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Chishimba Kambwili with Amos Chanda at Statehouse Press Briefing
GOVERNMENT says those criticising its acquisition of the US$ 1.25 billion Eurobond for infrastructure development are mere detractors who are politicking.
Minister of Information and Broadcasting Services Chishimba Kambwili said Government has put in place all the necessary measures to ensure that the country does not get into a debt trap as a result of borrowing.
Mr Kambwili, who is chief government spokesperson, said in an interview yesterday that Government borrows to improve infrastructure such as in the education sector because some schools are currently in a deplorable state.
“I want to challenge some non-governmental organisations and opposition political parties criticising Government that I am extending an olive branch to them to accompany me to tour rural areas so that they see for themselves the state of the infrastructure,” he said.
The minister said those issuing negative statements over the borrowed funds are armchair critics who do not have information on the ground.
Mr Kambwili said Government has taken a bold decision to improve infrastructure, which has been in a bad state even after 50 years of independence.
He said most of the NGOs and political parties that are making ‘noise’ are based in Lusaka and have little understanding of what happens in the rural areas.
Mr Kambwili said Government is not in power to satisfy NGOs but has a mandate to look after the welfare of the majority citizens.
He said infrastructure such as teachers’ houses is deplorable and this has forced some teachers to live in classrooms.
Mr Kambwili said that the US$1.25 billion Eurobond will help to develop infrastructure in rural areas.
Rainbow Party president Wynter Kabimba, who was in Government when Government borrowed the US$750 million Eurobond, has now criticised Government over the newest borrowing.
THE Lusaka High Court yesterday threatened to revoke the bail granted to former President Rupiah Banda’s son, Andrew, for failing to attend court in a case in which he is challenging the two-year jail sentence slapped on him by the Lusaka Magistrate’s Court for alleged corruption in February last year.
This is in an appeal case in which Andrew, a former first secretary at the Zambian mission in Italy, is challenging the decision of the Lusaka Magistrates’ Court to convict and sentence him.
When the matter came up for judgment, High Court judge Mwila Chitabo said it was unacceptable that Andrew was not before court on the day that judgment was to be read.
Mr Justice Chitabo gave Andrew a benefit of doubt and refrained himself from revoking his bail because he has always appeared before the court.
“I was inclined to revoke the appellant’s bail forthright, however, the record reveals that the appellant has endeavoured to attend court at all times,” he said.
Earlier, Andrew’s lawyer Milner Katolo applied to the court not to deliver judgment because his client had not been heard regarding his appeal.
Mr Katolo said he was of the view that the proceedings yesterday were scheduled for hearing and not judgment.
He asked the court for time to submit arguments before judgment can be made.
Mr Justice Chitabo granted the application for an adjournment on grounds that it is important that both the state and the appellant’s lawyers should adhere to court orders on filing of submissions.
He noted that there is public perception that the courts are delaying the delivery of justice when in fact most often it is the litigants who cause such delays through avoidable adjournments.
“Non-compliance in orderly manner of filing submissions by parties will cause an adjournment. It is public knowledge that courts are perceived to be the cause of delays when most often it is the litigants who cause the delays,” Mr Justice Chitabo said.
He said he was ready to deliver judgment but could not do so because Banda had not been heard.
Mr Justice Chitabo can only be seen to be done when Banda is accorded an opportunity to be heard.
“Parties who ignore court orders do so at the detriment of smooth expediency of justice. It is prudent that appellant’s lawyers and the state assist the court to relook the case so that it may not have an undesired apprehension that the appellant was not given an opportunity to be heard,” he said.
Mr Justice Chitabo has set September 9 as the date of hearing and judgment will be delivered on September 25 this year.
Banda, 54, was found guilty by the Lusaka Magistrate’s Court of soliciting and receiving over K171,000 as reward for assisting Fratelli Locci SRI, a company owned by Italian businessman Antenello Locci, with Government contracts.
He was charged with one count of receiving gratification for giving assistance on contracts, contrary to the Laws of Zambia.
Banda is accused of allegedly soliciting and agreeing to receive two percent of all the money paid to Fratelli Locci SRI from contracts awarded through the Road Development Agency.
BARCLAYS Bank Zambia Plc has financed Maamba Collieries Limited’s (MCL) 300 megawatts coal fired power plant at a cost of US$828 million.
