Secretary to the Treasury Fredson Yamba has revealed that Finance Minister Margaret Mwanakatwe recalled and canceled the controversial US$500 million sovereign guarantee issued to STAG African Investments Limited on behalf of power utility Zesco.
In a statement, Mr Yamba said STAG failed to make any disbursements over a prolonged period of time after the Sovereign Guarantee was issued and all the conditions fully met by Zesco.
He said the Ministry of Finance resorted to other financing options in support of Zesco’s need for the critical electricity power imports.
Below is the full statement
Lusaka, Wednesday, May 30, 2018
ON THE TREASURY GOVERNMENT OF ZAMBIA USD 500 MILLION SOVEREIGN GUARANTEE ISSUED TO STAG AFRICAN INVESTMENTS LIMITED
MOF/Debt Management – , May 30, 2018
www.mof.gov.zm
Ministry of Finance
The Government of the Republic of Zambia through the Ministry of Finance issued a Sovereign Guarantee in the sum of Five Hundred Million United States Dollars
(US$500,000,000.00) in favour of Stag African Investments Limited.
Stag African Investments Limited is a company incorporated under the Companies Act Chapter 388 of the Laws of Zambia with registration number 120150135298.
Stag African Investments Limited and Zesco Limited entered into a loan agreement through which Stag African Investments Limited agreed to make available a loan of Five Hundred
Million United States Dollars (US$500,000,000.00) for the importation of emergency electricity power, on the terms and conditions set out in the Loan Agreement.
Owing to the significant amount of the loan, a term of the Loan Agreement was that it required to be secured by a Sovereign Guarantee.
The Ministry of Finance processed Zesco’s request for the Sovereign Guarantee made pursuant to the Loan Agreement, and the draft document was duly approved by the Attorney-General.
Thereafter, the Ministry of Finance recommended the issuance of the Sovereign Guarantee owing to the critical need for electricity power to the economy which needed to be imported to cover the deficit. The Ministry of Finance facilitated the issuance of the Sovereign Guarantee accordingly.
The Guarantee was issued in line with the Loans and Guarantees (Authorisation) Act, Chapter 366 of the Laws of Zambia.
The Sovereign Guarantee was signed on 9th September 2016 by His Excellency the President of the Republic of Zambia exercising the functions of the Minister of Finance pursuant to
Article 91 of the Constitution of Zambia (as amended by Act No. 2 of 2016), as read together with Section 4 of the Statutory Functions Act, Chapter 4 of the Laws of Zambia, due to the critical need for electricity power imports. It should be noted that this happened before the President appointed his Cabinet.
Since the issuance of the Sovereign Guarantee, all the conditions were fully met by Zesco but no disbursements were made by Stag African Investments Limited over a prolonged
period and consequently, the Ministry of Finance made recourse to other financing options in support of Zesco’s need for the critical electricity power imports.
In view of these developments, on 24th April 2018, the Minister of Finance, Hon. Margaret Mwanakatwe, MP recalled and cancelled the Sovereign Guarantee issued in favour of Stag African Investments Limited.
Laughable from this scandal-laden government.
I still can’t believe that this government is propped up by supposed intellectuals on this forum commonly referred to as the MIT-Cabal
When a thief is caught at Shoprite exit and s/he offers to return the stolen groceries back to the shelf asking not to be arrested.
Cancelling the Loan & $150-million they almost stole or returning the Swaziland land bribe to Inyatsi Roads should NOT exculpate LUNGU & Lewis Mosho from prosecution.
I just hope we didn’t spend any Ngwee on penalty fees related to the cancellation of the loan.
So it’s true Edgar signed the thing???
Margaret had to risky her family to save Edgar’s?
Where is Attorney General or Anti-fraud squared on this?
Zambia Zambia has turned into ichikokopo.
“…consequently, the Ministry of Finance made recourse to other financing options in support of Zesco’s need for the critical electricity power imports.”
And you wonder why we are indebt…and funds are misappropriated….anyway come Sunday the docile masses will be praying with them..the lazy bum Edgar will even urge you to join politics.
