A group of over 5,000 concerned Zambians have written to PACRA to deregister the newly formed Consolidated Gold Company of Zambia (CGCZ) saying its creation is not in the best interest of the nation.
CGCZ is a company that is majority-owned by Karma Mining and Rural Development with only 45% shareholding for ZCCM-IH which is 77.7% owned by the Zambian government.
In a petition seen and copied to the Minister of Commerce, Trade and Industry, the petitioner contends that Zambia as a state only has 34.9% stake in CGCZ meaning that the Zambians are minimal shareholders having minimum say in the company’s policy direction and operations.
The petitioners now want PACRA to deregister CGCZ and re-register it as CGCZ (Gold Company in Zambia Limited).
They say the similarity of the name Consolidated Gold Company of Zambia to the names Zambia Consolidated Copper Mines is meant to give the impression that CGCZ is a state run consortium when in fact not.
They say that the use of the name consolidated has no justification and that the use of the name Zambia is meant to invoke a sense of credibility and a level of ownership in any Zambian national that reads it when infact it is a private run company spearheading a foreign agenda.