The financing would enable MCL to complete the construction of two by 150MW plants and the construction of the new transmission line to connect to the national power grid.
Barclays Bank Zambia managing director Saviour Chibiya said the construction of the 300MW coal fired plant would help alleviate the national electricity deficit describing it as a significant step towards diversifying power generation in the country.
“Barclays Bank Zambia Plc is proud to be a part of this important transaction which is a true landmark for Zambia.
“Our role as Financial Advisor, Book Runner, Mandated Lead Arranger, Global and Hedge Coordinator is demonstration of the Bank’s commitment to support the growth of the Energy sector in line with the National Development plan of the country,” he said in a statement.
Barclays Bank Plc was appointed Global Coordinator and Lead Mandated Lead Arranger, to act on behalf of the sponsors Nava Bharat (Singapore) Pte Ltd and ZCCM Investment Holdings Plc to raise the funds.
The project finance debt was raised via two portions , the first being US$ 365 million with ECA backed tranche supported by Sinosure which is the first project finance in Sub Sahara Africa.
The second part involved a US$150 million from Development Financial Institutions (DFI).
This project could pave the way for more Sinosure backed infrastructure transactions beyond the 300MW of new power capacity.
This project would contribute approximately 17 per cent to Zambia’s installed electricity generation capacity and in the process unlock economic growth potential in the region where current electrification rates were in the region of 20 per cent.
Mr Chibiya said it was expected that project financing in Africa would take a cue from this transaction of how deals could be structured covering multiple geographies, in the infrastructure space, which was the need of the hour in Africa.
Mighty Mufulira Wanderers will play their next home match at Kafubu Stadium in Luanshya as they prepare to appeal a six-home match ban slapped on them by FAZ over recent crowd trouble at Shinde Stadium.
The FAZ disciplinary committee last Friday banned Mighty from playing at their home ground Shinde Stadium following an abandoned home match against Zesco United on August 8 after a riot when the visitors had taken a first half lead.
Club secretary Samuel Kalunga confirmed on Tuesday that Mighty will play Saturday’s match against Power Dynamos at Kafubu Stadium – the home of Roan United.
“For now we have arranged to play our next home match against Power at Kafubu Stadium in Luanshya.We have even informed FAZ,” Kalunga said.
As things stand, Mighty will not play any home games at Shinde in 2015.
“We will appeal but we just want to ensure that we follow all regulations before we appeal,” he added.
Mighty were also fined K5000 while Zesco were handed the three points and a 3-0 win.
Lusaka Times Sports picks out some of the hits and misses of the first half of the 2015 FAZ Super Division season.
FLOPS
-Brian Ambungeni: The Mufulira Wanderers striker scored 12 goals to help Mighty back to the FAZ Super Division this season.
However the big striker has only found the net twice so far this season with ten games left before the end of the 2015 campaign.
-Chellah Siame: The striker scored 11 goals to help Dynamos back to the Super Division but the 21-year-old has yet to find the target this season.
WINNERS
-Conlyde Luchanga: The teenage striker has stolen Siame’s thunder after scoring six goals and counting.
At 18, he is a refreshing face of a cluster of wannabes we have been forced-feed so far over the last year-and -a-half.
Luchanga has instead let his daily bread do the talking and is prospect for the 2015 young player of the year.
COMEBACK KID
-Satchmo Chakawa
The Green Eagles goalkeeper returned to action in June following a seven-month layoff after rupturing his spleen in a car accident in December en route to Zambia’s pre-2105 Africa Cup training camp.
The goalkeeper has not disappointed in his first five games back with four clean sheets to help Eagles move from 13th to 8th prior his clubs’ 2-1 home win over Mufulira Wanderers in a Week 20 fixture last Saturday.
The Zambia bench is dismayed that new call-ups Walter Bwalya of Nkana and Jacob Ngulube of Mufulira Wanderers have failed to join the team on the second day of training camp in Lusaka.
Zambia on Monday began the initial week of their 2017 Africa Cup Group E qualifiers training camp with 23 home-based players.
Both players have been in fine form their respective clubs with Bwalya scoring four goals so far this season while Ngulube has been a creative force for promoted Wanderers.
“Whether the players are injured or not, they should report for camp so that they should be assessed. We do not want to go into that situation with club officials,” Zambia team manager Lusekelo Kamwambi said.
