
The Green Party has demanded that Finance Minister Felix Mutati should draw lessons from compensation of Lap Green Networks and abandon his controversial scheme to sale 17.3 per cent of hares in the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH).

Government has been ordered by the London High Court to compensate LapGreenN $382 million following the repossession of ZAMTEL shares by the PF Government in 2012. LapGreenN bought the shares during former president Rupiah Banda’s reign at a cost of $252 million. The taxpayers will now have to pay an extra $130 million simply because of adamancy of incumbency.

The privatization process, which was finalized by MMD Government in 2010, had met with some resistance from the opposition with then main opposition leader late Michael Sata saying he would re-nationalize the operator if he won the election the following year. When he won elections in 2011, he implemented his threat.

Despite strong opposition to the deal, Mutati announced in Parliament last week on Friday that his government would soon sale 17.3 per cent of its shares in the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH).

“Mr Speaker, allow me to appraise the House on the intended sale of 17.3 per cent to have these shares in ZCCM investment holdings held by GRZ and listed on the Lusaka Stock Exchange. Sir, the long term strategic plan is to reposition ZCCM Investment Holdings for growth through strategic partnership and to comply to LUSE requirements. LUSE listing requirements stipulates that ‘no single shareholder should control more than 25 per cent of equity in any one listed company’. In compliance with the listing requirements, government intends to sale 17.3 per cent of its shareholding in ZCCM investment holdings,” Mutati said.

But Green Party leader Peter Sinkamba says the excuse of LUSE requirements which Mutati used in Parliament last week is typical of State Capture corruption dealings.

“What is happening on the sale of ZCCM-IH shares is typical State capture corruption dealing. This type of corruption occurs when the ruling elite and their powerful businessmen friends manipulate policy formation and influence the rules of the game, including laws and economic regulations, to their own advantage. The captured economy is trapped in a vicious circle in which the policy and institutional reforms necessary to improve governance are undermined by collusion between powerful firms and state officials who extract substantial private gains from the absence of clear rule of law,” Sinkamba said.

“The excuse that Mutati is using of LUSE requirements is highly deceptive. It is the worst form of dishonesty from a senior Minister for that matter. We are aware, for example, that the British Government this year had to bend listing rules on the London Stock Exchange to facilitate the listing of $2 trillion worth Saudi Aramco, a sovereign Corporation of Saudi Arabia, so what is Mutati talking about” Sinkamba quizzed.

“If it is in the interest of a sovereign State, a responsible Government can amend the laws. So, the Zambian Government can simply amend LUSE listing rules to exempt sovereign companies from application of some regulations if they are not in the greater interest of the State. This is perfectly normal everywhere in the world, and Mutati, as a senior Minister ought to know this. But here you have a situation where Mutati has already concluded a deal with Israeli firm Sapir Capital Group from Israel to buy off the ZCCM-IH shares in typical State Capture corruption, and he is using policy and rules to justify the corruption,” Sinkamba added.

“That is why, as the Green Party, we have always advocated for transparent governance reforms to share the power in the society, both horizontally and vertically, and to put in place very clear conflict of interests rules. State institutions should have safeguards to prevent them from being “owned” by specific individuals enjoying a high discretionary power, as is exhibited by Mutati in his capacity as Finance Minister,” the Green Party leader said.

“The trouble is that on one hand, vocal civil society groups, which are supposed to compliment the opposition on providing checks and balances can no longer champion accountability and responsiveness from the side of the government without the risk of being arrested and prosecuted, as demonstrated on the 42 fire tender deal. In such difficult contexts, the feasibility of any type of governance checks is diminished. The situation is likely to be worse if business dealing of the Guptas of South Africa with the political elite and their families in Zambia are entrenched,” Sinkamba said.

“We demand that Mutati abandons the dirty scheme of sale of ZCCM-IH shares. The scheme is not being done in public interest but personal interest. It is such deals that lead to re-nationalization in the future. We therefore, once more, appeal to Mutati’s consciousness for introspect and shame,” Sinkamba concluded.

