President Michael Sata has announced has announced that Industrial Development Corporation (IDC) has been incorporated following the allocation of K20 million towards its implementation.
In a post on his Facebook page, that the IDC, which has just been incorporated under the Companies Act, was 100 a per cent Government-owned corporation which would be the holding company of all State-owned enterprises that were incorporated under the Companies Act or the Banking and Financial Services Act.
“I wish to announce that the Industrial Development Corporation, (IDC) which has just been incorporated under the Companies Act is a 100% government owned corporation which will be the holding company of all state owned enterprises that are incorporated under the Companies Act or the Banking and Financial Services Act. Its initial authorized capital is K20 million of which K10 million is already paid up using funds from the Privatisation Revenue Account as sanctioned by Section 39 Subsection (2) (J) of the Privatisation Act, Cap 386 of the Laws of Zambia,” read the post.
The President has also directed the establishment of a Sovereign Fund in which 75 per cent of dividends from the IDC and its subsidiaries will be deposited.
“To this effect, I will soon be appointing the Board Members of the IDC. I have also directed that a Sovereign Fund, which will initially be supported by the IDC after Parliament passes a statute to give effect to the Sovereign Fund be constituted with due dispatch, ” he said
Mr Sata said he would soon be appointing the board members of the IDC, which aims to be a tool for modernisation and diversification of the economy in order to create jobs, wealth and prosperity for the Zambian people.
President Sata maintained that the Sovereign Fund would be an inescapable duty and obligation of a responsible nation.
“I feel that the negative culture of a hand-to-mouth existence is injurious and inimical to the long-term interests of our nation. It’s my strong belief that there is need to safeguard and secure the interests of our future generations.
“The Sovereign Fund constitutes our positive legacy to posterity. With this, among other measures, I can assure you that our country is headed for unprecedented economic prosperity,” Mr Sata said.
CHELLA WE KNOW ITS U POSTING ALL THOSE PROMISING WORDS.REMOVE THE MAN FROM HIDING WE WANT TO SEE HIM PHYSICAL
Anyone undermining the head of state or claiming that he is NOT the man posting the postings have run out of what to say
Chellah is a mouthpiece of the president and the credit should be given to the man who has brought Millions of zambian to Facecook
He has surprised me , and impressed me the whole of 2013, the way he has started 2014, he is proving as influential to all of us the way Obama has done for the USA
Your majesty on behalf of all LT readers and many people on diaspora, we are impressed, and may God bless you to take us to 2021
Thanks
We bembas tuli ba mano
Facebook even European presidents tabifishiba
Sata when u retire join united nations
Would.make.a.good secretary general of United nation like that ghanian guy namulaba ishina
a company is formed and money starts flowing in the coffers but there are no directors or board members or whatever they will be called. how is expenditure and other activities going to run. 1diocy in this country is a common disease
@ 1.1 Mushota leka ifya bupuba – stop this nonsense man – well I know you are a man.
@ 1.2 Jo – I can see you are a phoney Bemba – ati tabifishiba! Be proud of whatever your tribe rather than incite hatred.
Sata kuli sa nahana hande si mutu se! Mubuso wa lipulumuki.
We love Zambia!
Sata has formed sovereign fund in which to deposit all the proceeds of IDC. Isn’t that funny?
I think this Sovereign fund will pump more money his personal bank accounts in China and Cuba. Remember he is the CEO of IDC.
I bet you guys , this IDC wont survive for more six months unless the PF forces every privately owned company whether foreign or not to pay maintenance fees to IDC every month.
@Jo, I start ukukumfwa bwino. Ati Sata for UN Secretary General that guy from Ghana is Okifi Fimofimo…
But Sata nakashika, he looks like a colored!!
Let’s do this thing …. Go!!! Less talk and more action, NEXT!
That is what Chella is paid for. Even ba chief kumunshi speaks through a kapaso. Judge wilaisebanya please. If you have nothing to say, just just shut the f**k up! Viva Mr. President!!!
hahahahahahahahahah yaba
WHEATHER WE LIKE IT OR NOT SATA WAS ONLY TOLD THAT THIS IS A PLAN HE DONT EVEN KNOW WHERE POSTINGS ARE DONE AND WHAT IS BEING POSTED.I WOULD BETTER DREAM THE END OF THE WORLD NOT SATA BECOMING UN SECRETARY GENERAL GOD FORBID
His uncle Chikwanda told us that the initial capital needed was K10 million today Sata says K20 million. ..are these people doing the calculations on the back of a cigarette packet? Its just confusion no wonder our public finances are a mess.
chela yaba the whole country knows its you putting up all these dull statements lmao you guys really are clowns thinking you ll steal from the nation again like that dull cadre kk
One day Sata will wake up and say ” I never posted that rubbi$h on that facebook and I don’t even know how to use windows 98″…how long is this man going to shy away from a press conferences.