There is a guy called B.R Mumba Sr who was saying 30% interest on the loan was normal. Do bloggers see what is suspicious here? It is that Zesco sought alternative financing arrangements after cancelling the guarantee. Why are they not disclosing the alternative financing arrangement?
Smart Minister … Let’s roll!! Bill Clinton in his 3rd Grade History Class was told about the fall of the Roman Empire.
After class he went to see his teacher and told her that, if he was the Emperor of Rome, Rome would not have fallen!!!
Another desperate sensational report had ended with nothing for the opposition to write home about.
Heaven help us all …
When we tell JUNIOR that he is an educated foool he takes offence look at his comment above!!
BR Mumbai, BR Mumbai, BR Mumbai, I rest my case.
Jay Jay … stop it!!! Just stop it please. I am having a super nice day today. Don’t mess it up.
Keleni fimo fimo … I am sorry this didn’t work out good for you. Find something else to whine about.
All the masturbating Yahoos will go on another rant while the smart people of the Zambian Enterprise make hay as the sun shines.
Whining Is Not A Winning Strategy ~ B R Mumba, Sr
Life Is A Serious Enterprise … What A Sweet Life ~ B R Mumba, Sr
Zambia Is Greater Than Any Single One Of Us ~ B R Mumba, Sr
Original Content, No Copyrights Reserved.
The Thief does not steal in an unfamiliar place. ~ African Proverbs
This one is for you JUNIOR;
You can beat a foool half to death but you can’t beat the fooolishness out of him. ~ African Proverb
This is nothing short of a well-researched report by Margaret Mwanakatwe with every word vented to defend the boss. A few smart people highlighted that, that STAG thing was not listed anywhere. How can a few individuals use google to vent a company, while the whole government with its machinery are incapable? Now you are commending Margaret that she pulled off, that is not a smart idea. If these people were smart, they would have not even considered issuing a Sovereign Guarantee with such a bogus company. And that 30% or 150mil, was clear indication this was an expensive guarantee. So Zambians, don’t be fo.oled, as usual, that nothing happened and the Sovereign Guarantee canceled. What is the cost to Zambia for canceling? What steps GRZ is taking against STAG?
Here is another JUNIOR to ponder on in your thick dome;
I assure you, an educated foool is more fooolish than an uneducated one. The only person who is educated is the one who has learned how to learn and change. There is no foool like an educated foool.
The question is; who owns STAG?
Who is this Zambian that has more money than the state?
Nomba Vokeni – These shameless crooks have become so arrogant with their lies that they can easily go to PACRA and delete details in the database just like that …then come back after two weeks and state the address of STAG Zambian subsidiary is not at that address yet they were quiet.
I feel for any new govt that will come in as there is too much covering up by that dunderhead Lazy Lungu and his empty tins!!
Report a crime at the follow:
reportcrimezambia(d o t)org
Here is another one for you JUNIOR;
What makes a fooool excited now a wise person had heard before and isn’t excited. ~ African Proverb
You are welcome.
Good night JUNIOR!!!!!!!!!!!!!!!
UBUTUTU IS AN EXTREMELY EXPENSIVE PHENOMENON OF STATE OF MIND.
=====/============/========/=====/
If someone shouts we are going forward they cry in misery ” Oh no we are going forward”; okay, okay, okay we are gonna stay put, they annoyingly mumble “Oh no we are going stagnant”; Ladies and Gents, we are going backwards. They lament ” Oh no no no we are reversing.” Moses first saw this weird attitude in the Israelites in that desert.
Bottom line, ECL has to just ignore these good for nothing double h punkas.
Circus who are they fooling, I am sure STAG African Investments Limited realized that the guarantee was nothing but a risk. PF is like kids not serious at all. If you have failed. Clearly say it. We know that you are dead scared that you will run in the neighbouring border as reviewed by your crazy cadres insulting Women. Shameful indeed.
The Presidency is too crowded with wrong forces, there are too many wrong influences around a president with a questionable character, Zambia is destined for doom with its current State OF LEADERSHIP.