26 COMMENTS

    • Once again Green Party President Sinkamba speaks sense, why this man is not the main opposition is something I fail to understand. It shows there is truelly no justice in the land where others are empty tins but draw numbers and have brainless fat bottoms sitting in parliament just to collect a huge allowance, salary and gratuity- they know themselves!
      Mr Sinkamba sir, well said! Mutati Out! Dora Out!

    • That is why we in africa will continue to suffer. I fear for the children today and the children of our children. Kaya mwanding. We are so unpatriotic selfish people. The same people advocating for prayers are the same criminals killing us. We are suffering because of these selfish individuals. The result of Israeli trip is fruiting. Christians know one thing that Jews killed Our Lord and today they still hate our load Jesus Christ. And if Our Lord came to Israel, he would still whip them in the market places. But the mention of Israeli company makes most of so called Christians to have an orgasmic feeling that a blessing is upon us. These Jews hate the blacks born in the jewish land and hate christians. They are the illuminate/elite of today ruling the world.

    • Why sell ZCCM-IH for $100million to an unknown Israeli Company called Sapir Capital Group address: Ashdod, 7752303, 6 Sderot Yerushalaim, Israel. Just go to Google-maps street-view & see if it’s an address that can pay $100 million. Lungu is the true buyer of ZCCM-IH.

      In ECL travelled to Israel in march 2017 to seal the deal.

      ZCCM-IH won lawsuits against KCM & Kansanshi got a payment of $200 million & 103 million respectively. 

      Is $100 million worth the following shareholding?
      20% in Kansanshi mine
      10% in Mopani mine
      20% in Lubambe mine
      15% in NFCA PLC mine
      15% in Chibuluma copper mine
      10% in Chambeshi Metals
      20% in CNMC Luanshya mine
      15% in Maamba coal mine & Thermal Power Plant
      20% in Copperbelt Energy Corporation (CEC)
      100% Ndola Lime, 
      50% in Kariba Minerals…

    • CONT’D…

      50% in Kariba Minerals Limited 
      10% in Nkana Alloy Smelting Co Ltd 
      10 % Investrust Bank Plc

      OPEN YOUR EYES DWANZY ZAMBIAN!!

    • Look at the hands of our finance minister. His deals with Mpelembe drilling, workers up to date have not gotten their dues. I can smell corruption here.

    • That’s the only thing lazy people like Edgar and tins are good for if they are not borrowing money for overpriced projects they are selling off public assets!!

  1. Docile Zambians are now busy drinking and sleeping… when this corrupt deal is done and money has changed hands will they wake up!!

    • Really sad and this Lazy Bum Edgar was publicly cheating the other day that he still share Old Man Sata’s vision for a better Zambia…Sata would never sell shares in fact he would increase shareholding!!

  2. Mutati and Lungu if you have no sources of money where you can deep your long fingers into please leave ZCCM IH shares alone.

    Just persue your IMF nkongole unlike speaking non sense about LUSE requirements.

    You failing to even find a proper excuse just like you failed to defend fire tender corruption.

  3. Is this not the Sapir Group from Israel that has no physical address in Israel? This is beyond the word corruption. There’s no court in this country that will be able to handle such colossal amounts of embezzlement. These will have to be tried by an international court.

  4. Green party is right. In the wake of increasing international Copper prices, we should be actually be buying more shares and not giving them up. As if it were not enough, we have failed to secure the best deals for our country and we also offer generous taxes. This has all led to huge profits for the mining companies and very little of it remaining to boost development locally. This scenario will continue as long as we keep thinking small. Zambians will never fully benefit from the mines until we start thinking big and become entrepreneurs of our own wealth. This is what other countries like Canada and Australia have done and we can do it too.

    • What did I tell you yesterday…you supported these selfsame morons now you coming back here to eat your own vomit. These Kaponyas will not sleep until the sell everything the only thing we will be left with is debt even land they are giving away to foreigners. RB can now continue with his unfinished business through the empty tin Lazy Lungu.

