9.5 C
Alba Iulia
Thursday, October 22, 2020

Kamanga Reveals Financial Success at FAZ

Sports Feature Sports Kamanga Reveals Financial Success at FAZ

Andrew Kamanga says he can proudly state that FAZ is in a better financial situation during his four years at the helm.

Kamanga admitted that has not been easy but a financially solid FAZ was one of a number of successes at FAZ to build on after some setbacks in his initial term.

“When it comes to the FAZ debts, if you recall, we had a problem with ZRA, they actually seized our accounts and again through the help of the minister of sport that was resolved. We also have some dues with NAPSA and these are statutory obligations which go back to a longer period,” Kamanga said.

“Even with government itself, we are indebted because we have dues which accumulated for the use of the two stadia, Levy and Heroes Stadiums.

“But what I must say here is that since our executive came into office, we have religiously paid for the use of the stadiums. So the debts that are sitting there were accumulated from the past commitments.”

Kamanga added that FAZ will continue working towards achieving total financial transparency.

“We have also had to make sure our accounts are reflective of the actual finances. For instance we never used to accrue the dues for the employees so we used to declare profits in the past then if you look at our financials, last year we had a deficit of K17 million and we had to write off debts from the members because these were not collectible,”Kamanga said.

“We have had to clean up the finances. Of course others will say that this FAZ is now showing deficit, yes it is showing deficit correctly and the reflection that is there. In 2018 we had a deficit of K20 million, 2019 it has been reduced further to about K1.7 million.

“So going forward we are very confident that we will clear as many debts and we are not contracting many debts. Our finances even for those who are aspiring to come into FAZ I think they will come in with their heads high as they will find an institution which is easy to run, the days of bailiffs are almost over so financial discipline, I think we have achieved that.

“We have operated on the premise of being transparent, we are accountable and all the finances are open. We do send our financials to the members in good time. Since we took office we have had these accounts sent to the members 21 days before the meetings.

“And I’m happy to report that even in the last AGM, we had Power Dynamos who had raised a number of issues and those were answered by the AGM. We also had a change of auditors because we had the same auditors for a long time. So we want to make sure that through the independent audit and compliance committee who I must thank they have done a fantastic job.”

10 COMMENTS

  1. The headline says something else. The text says something else. Financial success at FAZ! it screams but we read that FAZ owe this one and that one. Anyway I ve never seen a failure admitting he is a failure. We are now AAs Afcon Absentees.

    3
    2
  2. Iwe kamanga ,

    Don’t mention sound finances at FAZ

    , the PF rats will be circling now like starving hyenas wanting to kick you out….

    3
    4
  3. I was a manager for an NGO in Zambia, I left a lot of debts with ZRA import duties, truck transporters, fuel companies etc. I was not paying debtors before salaries. I was a good NEGOTIATOR.
    When I left, my white boss cried on HOW to manage debts. They behaved same as Kamanga they where paying even before services. Import containers were piling up at ZRA without clearing, until they paid in full, RELIGIOUSLY. In my opinion ,that’s bad management Kamanga.
    Kamanga just pay even debts which Kalusha left, he was not a bad manager, he just had good relationship with government and lenders.

    2
    2
  4. Not paying debts accrued by Kalusha doesn’t show any wisdom. It shows how styupid and childish Kamamga is.
    Should we expect HH to deny paying the $18 billion debt PF is going to leave next year?? NO. HH should make payments plan and negotiate with all those lenders, including Belarus Mafias the friends of Findlay, who happened to be flying on presidential jets.

    3
    1
  5. Atleast kamamga has tried.You have done good financially but we
    Also want qualifications to Africa
    And world cup.Zambians are not
    Happy to see corrupt free administration.

    6
    1
  6. Andrew Ndanga Kamanga is a foool. He’s supposed to tell us his plans to avoid a FIFA ban. Have you called Kazala? We know you shared K800,000 before Pasipononga Liwewe left, the time for financial reports will come later. If you have nothing to say shut up

  7. Mr Kamanga, you want to bandage our eyes. You will not accrue any debts because you have never been to the Africa Cup. I would rather you accrue dates and win the Africa Cup or qualify to the World Cup than boast on your financial prudence.

Comments are closed.

- Advertisement -
Loading...
- Advertisement -

Latest News

Zambia Rally to Stun Ethiopia

Zambia twice came from behind to stun Ethiopia 3-2 in a friendly match played in Addis Ababa on Thursday...

President Lungu says Government will pay terminal benefits for Mansa batteries’ workers affected by the 1994 Privatization Program

President Edgar Lungu has assured the former workers of Mansa batteries in Mansa district in Luapula province that government will settle all the...

IMF appoints new Zambia Country Rep

The International Monetary Fund named a new representative to Zambia, two years after the post was vacated. The appointment of Preya Sharma, a special assistant...

Chief Kizela Concerned With Disregard Of The Law By Individuals With Connections In Government

His Royal Highness Chief Kizela Royal of Mufumbwe has expressed concern with the continued disregard of the law and procedure for obtaining land documents...

Zanaco , Power Win In Pre-Season Friendlys

As the countdown to this Saturday’s 2020/2021 season curtain-raiser Samuel 'Zoom' Ndholvu Charity Shield final between Nkana and Indeni at Arthur Davies Stadium in...

More Articles In This Category