Yama ba B M Mumba Sr, nomba mwalamoneka fye ichungwa. I am getting concerned what morality you are teaching the so-called Jr if there’s one. You can see that your president is a fuul and will always be one. You are now joining the group that has no shame in their lives. Lungu bufungufungu ubwalalike bamungulube insala. Stealing is in his blood. This is a guy who can steal offering pretending he is putting in money, or steal at an accident where people have died. He stole from a widow. Please kick this guy out. He is fit for nothing. Maybe roasting and selling maize at a market in Malawi. Send him back.
Even the so called Royals of England the newly wed couple are returning some of their £7 million worth of gifts the recieved…why?
The reason is simple. Royals are not allowed to receive freebies from businesses or people they do not personally know, to prevent them being exploited for commercial purposes.
Here in Zambia we have a Head of State who is happy to receive gifts from foreign contractors without shame and he is a lawyer by trade (debarred lawyer).
Abena Kalso2020 … what has Lungu stolen on this Sovereign Guarantee that was canceled by Margaret for you to call him a thief???
Do you even understand the mechanics let alone the dynamics of a Sovereign Guarantee because the majority of the blogs here are insinuating something completely out of the norm.
We are living in a blog world where Group think is the order of the day and it’s fashionable to comment on things without full understanding. For instance here you are saying Lungu stole $150MM when the LTV was 70% and the SG has since been cancelled.
You ain’t got no clue how these things work but you are in the forefront circling the wagon on things you don’t understand.
Shame on you and may God have mercy on your ignorance. Don’t worry about JR. He’s a well groomed man,…
Continued…
And I am a proud grand father because of him (Junior)
B M Mumba Sr, probably you need to switch brains with Junior. Supporting bukabolala is the worst a so-called parent can do. I don’t need to go into details about the thieving that was exhibited on this guarantee alone. Are you telling us that Lungu was in so much a hurry he couldn’t wait for the formation of the cabinet? Since there was no cabinet at that time, who advised him to sign the guarantee? Kaizer Zulu?
Now, about the guarantee, it does not need to have your bogus numbers every time. It is simply a co-signer requirement, in this case, a government because the company involved was a parastatal. This is done even in capital investment of all sorts. Road constructions, Bridges, and other necessary investments. If the contractor needs $20 million dollars for a project with the…
… needs $20 million dollars for a project with the government, banks can requirer guarantor depending on the contractor bank record and/or solvency. The Local, State or Federal govt doesn’t need to tag it with $150 million more not requested by the borrower. You are a F liar. What the is those stup1d numbers for? Idi0cy?
You must be a receptionist or a teller who does not know what goes on in real banking business. Anyone can google the guarantee requirements and your sillly numbers mean squat. Absolute nonsensical and every school kid knows about guarantees. It is like sureties in court. Simple.
Some PF id10ts are not worthy answering back because they are just plain f00ls supporting thier theiving leader at the huge cost to the Poor Zambian tax payer.
No need to mention names they already know themselves.
I think these guys who supporr Lungu s thieving go to the toilet and sh1t brains while stuffing their little heads with matuvi which makes them not to think straight.
Lungu must go by any means possible.
Abena Kalos2020 … aka Gary McNamira. There you have it … what a low class of a wanna be intellectual you have just proved yourself to be.
You just google stuff and all of a sudden you are an expert at Sovereign Guarantees!!! Do me a favor, google apendexitis.
Read about it and then go into the operating theater and ask attending physicians to allow you to operate. When that happens then come back here and tell me the mechanics of a Sovereign Guarantee.
You’re a nobody wanting to be a somebody here. You shut up because you are talking about things beyond your pay grade!!!
What $150MM did Lungu steal on a canceled SG??? How did he do that??? Where did it go??? When you have answers to these questions above then you have balls to talk to an expert of my caliber…
Continued…
What $150MM did Lungu steal on a canceled SG??? How did he do that??? Where did it go??? When you have answers to these questions above then you have balls to talk to an expert of my caliber.
Otherwise, shut up and remain blind … it’s bettfor you that way ~ B R Mumba, Sr.
