Liquidation of KCM and appointment of a PF-connected provisional liquidator – are PF trying to use KCM business operations to settle Chinese debt?
It is clear that there has been a long-standing problem at KCM and finally the PF administration has woken up to the reality of the plight of the miners and residents of Chingola and surrounding towns on the Copperbelt.
The problems facing the employees and mine suppliers of KCM as well as the residents of Chingola will get worse before they get better. KCM needs new owners with a vision, a plan and money to restart the right mining operations and to maintain the smelter capacity that has been operated by Vedanta. The PF lacks the capacity to provide the guidance necessary to bring relief to years of mismanagement and decline in one of the richest corners of the country.
Let us not be fooled into thinking that the PF cares one bit for the people of Chingola. The strategy of appointing a connected person to overseer the liquidation process is based purely on a survival instinct and a fear that a collapsing economy, joblessness and the rampant theft of public resources all present a perfect storm for a government that is on its way out of office and has no clue about how to recover the years of punishing abuse that it has inflicted on its people.
The only hope for the people of Chingola, the Copperbelt and the nation at large, is for Zambians to finally realise that keeping the PF in power presents a grave danger to the survival of our nation. With state-backed violence, state capture and corruption on the grandest scale in our history; and with state borrowing at levels that cannot be sustained due to the rampant indiscipline of our current leaders, it is only a matter of time before we collapse into irreversible economic ruin.
A new owner of the mine must be found immediately. This is probably what lies at the heart of the action that has been taken by the PF government. It is clear that the economy is in a mess. This is largely because of the reckless manner in which our sovereign loans have been applied in building overpriced infrastructure, equipment and services.
It is not beyond the PF administration to attempt to write off some Chinese debt in exchange for KCM’s business operations or to deliver the mine to pre-determined Russian or Western interests. This may be the real reason behind the current manoeuvres, given the suspicious ties PF has been cultivating over the years.
What is abundantly clear, however, is that without a new owner and without sound economic planning and disciplined public expenditure, there will be massive layoffs, further suffering and further decline of our mining areas on the Copperbelt.
The PF have appointed a provisional liquidator with no skill or experience in finding solutions to the long-standing problems facing Chingola and KCM. They must replace him with a competent team that can bring sanity to this desperate situation. In the same way, Zambians also appointed a leadership with no skill or experience in finding solutions to the problems we face as a nation. In 2021, they must replace them with a team that has a heart for the nation and a vision and principles that can restore the pride of our nation.
Elias C. Chipimo
President
National Restoration Party
There is nothing wrong with that.
Thanks
BB2014,2016
The simple answer to that question is YES.
They have no clue how they will repay the debt.
As I said a few days ago, the PF is likely to offer the Chinese KCM. But the Chinese will, with good reason, put a very low value on KCM, getting it for a lot less than what Mwanawasa sold it for.
This is only the beginning of asset stripping by this PF government.
What a Bonehead Mushota is. Not surprising we are where we are having people like this vote. Totally incompetent and claims to be a phd holder???? What a JOKE!!!
Why does KCM have to be sold to an outside investor. Why can’t Chipimo my friend here organize friends and family to buy and operate KCM???
By the way, there’s enough money in Zambia alone between all banks, other thrifts, insurance companies, labor unions, pension houses and even other companies not leaving out certain individuals to put together a management buyout plan so that the majority of it is Zambian owned.
Even all current employees can be opted into shareholding of KCM in exchange for future pensions to tap liquidity from actuaries into a purchase arrangement. It’s time to think outside the box and be apolitical instead of thinking PF this and PF that.
Come on Elias, you’re way too smart for that!!! The Russians faced with the same privatization opportunities as the…
Continued…
Come on Elias, you’re way too smart for that!!! The Russians faced with the same privatization opportunities as the smart people of the Zambian Enterprise created 30 billionaires between 1991 and 1997 while Zambia was crying for HIPC status with all the copper under our feet.
What’s so special about foreigners running our mines for us that we aren’t akin to??? Just another explicit example of low self-esteem. This is the first chance since 1991 that we can finally create local Zambian billionaires and we are looking outside instead of inside for solutions.