Meanwhile, Power Dynamos midfielder Kelvin Mubanga who missed his clubs 2-0 home win over Nakambala Leopards last Sunday has reported for the three-day training camp.
Mubanga however, has been restricted to light training away from the rest of the group.
Zambia break camp on Thursday and regroup for the second week of training before the foreign-based call-ups join them at the month-end.
Wynter Kabimba has said that PF under President Edgar Lungu is desperate to show that it had made progress on the infrastructure projects initiated by late President Michael Sata. In a statement released to the media, Mr Kabimba said the PF was looking for fresh money to cover up for its misuse and squander of the public resources that were previously mobilized.
He said over borrowing was an act of desperation that would ultimately bring Zambia to the verge of bankruptcy.
Commenting on the issuance of U$S1.25 billion Eurobond, Mr Kabimba said it would push the economy to a total external debt of U$S6.05 billion.
Mr Kabimba said U$S6.05 billion external debt would not be manageable given the weakness of the kwacha.
He said U$S750 million which was acquired in 2012 yielded 5.625 percent and the second issuance of U$S 1 billion was, in retrospect, a gamble.
Below is the full statement
POSITION OF THE RAINBOW PARTY ON THE ISSUANCE OF US$1.25 BILLION EUROBOND BY THE PATRIOTIC FRONT GOVERNMENT
On the 23rd July, 2015, the Patriotic Front (PF) led government recklessly issued a total of US$1.25 billion Eurobond, in another step to bankrupt the Zambian economy. This is the third international bond issuance within the four years that the PF has been in power and carries with it a hefty 9.375% interest! This is a much higher cost of borrowing compared to the previous 2 issuances as well as those from sovereigns as diverse as Kenya, Ethiopia, Rwanda, Ghana, Nigeria, Ivory Coast and Senegal.
In 2012, it made sense to issue the first US750 million 10-year note at a yield of just 5.625%. At that time the international commodity prices were high, interest rates were at their lowest, the country’s external reserves were relatively high, the GDP growth projections were favorable at around 7% and the country’s international rating was still acceptable. The Zambian people and the international lending institutions wholeheartedly supported that issuance because it was logical and made economic sense.
The second issuance in 2014 was, in retrospect, a gamble. This was a 10-year Eurobond of US$1 billion at 8.5% due for repayment in 2024. Last year, the country’s international rating had been downgraded, the budget deficit was increasing, external reserves were being depleted, no clear debt management plan was in a place and the overall fiscal discipline was deplorable. The higher interest rate by global standards of 8.5% was a clear signal that fund managers were no longer confident in the PF government’s ability to effectively manage the Zambian economy. It was in essence a cost and punishment meted on the tax payer of this country due to the gross incompetence of the PF government. The IMF and World Bank advised the PF government to be cautious in contracting expensive, commercial debt and pointed to the urgent need for a clear debt management strategy. This advice has fallen on deaf ears.
Despite the high cost to be incurred through the second Eurobond issuance, the PF government still went ahead to issue a third Eurobond. This amounts to a crime against the Zambian people. It is a sheer recklessness. The contextual facts that spoke against any further bond issuance are as follows:
1. The copper commodity prices are still low and with no prospects of a quick rebound. The export revenue base has therefore narrowed and debt repayment will therefore be a challenge.
2. The kwacha has drastically depreciated and is at its lowest level in decades. This has pushed the currency risks to unprecedented levels;
3. Fiscal discipline is at its lowest in Zambian history – with rampant high levels of non prioritised spending and corruption;
4. Next year’s pending elections is adding to the budgetary pressures and reducing the proportions of the Eurobond that will go into infrastructure spending.
5. The PF government does not have the capacity and discipline to quickly and efficiently utilize the funding and let alone adhere to the programmed use of the resources;
6. The requisite debt strategy and plan is not yet in place;
7. The whole world knows that the USA will soon raise its interest rate and this is inflating frontier yields – again, it is the wrong time to contract commercial debt.
This issuance is therefore neither in line with prudent debt management practices nor will it ensure a sustainable debt redemption profile. Why then would a government be that reckless and go ahead to make a decision that defies both economic and political logic?
