The Zambia Forestry and Forest Industries Corporation has refuted media reports suggesting that the Attorney General had suggested that the Industrial Development Corporation illegally owns ZAFFICO.
Company Acting Managing Director Manuel Mutale says the story is allegedly based on an opinion by the Attorney General which has been taken out of context, with respect to an inquiry made by ZAFFICO on the legal process necessary for the successful listing of ZAFFICO.
Mr Mutale explained that Attorney General communicated to ZAFFICO indicating that the IDC holds the ZAFFICO shares on behalf the Minister of Finance in accordance with section 3 of the Minister of Finance (Incorporation) act, Cap 349 of the Laws of Zambia which makes it clear that the Minister of Finance can do all acts necessary or expedient to be done in the ownership or otherwise of shares, property or securities.
He said the Attorney general also communicated that the IDC owns the shares of ZAFFICO and indeed all other State-Owned Enterprises on behalf of the Minister of Finance who owns 99.9% shares in IDC, while 0.01% is owned by the Secretary to the Treasury.
Mr Mutale said the Attorney general further communicated that the specific resolutions relating to the listing of ZAFFICO requires that the resolution be that of the Minister of Finance and that the Minister of Finance issued his written approval of the listing of ZAFFICO Limited on 5th November 2019.
In a statement issued to the media, Mr Mutale has since urged investors, stakeholders and members of the public to dismiss the reports suggesting the Attorney General in any way or form suggested that the IDC illegally owns shares in ZAFFICO.