We can do better as owners and not sellers here. This is corporate law, one area you are good at, I expect you to advise the local team on how we get this done as new owners of KCM not this article. Please revise…
Please revise and redo your article accordingly. This is from your friend with a warm heart wishing you all the best, personally and as family.
Let’s roll … epo mpelele,
BRM
Which team has the competence that he is referring to? Avena Panama group? The solution is the same. They are all thieves, kachema to kambwili.
China got a strong grip on African countries, they had been preparing for a long time. They’re already the super power but humans still don’t believe, it’s human nature.
This is the damn problem with these useless opposition politician, instead of offering valuable solutions to the national crisis, they are talking about removing the Government in power. The Government needs to reopen the privatization saga in which this young but old looking Chipimo was part of.
The wounds of this privatization will only heal when all culprits are named and shamed and possibly prosecuted if found wanting.
Removing this pathetic government is the first step to the solution mune. PF brought all these problems and are advice proof so better to get rid of them
And please give that privatisation nonsense a rest. PF do not even have the brains to investigate it. How will investigating it improve the economy now?? That is why I always say PF supporters are not mentally OK. Levy and RB oversaw very strong economies after privatisation nomba fyashupa shani kuli ba PF? Bunch of dull mor0ns.
Very well. Said. Clearly stated the solution both to kcm and nation at large. Read through again Albert.
“….Zambians also appointed a leadership with no skill or experience in finding solutions to the problems we face as a nation.” and you Elias, are happy to see the Zambians suffer for not choosing you and your ilk!!!
“…a team that has a heart for the nation and a vision and principles that can restore the pride of our nation.” Meaning you and your ilk in the alliance! And that is after you enriched yourselves at privatization doing exactly what these PF thugs are doing – low evaluation of National assets and then buying shares in the same business concerns!
Yes, we probably need to go through what you are calling a “worse patch before things can get better.” Let these former shopkeepers go back to Punjab from whence they came. On our part as Zambians we must endure your…
“…prophesy of a collapsing economy, joblessness and a mediocre leadership (PF and you in the opposition!) Then maybe Zambians will resort to an alternative vocation, FARMING!
The general cry has been that these Indians MUST be forced out ! Now that ECL has done just that it is now wrong and all geniuses great and small are popping out of the woodwork trying to put up the best way possible!
Remember, there is no sweet divorce!!!!
Sounds more like a political statement by trib.als who themselves are, sadly: NO OPTION FOR ZAMBIA.
Surely and for God’s sake, how can Chipimo, Trib.al Hacks, Chimbwili, Sean Tembo and all other trib.als ever, even remotely, think that they could be an alternative for our country?
Is it because we Zambians lowered our expectations of leadership by making ba Sata as our President? Everything else follows from there.
This is thye one and only rare occasion where KAunda and Chiluba agreed! That MCS is no presidential material! This was aptly decrtibed by Sata’s right handman and confidant – Guy Scott> According to Scot SAta was a mere party cadre with the ability to mobilise gangs
Making Sata president was the worst blunder Zambians have ever made.
Ama Zambians e bupuba twakwata. The same people who have been laughing at the govt in the manner in which KCM has been treating zambians and the govt at large, today they start siding with KCM. Bushe what type of foolishness is this? Why can`t we support our mother Zambia by bringing in good ideas since this has happened in the interest of all zambians. So, you people youb wanted a foreigner to be getting more chunk of our resources than us Zambians. Muleenda and see how other countries protect their resources. Us zambians we can even hide fraudster foreigner and hate our own. In other Countries like where I stay, they report any suspicious individuals or investors. So, since this things has happened, why cant we offer positive solutions to the govt for the plight of people on the…
Elias Chipimo just hit the nail on the head.
Why liquidation instead of receivership?
Simple trade in the equity in KCM to clear the nkongole owed to the Chinese.
Elias Chipimo just hit the nail on the head.
Why liquidation instead of receivership?
Simple trade in the equity in KCM to clear the nkongole owed to the Chinese.
You who say SATA was not presidential material, ask yourself a question are you a presidential mater?, are ready for presidency? and know that HH is NOT state house material.
Are you sure?????
I meant, are you ready for presidency?
Let us just make it Zambian mine.We wanna dollas
How dare you think that pf have any morality to settle debts. They are doing this to copper their own pockets. Wake up makaka