COMMISSION OF INQUIRY BAMAYO NABATATA, LETS PUT A STOP. THIS TOO MUCH FAR POOR COUNTRY LIKE OURS.
But when exactly was this canceled?
Why did state house issue the statement as it did, without clarifying current status?
This government is full of secrets and cover ups!!!
What a bunch of smelly douche bags.
These incompetent foooools were profiting massively during the loadshedding period…they have no heart for the country.
And you wonder why the President does not hire Zesco CEO from outside….its a complete mess in there!!
Where is proof f the cancellation? This is just a statement which anyone can make and we are expected to believe it! Just show a copy of cancellation period!
Mwanakatwe was appointed recently how come she canceled after the humble president and his daughter have been implicated in the deal? If it was Mutati who canceled it makes sense not Mwanakatwe who only came yesterday. I now believe president Lungu is a very humble corrupt president in the entired continent of Africa. Mwanakatwe be careful you seem to be used to cover up theft who will deal with you when you leave power.
PF and Lungu I am just advising you, be weary of corruption . Do not think Zambians are not seeing what you are doing. Remember you will not be in those offices for ever, one day you will be voted out. Do the right thing for Zambia guys. This is free advise.
A lot of sensible people don’t even have voter cards, and even if they do they might stay home on election day.
There is something very wrong with this president. No one in the corporate world today can touch Mosho even with a 12 foot pole,yet in his wisdom this is the person he brings close to State House and check the results nothing but scandal.The man appears to have very low standards and he leaves like there is no tmoro,even the scale of the scandal,half a billion dollars deal with a scrondel,hope he wont feel sorry for himself when it is time to account
More lies after taking two weeks covering up and cooking…why did Amos not mention this last week?
Why cant that Lazy ‘good for nothing’ Bum in State House come out and defend himself? When was Magaret appointed as Finance Minister?
Unfortunately, the f.o.ols are in majority, and it makes Zambia no better than a country of f.oools.
Smarter ones recognize this is a pure cover up for the boss.
I would have welcomed a statement that would have addressed the real issue including the implications and next steps. Here, we have a bunch of quotes from the constitution…bla..bla..to make it sweat for the f.oo.ls to accept and buy in. Full of defense as to why they signed it. Damn.
Kwena ubututu bwa chilamo pa Zed
Mwanakatwe is lying with her lips. She is very new in that office when did she cancel what her master apended his signature on? She is very new in that ministry how come she is talking issues she does not understand? Only Mutati can be witness in this otherwise Mwanakatwe is dancing other people’s music if not careful she will be made to account for her lies. I thought educated people should be above board to defend what is right than corruption! Disappointed in you madam.
Laughable disease on the loose! This time in RSA the home to Prof. Hansoni & Prof. HaNdulo. If the company failed to uphold the expectations, it is fine that the minister in consultation with the president and all parties involved could do this. Let us move on! Pull up our sleeves and let us keep on working. We are in a hurry to develop Zambia! Come 2030, Zambia will be one of the most developed countries on the continent of Africa. Gladly, Childish will NEVER be president.
You have a very sick mind, i feel sorry for your husband if you do have any at all.
You are very shallow minded. I guess that is why your parents named you Sharon, they were looking for a name that was as close as possible to shallow.
With people like you around, Zambia will keep on sinking deeper and deeper into catastrophe.
God bless you, Sharon, and other like minded souls. I pity you, though.
Sharon! Shame on you! At times, even in deep shame, rise to the occasion and see sense.
Delusional…
Teacher?
Chenawelepete.
You can move on as usual to next theft. If you were a Kleptomania maybe I would have forgiven you because the serious mental health disorder could have been a result of your heritage in terms of DNA. Now bupompwe, can’t even be entrusted with a corpse, least it gets infected with VD.
This is the worst government to have ever ruled this country. Even the technocrats have fallen prey to this misfit of a leader. How do you reconcile this nonsense with a sane mind? No matter how hard you try to defend the indefensible, this Mutaware will be impeached sooner rather than later. The other day that nincompoop from state house was trying to justify the Eswatini land saga. These morons don’t know whether they are coming or going. Shameless magwams with no aorta of truth whatsoever. We certainly do not deserve this kind of hogwash type of leadership, God help us.