Its just absurd that these arrogant empty tins have AGAIN ignored professional advice and gone ahead with implementation of this ponzi scheme. How on earth did the come up with those figures and what criteria is he going to use to appoint these selfsame directors?
what criteria is he going to use to appoint these selfsame directors?
How can you ask such a dumb question? This is for his relatives of course!
And will be bankrupt as soon as they have stolen everything. Then they can retire in comfort.
Jay Jay, again agree with You.
Problem with our Nation / Continent is the caliber of most People who become politicians- thereby our decision makers, is so poor, as they lack basic understanding of how the wider modern world works’ & lack analytical thinking.
A good example is the above I.D.C issue already tried & tested under satas mentor K.K’s tenure in office. It FAILED miserably then as it will now!! Ive seen the debate that they’ve learned from INDECO’S past mistakes. Problem is even with best intentions, the party is SO CORRUPT, the personel to run this I.D.C will Not be recruited on Merit, but via “The Family & Tribal Forest” -basically a New Zamtrop to Milk zambia dry.
Then as if Not enough, some “Government Goon”, decides to over rule & grant mining rights on…
What next after ka $2 milliom dollars
Next will be creation of another pointless venture; a National Airline, initial capital $10million and rising after 8 weeks.
Good evening
Good news, Mr. President. I fully endorse the incorporation. None but ourselves can develop our own industries. We can do this, we shall do it and we must do it…
So let’s go.
Moron! This swine is stealing YOUR money and you are praising him!
IDI0T!
Ben you are a fool!!
“A f**l and his money are soon parted”…sadly the money happens to be our great grandchildren’s
@Jay Jay & Chale
“Skepic community overwhelmingly embraces what they formerly dismeed as New Age… We give up!! The nuts were right”.
…by Nostradamus
Insanity: doing the same thing over and over again and expecting different results.
– Albert Einstein
“YOU RACE OF COWARDS, YOU RACE OF IMBECILES, YOU RACE OF GOOD FOR NOTHINGS; IF YOU CANNOT DO WHAT OTHER MEN HAVE DONE, WHAT OTHER RACES HAVE DONE, WHAT OTHER NATIONS HAVE DONE, THEN YOU HAVE GOT TO DIE!!!”
–Marcus Garvey, the strongest voice for Black Nationalism.
@ 9chale,
Am just enjoying you right now!
Clearly you have misapplied and misappropriated the great man Marcus Garvey’s words. Those quotes do not apply to a government of corrupt incompetent reckless politicians…the same Marcus Garvey also said “I like honesty and fair play”.
The quote is not misappropriated. Garvey’s UNIA movement placed great emphasis on promoting black businesses, negro factories and corporations. The Black Star shipping line embarked on a project to convey black people to Africa..
Ironically he also had enough critics who laughed at him and thought his plans were “madness”.
Marcus Garvey words come to pass
How does Marcus Garvey’s teachings relate to PF’s policies or manifesto? If you want to engage me in an enlightening debate about black consciousness I would gladly do so but certainly not on this particular article. Everything that’s so wrong with African politics is evident in this government of Sata.
Its all about ruling our own destiny as a people, a nation, a race. This was Garvey’s appeal to all Black people and that has a lot to do with state owned enterprises for African nations. Whether you like it or not, what PF is doing is simply taking back the economy and giving it back to it’s people to own it fully in terms of jobs, wealth and prosperity. Either you’re too slow to learn, or you have a limited horizon of understanding or you just refuse to accept good things because they are coming from people you hate… or all of that!
iwe chikkkala nine chale,badness you are typical of an enlightened cadre,you differ from others because you have a little bit of education,but don’t use that education to paint black white.we are equally educated so we know the nonsense your masters are trying to champion.
I truly wonder what Garvey would have made of Sata given that he was a constable and informer of the oppressive colonial police of the British.
Way to go Mr. President. Don’t mind the people opposing the idea, they just want you wasting time with hangers around discussing stuff that should be done, talk is cheap. We want manufacturing and production back to Zambia not just trading, people jumping on planes going to countries to import goods to come and resell and we call that development. We need sanity brought back to Zambia. Many developed countries today have mixed economies, that is having the private sector running parallel with public sector. Have an e – suggestion box on the Statehouse website where people can make suggestions by logging in through sites like linkedin that way you don’t get time wasters posting insults and unconstructive criticisms on it. Viva IDC.
