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Alba Iulia
Saturday, June 6, 2020

Deregister Consolidated Gold Company, PACRA petitioned

Headlines Deregister Consolidated Gold Company, PACRA petitioned

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.

[Read 2,380 times, 2 reads today]

25 COMMENTS

  1. I just dont know how these PF politicians sleep at night …the country should be benefiting from Gold but our politicians are trying by all means to line their own pockets.

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  2. PF government doesn’t care about the people. They don’t care about earl development and poverty reduction. All they want is stealing and buying personal properties outside the country. It’s a shame.

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  3. PF will experience the most painful exit from power because most PF politicians won’t find it easy to fit into the Zambian society because of their misdeeds. May God have mercy on them. Everything the PF does is shoddy, don’t they have any shame? Even donated face masks are being sold, what kind of money are they looking for? If you serve with honesty and dignity you won’t starve because people will look after you. You can even steal the whole country but your end will be miserable

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  4. This mentality of putting foreigners first is an embarrassment to Africans. Whn are we going to wake up, we always disadvantage ourselves over our resources. The people in leadership whts wrong with you? Always you give foreigners a big share than us, we is this formula frm. Me am tired of this stupidity ad l think this the best words to suit us.
    You visit their countries, don’t you feel ashamed, if you compare. Mind u those cities are built from our resources, look at ours, everything it’s a sorry sight.
    Awee leaders lets be serious like our father of the nation – KK, he’s still living, ask him bcoz reading culture is a problem with us. These foreigners are just here bcoz of our resources ad if finished, u won’t see them here, they are parasites.
    Those smiles u see on them…

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  5. Are these not the political ideologies of Pro.HH ? Investors FIRST and ZAMBIANS second,this is HH for you!
    Nationalism VS Capitalism.WHO ARE MAIN SHAREHOLDERS of the CGCZ? The answer is vivid.
    Thanks very much PF youths,the story is known.

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    • @5 Mr.P is VERY RIGHT!! HH has always pushed for Private sector and one time hinted on “bring his friends to come and run ZESCO”. HH is known disciple of full blown capitalism and I believe we shall see more of our national resources shifting into foreign hands. THE ONLY REASON HH’s POPULARITY IS HIGH IS BCOZ LUNGU HAS FAILED SO MISERABLY,TO BE EVEN ALLOWED IN STATEHOUSE TO DATE IS SIMPLY BCOZ THE LAW SAYS SO. Even these Karma company seems to have come in a very opaque way! Finding a resource like Gold, should have made us have very open dialogue on how to manage it, having learnt from how we have been short changed over our copper by international conglomerates BUT NO, PF GUYS WANT TO CHEW, AND THAT IS WHAT SEEM TO BE DOING HERE WITH GOLD!!

  6. How will Zambia get rid of thieves, they come in all sorts of types, shapes and fashions. Does our government really care about Zambia and its future for our children’s children?. We,Zambians must emancipate ourselves for no one will come to teach us to be fair to ourselves.

  7. This ayatollah bastard is just commenting using tonga-brains! The same PF you’re insulting,are the same people asking PACRA to review CGCZ gold policy.

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  8. As usual there is the usual daft blogger that prevails at insulting that focusing on the articles contents even though its his grand children losing out!!

  9. The issue of gold in Zambia must be handled properly with care it deserves. This is the precious metal we’re talking about and we must learn from experience and do things correctly. I can see the almighty hands of Wamuyaya PF cadres. It must be looked at in the national interest.

    PF must go!

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  10. Our political leaders of today still have the same mentality that made our ancestors sale their Kin to slave traders.

    I’ve stopped blaming the ba zungus for taking advantage of us..

    Umu_blacks wa bwafya.

  11. @Mr P. The truth pains. What hasn’t PF stolen? They even stole faeces when they heard that a Chinese company will be processing sewer into bio-fuel. The kleptomaniacs beyond redemption. Almost every PF Minister now has a game ranch, since when did they practice game ranching?