Lazy bum polygamist father gave birth to a tribalist sociopath.
wasted sperm and egg.not all bembas,nyanja or other tribes ,they all have some rotten minds .but majority are good people.
History of the beginning of your transgender existence Sharon/Victor?
This is the best government that has developed this country in a record time. We have immature babies posing as “Opposition parties” in essense are tribal groupings with no agenda for development but want to sell this country the way they sold it before and pocketed the money! Chronic losers!
Kaanyo
Watch “Corruption Has Killed More People Than Civil Wars In Africa – Prof. PLO Lumumba” on YouTube
Kwena Sharon ulichipumbu. Is this girl not just a prostitute? Honestly, if she was a normal working person, you would see some semblance of normalcy and morality in her writing. Takwaba umuntu who always supports thievery. Prostitutes don’t care who it hurts, she has that tendency, and I must be right.
I suppose Africa would have been like the West even more better had the countries remained colonized without gaining independence.instead it was independence for poverty, HIV AIDS, cholera, corruption, bribery , dictatorship, poor governance, tribalism, witchcraft especially Bembas and war.Bring back the whites even they are stupid sometimes but overall for better for the economy and handsome coloureds from mixed blood.
And you say you are an educated aircraft engineer spewing out such silly nonsense…how old are you little toddler?
Old enough to screw your mum and your entire clan Gay Gay b!tch!
This is what it should be. When the deal is not helping to solve your problem you cancel it. It’s not a sign of weakness but strength. Very few can do that especially HH. Well done Government
Try stealing from a shop …when you are caught tell the hungry staff and secruity that you will simply put it back.
Sharon – This is our money.Moving on with what? If Lungu is your uncle and you are eating with him just shut up and move on to the your village with him. These loans will affect us. If they would only affect you and your uncle I will have no problem. Let us be reasonable even behind our desktops and stop making jokes. Do you know why your uncle is quickly telling us that this has been cancelled? Why cancel it if it has not problem? But you are busy hallucinating.
How much was given to STAG for cancellation of loan? It is all lies! They are lying! A Minister cannot cancel what was signed by the President. Only the President himself should have recalled the loan. They are lying because it has backfired! How can she cancel what she did not sign for?
A minister can cancel
Sharon – This is our money.Moving on with what? If Lungu is your uncle and you are eating with him just shut up and move on to your village with him. These loans will affect us. If they would only affect you and your uncle I will have no problem. Let us be reasonable even behind our desktops and stop making jokes. Do you know why your uncle is quickly telling us that this has been cancelled? Why cancel it if it has no problem? But you are busy hallucinating.
I blem the Almighty who gives them good health so that they continue to steal from the poor.
How much has stag earned in commissions in that short period ?
Look at the commission’s stag and lungu earned. You will be shocked.
I think ba Yamba is making the fire on the STAG issue. The point is Mwanakatwe was only appointed this year while the guarantee was signed in 2016. So from 2016 to 2018 it was active with MAFIAs signed by President Lungu himself after agreeing to waive his immunity on this transaction. Mulimbe mudala this STAG transaction is similar to the letter written by RB soliciting for oil from Nigeria. The oil never arrived or the deal never materialized but the letter soliciting for oil from Nigeria’s Goodluck Jonathan is what got RB’s immunity removed what more where the President himself signed to have his immunity waived. President Lungu should reorganize his advisory team before its too late other he is going to jail!!!!
Lies and cover ups by this corrupt theif lungu……how long has mwanakatwe been finance minister for ? How much has been paid in commissions and advances in the meantime ?
Looks like this was a scam by lungu and Mosho to milk Zambia of commissions
.
Only a fool would believe what these scum bags say .
Thief HH is full it that in the minds of his cohorts everything the government does is”lies!” Anyway, who can we fault but Childish and HaTribes! It is in the blood!