Manufacturing and producing what? Batteries and Tyres I guess…forgetting the reason why these factories closed down.
Way to go indeed. Some people were just born to oppose, but as time goes on, some of them will begin to realise that “Ah, this man is doing the best thing for the country after all.” How many people objected Obama’s Health Care reforms?
A great leader is not one who is easily swayed by critics but one with enough mental agility and will power to make big decisions like this and implement them with determination. With the right people and the right strategy, this thing can’t go wrong. We can manufacture and produce everything if we put our minds and energy to it. Determination is the key to succeed at anything that you choose to do in life.
Exactly what’s your definition of a great leader? Certainly not one who has never bothered to hold a press conference since he swore in in October 2011 to account to the people who put in power in the first place.
Exactly what’s your definition of a “Great leader”? Certainly not one who has never bothered to hold a press conference since he swore in in October 2011 to account to the people who put in power in the first place.
We need sanity brought back to Zambia????? Really????
Then we must kick this madman out of State House.
A fish rots from the head!
“President Sata maintained that the Sovereign Fund would be an inescapable duty and obligation of a responsible nation.”
Mr President BUT this does not apply to your gov’t since you oversee are an irresponsible and utterly reckless gov’t and FYI (George Chella) a sovereign fund is a state-owned investment fund investing in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity fund or hedge funds.
How can one release $2million without outlining clearly where its going to be invested? Failing to plan is planing to fail…we are not going anywhere.
The constitution of a Sovereign Fund is undoubtedly the best thing that this government has done for the Zambian economy. The Europeans, the Arabs and the Asians all have a Sovereign Fund where they transfer the full value of their resources. Like in Norway, where a whacking $700 Billion in hard cash represents their oil.
We can do the same with our resources, especially our copper. Every foreign investor who touches our resources has to give us the full value to transfer into our sovereign fund. That way, we can make sure that our national wealth is saved for both the current and future generations.
Its all nice making these comparisons and its music to the ears of the uninformed but that’s not the real picture on the ground.
So how do you intend to do the same with your resources when you can not even let the mining investors contribute their fair share in tax, you still continue signing long-term developmental agreements and concessions behind our backs “to keep the tax as it is” no matter what…. How do you intend to do that when you have sold your shareholding in these mines?
Since you brought in Norway and its natural resources, FYI Norway imposes a form of windfall tax in the form ground rent tax on hydro-electric power plants which are owned by energy companies.
Of course there is a need to restructure things. We need to introduce strict regulations on foreign investment in natural resource industries. In the mines, we can easily do so by forming partnerships in which we get not less than 50% shareholding. Transnational co-orporations like Glencore must not be allowed to continue enriching themselves while our people are stifled and wallow in abject poverty.
It all comes down to negotiating the real value of our resources to put in our national sovereign fund. We need to transform our relations with the western world and use the same measure on them that they use on us. It wont be easy because they will not accept it easily but we have to fight for our fair interests.
Is it not the selfsame thing your government promised us in 2011 when they were in opposition, Is it not what Bob Schinga was scribbling about in the Post Newspaper in his articles? Its 2014 and what has happened? Please stop contradicting yourself…You’re now making my blood boil…PLEASE WAKE UP!!
Jay Jay I think it’s about time you found a proper job than posting your bitter negativity here
On paper (or is it on Facebook) this sounds very impressive with catch buzz words like ‘$overeignty’ fund. But has someone really thought about what it all means in reality – its implementation and it’s mechanics? It’s going to be government controlled with yet another board members to fatten themselves. What is its mandate in practical terms? To bail out struggling govt companies? How is this going to be different from and/or work with ZRA, Bank of Zambia, Cabinet Office, etc.?
What value will the fund really have with massive national debt? Will this really be ‘sovereign’? Government has no source of funding other than tax payer, borrowing and aid. Are we really serious with such fund? Someone really need to explain all this.
Thankyou Maverick. Well pointed out.
The “Sovereign Wealth Fund” is already in overdraft, even before it has opened for business!
This IDI0T we have should focus on fixing the economy, and collecting revenues, not thinking of more ways to waste money that we have not even got!
@ Maverick it is quite straight forward. I will try to explain with a case study;
Firstly, every country has something that it relies on for it’s national wealth. In the Arab world, for example, it is oil exports.
Q: Why are the Arab countries not poor?
A: because they don’t allow anyone to steal from them.
Q: how do they avoid it?