  12. My question to those who are so selfish, who think only about their pockets instead of the country and posterity; are you going to live forever? All that money you are accumulating to yourself.. whom shall it be? Some of you are remaining with few years to die but still you want to stuff your pockets.. please think about your country and posterity…. What good will posterity remember you about?

  13. There really isn’t heart for the people. Self interest all round. How can you live with yourself?

  14. Zambians, let us start with all these copper mines that are run by foreigners. All proceeds are shipped off. All management jobs are taken by foreigners. All contracts, except crumbs, are taken by foreigners. Lets start by changing that. Not all you accept as Zambians is labourers jobs.

  15. Every Western country is looking at its gold reserve at this time because currencies are falling in global economy. Currencies backed by gold will stay afloat. Gold is now more important than currencies. What intelligent govt starts to give away it’s majority gold resource?? Something not right PF. SO DISAPPOINTING. You are acting like capitalist HH and co. However we highly commend the youths taking this initiative. It is their future, their resources. But the thrust should not be about name change alone. We want a constitutional change to ensure Zambia enters into a 50/50% share with all business relating to our resources. In fact a 70% govt share would be desirable. We need to beat poverty and raise living standards for all Zambians. We have difficulties with water,…

  16. And yet we were told that Zambia and Zambians would be given priority. First deal signed and Zccm-ih is the minority shareholder. Even the original zambian licence holders from whom the licences were grabbed/revoked have left high and dry. A FOREIGNER has come out with the lions share The whole scam stinks of corruption, political arm twisting & under the table dealings.

  17. But the thrust should not be about name change alone. We want a constitutional change to ensure Zambia enters into a 50/50% share with all business relating to our resources. In fact a 70% govt share would be desirable. We need to beat poverty and raise living standards for all Zambians. We have difficulties with water supply, electricity supply some 50 odd years after Independence! Shame.

  18. PACRA is the wrong institution to petition because they don’t own the company. They just receive instructions about shareholding but cannot decide the proportions of it. You petition those who took the decision to be content with minority shareholding despite hosting the resource. Who’s advising these deluded dupes? Lubinda Habazoka it should be because he has spoken publicly about it. But that’s wht u expect from him.

  19. Selling the family silver again….Ba Kateka ba Lungu please don’t allow Zambians to cheated again. I know you read our comments.

  20. He’s not a thief, this guy right there( Faisal Keer) came all the way from Sudan to progress Gold by two times or even 3. It’s not even his country and he’s going to open and negotiate with companies in South Africa and Emirates too so, but he chose Zambia as the main spot. He could’ve gone anywhere else. Zambian workers may not be getting the exact amount of money they want now. But later on they would.

  21. These PF criminals continue stealing because they know that Zambians are docile and passive. And that goes for moderate PF supporters too. You PF supporters, please understand that patriotism is not blind loyalty to your party, even if you see that what your party leaders are doing is undermining the country’s well-being. Patriotism is loyalty to your country, and not to the party. Your country comes first and your party second. Don’t you have relatives too, who are wallowing in excruciating poverty, because of this mediocre, inept, incompetent, corrupt leadership? Are you so blind that you can’t see that Lungu has failed to manage the country? You well meaning PF supporters, why don’t you call for Lungu to resign and replace him with a patriotic PF member? ANC in South Africa did it…

  22. … to corrupt Zuma. There’s nothing wrong with that. Zambia is now a complete laughingstock across the globe, because of these PF corrupt thieves, who have completely wrecked the country’s image and economy. Wake up Zambians.

  23. A LETTER SIMPLY TYPED ” FROM 5000 CONCERNED YOUTHS” MEANS ABSOLUTELY NOTHING ! THIS IS PF’s way of trying to take over businesses so they can pass them on to the Chinese. When all investors leave we will then see how we cry —- they promise you the world and give you China.
    We are doomed under this rule

  24. @ Zambia is our & Mr. P: pls guys stop thinking like a mporonkoso monkey that was imported from the Katanga region. Okey, even if i was to agree with on HH being a capitalist, well & good. But who is in charge now? HH or u PF maggots? I think the real problem that Zambia has today is a Bemba mindset. You people dont even belong here(Zambia), so dont talk nonsense here. This is not Congo.

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