Nose demon is off the hook! HH is a leader of a Tribal Organization meant to cause havoc in the nation! Thank God he will lose HagaiN!
I am happy the tribal union will lose Hagain!
You are on your period
Mwanakatwe is a better choice than ba Mutati. She did right by Zambia.
@ Nzelu, something here does not sound right. one. when did Lungu sign for that loan? second. why did it take so long for a response from the government TO CLEAR ecl S NAME ONLY AFTER AN OUTCRY SOMETHING SERIOUSLY WRONG WE ARE NOT BEING GIVEN FACTS.
As you have mentioned in the second last paragraph, can you also tell Us how much you got from the other sources and who are those sources. We understand STAG didn’t give ZESCO the money, then who gave ZESCO because the purpose was achieved at probably un over price.
I am enjoying a cool beer with quality friends and quality conversation, taking a deserved break from the boring jay jay upnd daily nons.ense, absolutely nauseating non.sense really. Here’s to my beer!!
You are just missing us cader , you could not even put your beer down without checking in……we miss you too
The minute one thinks ECL is anointed by God, that is the moment you Lose it. And he can act accordingly, so don’t blame him. We blame the f.ooli.sh Zambians who are in majority. Defend and express your opinion where its due, not just masturba.ti.g here for the sake of it. You are harming Zambia.
I cry for my beloved country, Zambia! What did we do wrong to deserve all this?
Hyenas, looking after goats.
Well done Dr.Yamba for clearing the air on this matter!!hope tribal creatures camped in UPND have heard now.Check the date;16th Sept.2016,we had no cabinet in Zambia that time as Kainde put our beloved Zambia on standstill due to his selfish motives of entering state house at all costs(PETITION PERIOD)!!
Zambians faced the worst load shedding in our history,so ECL had no option but to sign since we had minister of finance then or else we could have had zero electricity!!
KAINDE MUST KNOW THAT COME 2021,IT WILL BE PF NAFUTI NAFUTI AND AS THE MAJORITY ZAMBIANS IN 6.5 PROVINCES WILL VOTE FOR PF SO THAT HH CAN BE RETIRED FOREVER!!
“…or else we could have had zero electricity!!” = Mr Yamba said STAG failed to make any disbursements
Because hh is a thief who has hidden the privatisation loot in the paradise papers so UPND sycophants think everyone in government is a thief what a waste of time these group think sadists who will perish in hell if they do not repent
is HH a fraud convict like the other guy ?
Fwanya, lets hope the owner of the device you are using knows it’s with you. Otherwise return it quickly.
Yaba. Can’t believe that those who think the purpose of production is just to make profits don’t know the difference between a guarantee and a disbursed loan. GRZ officials sign many guarantees whose options are not exercised. A country is ran on far complex financing mechanisms than a cattle ranch.
Maybe they will understand when they are told the amount of pledged financing lost after failing to meet the condition of providing land bilked from hapless communities for cattle to be bled for more votes in 2021.
Kwena Lungu is taking advantage of who we are. Kwena Lungu atumpa. The money is already in their pockets and banks and now they are telling us that the contract was canceled. Show us the cancellation documents. Bushe nangu kumona abanenu ubupuba nifi? Kwena mwatumpa bangwele. How do you just steal everything that rolls in the country? What is really wrong with us Zambians? We managed to handle KK, how are we failing to show Lungu who we are. What have they put in the water in Zambia? Cowardice juice?
Unbelievable that some people can believe this yarn after yarn that spews from the PF government so often to defend the indefensible. Only a few days ago it was Amos Chanda spining some webs about why it was Lungu rather than a minister who signed the guarantee. Today, suddenly, we are told the guarantee was cancelled. Read through so many previous posts – how many times have Lungu’s henchmen come up with weird explanations of ‘misquote’, ‘taken out of context’ etc. etc.?
By the way, to quote, the loan was being sought;
“owing to the critical need for electricity power to the economy which needed to be imported to cover the deficit” Really? It was not for investment, but to import power. What was going to happen after the imported power had been used? Borrow again? What are…
Indeed they can fo.ol people all of the time but they can’t fo.ol all the people all of the time……
They were borrowing for consumption and now tell us what alternative arrangements were found for that borrowing ???