A: by creating a sovereign fund where money derived from oil reserves is set aside for investment purposes that will benefit the country’s economy and citizens.The funding may come from central bank reserves that accumulate as a result of budget and trade surpluses, or even directly from revenue generated from oil exports. That way they are assured that whilst the resources have been exploited, the money accrued from the oil has not been lost…
I read on LT, Sata is a saint in departure (lounge).
He seems confused or his advisors are creating confusion for him. Is he pretending to sign Visitors’ book at state house? Is he a visitor to state house?
Yaba.
Formed a company without directors?
By the way isn’t it ironic that Sata is hostile to online media and wants to close them (including Facebook) and yet he is embracing it even using to announce policy. What hypocrisy and double standard? It’s impressive but I just wonder how many people in my village have had a chance to check his Facebook page and read this new policy.
These guys really seem confused and panicking at how best to respond to the influence of the the ZWD. Did they ever think that if they blocked Facebook they will also lock themselves out? Anyway as they say: ‘if you can’t beat them join them’.
I see so they have blocked Facebook? I see 100s of comments on the Facebook page written from Zambia. It’s you who is spreading lies and panicking
Sweet ! Lekeni Sata ateke ! This man is a genius ! Suck on that haters !
Is this man normal?Mean this bent sweet potato in Zambia but kwena nway its nice that people now should know when they go to vote next time.
Ama jokes now cant even stand them from this evil man.
Ichikulu pa facebook it fails to address Press conference because he will be grilled.
We chikulu chitata iwe pa facebook elyo abeshikulu obe what are they gonna do makaka iwe.
Chellah, Sata who ever…….I dont care right now!
This is the best to have come out of plot one since the sun met with the moon! So all you fighting childishly over who is typing and who is not, give us a break! if the same person can interact with everyone at most, get ideas from countless Zambians….. the *ell I love it!
Better this than nothing as long as we are all over their tails and they know it, Love it, brilliant….Lets go!
Hidding behind a keyboard
What about you?
Cindy, the people never voted for ZP so he can hide behind a keyboard if he wants.
The group that voted for for him has no facebook account. Sata go to radio phoenix so that minibus and taxi drivers hear your voice again. Or better stil go to chawama grounds and waz your donchi kubeba tune. Dont waste yo time on us. We dont like you. If anything you just annoy.
Its utterly skin cringing to say the least to witness cavalier approach towards public financial management by these reckless individuals.
Did someone say CNP? The guy has a plan after all, namely to create havoc and wreck Zambia’s fragile economy! He is the driver and the economy is just about to crush!
Sata is on the platform where most people dont like him. We wont get impressed with his face book initiative. Just stick to press conferences my boss.
Proudly displaying skin of endangered species. Does sata know CITES
Apparently its also part of our “culture” according to one LT blogger. They have forgotten that they have BANNED trophy hunters in Zambia to shoot down our cats who display them on their walls similar to the one in picture.
No,he knows not of CITES but like a true villager he only knows inCITEment.
That’s your beloved Kaunda’s trophy you losers
How does MCS expect villagers to access Face Book? I guess through his sim card registration process…..! wisemen from the north…right…!
SATA -Fulled his Promise and Policy on IDC. This was in the books since 2011 Opening of Parliament. Read on–
ZACCI urges govt to actualise IDC
By Gift Chanda
Thu 25 July 2013, 14:00 CAT
ZAMBIA has the potential to create more than one million jobs over the next 24 to 36 months, according to the Zambia Chambers of Commerce and Industry.
The chamber said this is possible through increased industrialisation.
During the opening of the second session of the eleventh National Assembly last September, President Michael Sata said that his government would enhance investment promotion and implementation of the public-private partnerships by merging the Zambia Development Agency (ZDA) and the Public Private Partnership (PPP) unit to establish an Industrial Development Commission (IDC
IDC has the component of SWF – sovereign wealth funds. It is recommendable and we hope it comes to pass sooner that later.
Out of curiosity for those who do not know what the SWF is. See the water tight definition below
“A sovereign wealth fund is an investment fund owned by the state. Typically, these funds put money in different financial assets such as stocks, bonds, real estate and gold. The money of SWFs comes from different sources. Some funds invest wealth from fiscal (government) surpluses or foreign currency reserves, while the wealth of other SWFs can be from revenues generated from oil and other commodities. (First Post Business Report)”
Look you cannot just copy ideas because you have read about their definition on Wikipedia and expect they will work everywhere. Like I pointed out above, our entire budget is bankrolled and funded by loans and aid money. How can you borrow money and put it in a ‘sovereignty’ fund. The idea of ‘sovereign’ is being independent and self reliant. We can’t even pay our nurses and teachers.