  5. @ LOMBE (MA) we have an address in Israel and can invite you to our offices for due dilligence. Israle is doing alot for Zambia and we are better than Chinese THAT ARE ALWAYS BOMBARDING U WITH LOANS that will make ur economy like ZIMBABWE. ONE thing President sinkamba needs to concentrate on is what are MUTATI’S POLITICAL INTENTIONS FOR 2021? WHAT IS HE DOING TO BANKROLL HIS PLANS USING HIS CURRENT LUCRATIVE POSITION IN GOVERNMENT? I CANT PRE-EMPTY MORE THAN THIS

  6. When is the multimillion dollar agriculture company coming from Israel ,,, its a seed company. It was one of the multitude of promises when the cabinet went to israel when ECL sold 17.3% to the SAPIR GROUP
    Have they paid for their shareholding yet, has there been a shareholders meeting to authorise the sale of shares through the LUSE! Questions butvI dont expect answers.
    Over weekend Mutati made another IMF directed announcement that Ministers and PS are not to travel first class and all travel has to authorised by him..April is a long time to wait for the bail out…if we even get it

    • Where is the school of mining in this debate, I have not come across any views that guide us in managing these valuable resources. What is there perspective in relation to the car battery phenomenon which is revolving around copper, nickel and cobalt giving us a competitive advantage. Is the curriculum being realigned these changes?

  7. The opposition should stand strong and tell all those who want to buy the shares that once PF goes, the shares will be repossessed;

  8. The opposition should stand strong and tell all those who want to buy the shares that once PF goes, the shares will be repossessed and that corrupt officers will be arrested;

  9. mutati is the most corrupt finance minister Zambia has ever had because of his presidential ambitions which he is scheming behind President Edgar Lungu’s back. Mutati is scheming grand scale corruption through IDC and the earlier people wake up the better. In 2017, he has engineered IDC’s corrupt acquisition of Zampalm, Intermarket Bank and now the sell of ZCCM-IH shares. Mutati must be probed and stopped in his tracks before Zambia becomes totally stripped of its assets. Sadly President Lungu is more concerned with HH and Kambwili at the expense of the Zambian economy and its people.

  10. First and foremost i would like to thank Mr Sinkamba for enlightening us of these shoddy transactions the so called Honorable ministers/ Government officials are trying to strike.This man means no harm but good for the country and its citizenry as well as the future generation.So before we condemn as these so called educated illiterates are doing, let us try to look at the whole thing from a bigger or rather broader picture.They say the best way to fix a problem is to fix it before it becomes a problem.If these transactions go unchecked,we the citizens are the ones to face the consequences in the very near future while they (Politicians) will continue to enjoy as we continue to wallow in poverty.We cannot allow Mr Mutati to continue stripping the country of its assets with this level of…

Comments are closed.

- Advertisement -
Loading...
- Advertisement -

Latest News

Challenges of raising an autistic child

In this episode of Studio Ken, two parents - Mainza and Len Kawanu - discuss the challenges of raising...

Kamanga Congratuates Champions Nkana

FAZ President Andrew Kamanga has congratulated newly crowned FAZ Super Division champions Nkana and also given his side of the story on the controversial...

Zesco United Congratulate Successors Nkana

Outgoing FAZ Super Division champions Zesco United have congratulated Nkana for winning the 2019/20 league title. Nkana were on Sunday crowned league winners of the...

Ndola Lime Company not sold-ZCCM-IH

The ZCCM-IH has denied signing a memorandum of understanding Global Human Benefit Zambia Limited for the sale of a 65% stake and the...

Cabinet Approves Introduction of Bills to Provide for Economic Processing and Exportation of Cannabis

Cabinet has at its 18th meeting today approved, in principle, to the introduction of Bills in Parliament to provide for cultivation, processing and exportation...

More Articles In This Category