You will find zesco exists by name only…..every thing has been sold or mortgaged at zesco…..
… the other ‘financing options’ that they turned to?
This is why they want to regulate the airspace through ZICTA because they want to avoid being criticized by us the braves. Most Zambians like Sharon are stupid even when her daughter is defiled she would still want to defend the culprit. What a shame!!!!!
If this loan has truly been cancelled, very well and good but won’t we be sued for breach of contract?Remember signatures were appended……and not just any signature but the signature of the Republican President. Remember the Zamtel and Lap green saga?
true…..and lungu has been chewing commissions and interests….then now as Harold muna above says , what alternative financing did they get that is a secreat ? More corruption will be uncovered
The lingering question , Is the ZAmbian Government hiding our sovereign debt? If they are not why is the minister failing to disclose these alternative arrangements that ZESCO made. What amounts where secured?
The present government is operating as an organised crime syndicate with Lungu the Boss and his Capos like his spokesperson , the ministers and the foot solders (cadres). They are looting and stripping this country to shreds. Lungu what a president!
Blablablablablablaaaaaaaa…just busy making noise when the minister has cleared the air…! There was no minister in office when the president signed and only negative minded opposition can not appreciate the urgency that was required in sourcing for funds to import electricity in 2015/2016….! Mr President please don’t be discouraged by negative minded jealous opposition that want you fail so that they take over. Above all, please stay away from anything that will give your opponents some platform to attack you…!!!!
I think when the IMF asks for disclosure they are considering a few things like this STAG thing that has come up (what acronyms after all – stag anyone?). Indeed where was Mutati in all of this to wait for Margaret to come and issue a cancellation? I am not privy to what exactly is going on in the Trump White House and the Zambian Cabinet but it does appear as though one is learning from the other – I suspect Trump is the erstwhile student here… Good luck fellow citizens.
I don’t believe this dubious loan was canceled. if you tell us that it was canceled by Mutati maybe i would believe. This loan was signed a long time ago and Mwanakatwe just came into office yesterday, how and when did she cancel it . i smell a rat. These id1ots are cheating us. Zambian people for once let us wake up and investigate this very serious theft of national treasury
Nothing was cancelled. Absolutely nothing. They were desperate to steal and for sure they stole. Probably ZESCO did not receive even a dollar thus the idea that they found other sources. BORROWING TO STEAL. Who does that? Where are these people from? Can a normal person support that?
These thieves trying to cover up for their thieving by telling more lies. Look at how busy they are trying hard to justify and protect Lungu’s thieving.
‘Cancelled’, why didn’t Chanda say so last time he tried to explain the illegality of Lungu signing the loan and why has it taken them so long to come up with this s!illy excuse? Why has it cancelled only recently at the end of April this year (perhaps after the scandal broke?)? And what ‘other’ alternative sources are these… what loans, how much and who signed for their guarantee, how much was pocketed this time by Lungu? When did the Ministry of Finance make ‘recourse to other financing options in support of Zesco’s need for the critical electricity power imports.’? Before or after the cancellation? There are so…
Continued
…There are so many questions their lying is producing.
What happened to investigative journalists (if there are still journalists left who are worthy their salt) and what happened to whistle blowers working in these offices and those moving the money in the banks? We had to hear of scandal from a foreign news entity; same with the eSwatini land bribe from Inyatsi.
And a f00l like B R Mumba supporting this corruption is a disgrace… I didn’t this entire sycophant is an old grandfather who has sold his soul to defending Lungu. At your age you should be preserving your integrity and conscience so you can die in honour.
HH and his cohorts are a tribal union that is Hagainst everything done by “others!” UPND is a tribal organisation.
HaJJ said “Chitalu was a thief!” He meant to say that “Chitalu and his accomplice Hichilema are thieves!” We are tired of hearing your tribe mates calling others “thieves” please come up with another line! That one is old and odd!