Such a fund works well where you have a surplus, excess money. Right now our people don’t even have food.
FTJ refused to promote Sata because ba Sata tabayishiba ukulemba bwino ichisungu and there is no record of his education anyway in the world, no wonder in England back in the days the only job he could do was sweeping at the railway stations. Facebook my foot, let him face the media physically and answer questions not ma rubbish pa Facebook, the 1diot has failed to hold a press conference and face the people who put in him power! Voetsek
Facebook lwanya…..making such important pronouncements via facebook!! This country has gone to the DOGS!!!
ZAMBIA IS DEAD!!
Zambia Passed away today, when a Group of scavengers, decided to devour its already ailing body, via a Cancer called – (I.D.C.)
Funeral arrangements to be announced soon.
In the meantime the Scavengers are to reap, & secure their families for Generations!
R.I.P. Zambia.
When is Sata gonna announce the incorporation of good governance,rule of law,respect for human rights and a lean govt brimming with probity and integrity?.
Poacher! what’s that behind you?
Kaunda’s trophies
Is it just me or does it seem like Zambia is being run from a facebook page?
Forget facebook ba Sata better learn to Skype.After we kick you out of plot one and bring human rights charges against you at ICC you ‘ll be communicating via Skype from jail in The Hague.
Hmm… Sounds like treason to me! How are you going to “kick”? On Twitter?
Or maybe you’ll just be talking from your behind at some bar
What’s the progress report on all the other projects launched by the PF government since ascending into power? There has been a plethora of new projects ranging from roads, hospitals, airports, universities, stadiums, new districts etc.. Our visionary president is probably up to something and we may have to afford him some benefit of a doubt after all. It has been said in certain circles, that ‘he is a man of action.’ So far he appears to be living up to his reputation as a man of action.
@Mushota
MY DAUGHTER, THAT IS THE WAY TO GO. THE PRESIDENT NEEDS EVERYONE’S SUPPORT.
DESPITE HIS SEEMINGLY LACK OF EDUCATION, THIS SATA MAN WILL SURELY LEAVE A LASTING LEGACY!
I DROVE ALONG ON OF HIS NEW ROADS, I COULD HARDLY TELL THE DIFFERENCE THAT ROAD AND MANDELA STREET. IT WAS SO SMOOTH!
The problem with many Zambians is that we don’t read. Even simple SWF get their brains confused. Ask the economists, they will tell you that Arabs have always run with SWF. Get reading guys and keep up with reality
Demons,shut up!Sata will remain what God says he is. God bless u great President.Demons go to hell.
If this idea came from one politician best known for dancing, all those opposing this noble idea would be saying the opposite. Grow up and go look for a job.
Now we are anxiously waiting to see a bunch of clueless cadres and Muchingans to take their positions in the IDC board and top management.
facebook may not entirely be wrong, but a real man; a leader worth his salt will face the people and address them physically; its a universal norm and the hallmark of great leaders.
Fellow blogers! Who the HELL IS THIS KA jay jay on here?? It seems he alone tends to get space to have his/her comments published, when a lot of other peoples’ comments don’t get to be published by LT. Those of you old enough will recall when PF was in opposition, that pro PF COMMENTS never got a chance to be looked at/published on this LT.
Just wondering if he and ka Mushota are still getting paid by that greed opposition!!
When right procedures are followed all these things are workable. e.g. we have red capitalism in China which is working wonders. However, the way Zambia is bringing up this IDC, raises a few questions. It seems the President will appoint the Board, but will the Board do a search and appoint a CEO? or it will be like Zambian Railways where the CEO is appointed by the President and not the Board and therefore owes his/her allegiance to the President and thinks he/she is above the board. A right idea implemented wrongly can flop! Let’s follow proper procedure, if this is red capitalism, examples are abundant in China. Let’s learn to consult and do things right. Thanks.
The Chairman of and members the Board of Directors of IDC will make or break IDC. There is need for ratification by parliament of all appointments to IDC Board of Directors. This big board of the Holding Company needs to include every Chairman of respective companies falling under IDC. Calling members of the public to apply for appointment to parastatal company boards would help in promoting accountability, inclusion and transparent. Putting some of the profits from IDC into a special savings account is also welcome.
Do bembas care when another bemba steals? They even support because they will one day steal too.
Hmm is anyone else experiencing problems with the pictures on this blog loading?
I’m trying to find out if its a problem on my end or if it’s the blog.
Any feedback would be greatly appreciated.
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