Monday, June 17, 2024

Concerns raised over ZCCM-IH Chairperson’s Resignation and Irregular Transactions Amidst Rumors of Political Interference

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The recent resignation of ZCCM-IH’s Board Chairperson, Dolika Banda, has caused deep concern among minority shareholders of the company. Banda, a highly respected business executive, had played a key role in leading ZCCM-IH and defending the country’s mining interests. Her departure has raised questions about the reasons behind her resignation and has led to speculation about excessive political interference.

In a statement issued on behalf of minority shareholders of ZCCM-IH, Thierry Charles, the spokesperson, expressed disappointment and concern about Banda’s resignation. He acknowledged her professionalism and competence and thanked her for her leadership and contribution to the company. Charles also expressed concern about the ongoing dossiers regarding KCM and Mopani and called for the safeguarding of ZCCM-IH’s interests.

The situation has been further complicated by the suspension of ZCCM-IH shares trading on the London Stock Exchange, following investigations into recent irregular transactions. This is the first time since 1964 that ZCCM-IH shares have been suspended on the prestigious stock exchange.

The Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, has announced the appointment of Kakenenwa Muyanga as Dolika Banda’s replacement. The new Board Chairperson will face significant challenges, including ongoing negotiations with investors such as Vedanta Resources and First Quantum Minerals.

The minority shareholders of ZCCM-IH have expressed their commitment to remaining vigilant and ensuring that the company’s interests are safeguarded. The departure of Banda and the suspension of share trading have raised serious questions about the future of ZCCM-IH and the country’s mining interests. It remains to be seen how the situation will be resolved and what impact it will have on the company and its shareholders.

21 COMMENTS

    • Running a public limited company, that is one with a stock exchange listing, is governed by strict legal requirements about disclosure of share price-sensitive information such as departures from and arrivals on the board of directors. So far ZCCM-IH has not issued any formal statement to announce Dolika Banda’s resignation from the board of directors.

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    • #Gunner Small mind. I have shares in a couple of companies so don’t talk nonsense. ZCCM IH is not a new company. If anything one would have expected this to happen under the PF…. but you highly educated economists… it’s unbelievable.

    • As it happens, a formal statement has since been issued. This puts the matter to rest. The new board chair is a beneficiary of a mining engineering scholarship from the days of the state-controlled mining industry. Muyangwa should know the industry from having worked in it as a mining engineer.

    • Gunner in Zambia – You are right but in Zambia they play by their own made-up rules when it comes to accountablity and transparency – Just go to ZCCM-IH website and nagivate to News and Media section; there is no information about this…they should be the source for such stories.

  1. Just a few days ago I laughed at Kabuswe’s assertions that the problem at MCM and KCM was in sight. The only solution these goons can find is were they’re the beneficiaries. They’re busy cutting deals. Most of them will end up at Chimbokaila even before the next President is sworn in

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  2. This has hh written all over it. He is the privatization expert. He is here to sell for kickbacks

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  3. The only reason why the entire African continent will never develop is because we all look to the Western world to come and develop our countries….WHAT IS WRONG WITH US AFRICANS….it’s mind boggling to think that a Muzungu from Sweden or France or America can come to Africa and develop our countries on our behalf….we can’t even manage our minerals and all our natural resources…always calling for Muzungu to come and manage our natural resources..SHAME ON ALL AFRICAN POLITICIANS

    • VERY TRUE:
      “….we can’t even manage our minerals and all our natural resources….”.
      Africans are always finding excuses. we don’t have to blame Muzungus, we are to blame ourselves as Africans in general and Zambians in particular. Selfish. incompetent, always looking for shortcuts to get rich, we think about today and Not the future, we think about ourselves and not about our children..the list goes on. The mentality is just wrong.

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    • Brother… just like Glencore… they bought Mopani at only $17m…a mine worthy billions. Can anyone point out which new machinery they brought in? Everything they found in place.. labour, rolling stock, drilling equipment… mention it… the only thing they brought in was a person of a different color….he made money and left.

  4. The issues of KCM and MCM are highly political matters any decision passed over them the ruling party will be blamed or applauded by the CB voters and the corrupt unions…PF of Lazy Lungu was highly incompetent and corrupt in handling these matters. You have to be thick skinned in Zambia to have the position of ZCCM-IH’s Board Chairperson. Derrick Chitala who is a lawyer and a sly politican also had enough what more a person of integrity like Dolika Banda.

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    • #Tarino Orange…why would a real man worry about politics? Do the right thing… let people protest but like we say in Bemba Uwakwensha ubushiku…. people will remember you in future for your good works not for trickery.

    • Well a real man like you and me wouldnt worry about politics but a Politicans does and CB is one province that has swing voters and decides who takes the majority in Parliament. UPND has run this whole saga terribly they would just come in clean slate and say PF created a big mess at KCM and MCM…bite the bullet give KCM back to Vandenta with strict conditions as ZCCM would have lost this case and it would have been very costly. As long KCM is in the picture that mine will never be sold you can not sale a car when the previous owner is on the books and holding on the vehicles documents. MCM is another ill- thought deal by dumb Lazy Lungu and his cow boys..they were literally played by Glencore for their greed.

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    • Tarino orange. The Mopani issue is deeper than you may know. Have you heard of the phrase STEALING FROM YOURSELF? This is what was happening at Mopani. That’s all I can say at the moment.

    • Deja Vu – Look at you if this MCM issue happened now you would not have a problem saying it..everyone knows PF went into that deal to raise funds for 2021 campaigns. But you know more and you choose to keep quiet as usual.

  5. And this is the very reason why we need to build a copper stock exchange here in Zambia. There is no way that a ZCCM employee can be decided by England copper mongers , miles away across Oceans-Who are they. Its time they started to sell their own Copper mined in ENgland in their own stock exchange. We dont need their foolish thieving markets.

  6. Besides that, like any other Black Woman executive, these white people use them to protect their own interests and DOrica was there own stoogie whom they trained in England and Recommended to HH as CEO.But HH like he said “is not a stoogie of no one” and he read their game. Yes he has to interfere cos if the mines fail it will be HH they will blame and not Dorika Banda_who is she? She must jst do what she is told , or Fack off!

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    • If there is anyone who qualifies to be called a stooge going by your explaination then its HH he too was trained in UK, employed by a British company

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  7. HH is in office just to enrich himself…he spent alot of money 20 years losing elections…now he wants to loot and finish off everything…HH is not Patriotic enough so is ready to sell all the Zambian assets

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  8. Let the same Dolika explain what lead to her resignation and what problems are there at ZCCM which need immediate attention by the incoming board chairman.

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