First, the PF government under President Lungu is desperate to show that it has made progress on the infrastructure projects initiated by the late President Michael Sata. It is thus looking for fresh money to cover up for its misuse and squander of the public resources that were previously mobilized. It is an act of desperation that will ultimately bring this country on the verge of bankruptcy.
Secondly, the PF government views the Eurobond window as a potential cash cow to fund its 2016 election campaign as well as enrich the individual pockets of its leadership.
The Rainbow Party strongly condemns this short term and reckless behavior of the PF government. Just a decade after a Zambia campaigned and got international debt forgiveness, this government is pushing our country back into a dangerous habit of borrowing beyond the economy’s means. The third issuance pushes the economy to total external debt to $6.05 billion, or nearly a quarter of GDP, which is not manageable given the weakness of the kwacha and the above outlined negative developments. To the Zambian voters, the PF government MUST be stopped before it inflicts more damage and destroys the livelihoods of future generations. The way to do that is to rally around and vote for the Rainbow Party in 2016. There is still some room to redeem this economy from the incompetency of the PF government.
From the General Secretary of the Central Committee, Comrade Wynter M. Kabimba
FILE: Simuusa and Lungu addressing the Kitwe rally
Wilbur Simusa the Nchanga Member of Parliament, has been accused of working against the ruling party and leadership of President Edgar Lungu by his continuous attacks on the interpretation and implementation of Government policies and programmes.
But Mr Simuusa said he was one of the strong members of the PF and that his advice and views should not be misconstrued that he was against the ruling party and President Lungu.
Mr Simuusa said it was dangerous for the leadership of the PF to gag its members from expressing their views because such an attitude could only help destroy the ruling party.
But PF chairman for elections Musonda Mpakata said it was not surprising that Mr Simuusa had continued issuing negative statements about the party he belonged to because during the transition, he was against the candidature of President Lungu.
Mr Mpakata told the Daily Nation that Mr Simuusa was against the adoption of President Lungu as a presidential candidate following the death of president Michael Sata and that he had not come to terms with the fact that Zambians had deposited their trust in the Head of State to preside over the affairs of the country.
He said the ruling party strongly believed that Mr Simuusa was working with some opposition political party and could be among the people in the ruling party working to make sure that the PF should not retain power after the 2016 general elections.
Mr Mpakata said the ruling party was aware that there were many other people in the PF who did not want the ruling party to succeed and challenged those who were disgruntled to come out in the open and declare their position instead of subtly preaching anti-PF messages.
He stated that President Lungu had been preaching unity and reconciliation in the party but it was unfortunate that some members were still behaving as if they belonged to some other camp or political parties.
Mr Mpakata said democracy was about numbers and the ruling party needed as many members as possible to win the general elections next year and that was why President Lungu was encouraging party members to accept and accommodate the new members.
“I have said we are reorganising the party but it is normal that a few people may resist the changes we are going through. I have been reading Mr Simuusa’s statements but we are not surprised about his reactions because he was not on our side during the transition period. I can give you a story on this one and you write it. Ask Mr Simuusa on which side he was during the transition? He was in another camp and playing to frustrate President Lungu’s adoption and our suspicion is that Mr Simuusa could be one of the people plotting the downfall of the PF. There could be many people like Mr Simusa and I challenge them to come out in the open so that we know who is with us and whose is not,” Mr Mpakata said.
He said the PF managed to get organized and pulled through the most difficult time following the death of president Sata and that it was his hope that the party should be more united under President Lungu.
Mr Mpakata said the turbulences the PF went through last year were almost insurmountable but because Zambians had faith in President Lungu and the party, they ensured that the party remained in Government by voting for the Head of State. But Mr Simuusa said he had helped build the PF and could not suddenly turn against the party he had tirelessly worked for while in the opposition and advised Mr Makata that it was important to discuss the challenges the party was facing.
He explained that the advice he was giving to the ruling party was meant to help build the party and not to destroy adding that suppressing the views of members was not being helpful.
Zone six Game Village at UNZA
University of Zambia (UNZA) senate is scheduled to meet next week to deliberate the dates lectures will release results.
Acting Vice Chancellor Enala Mwase said the board will discuss when the student’s results will be released and when the school will open.
Professor Mwase told ZANIS in an interview yesterday that the decisions made will be in line with the response from government.
She said the delay is as a result of financial problems.
Professor Mwase however said the Ministry of Education, Science, Vocational Training and Early Education has guaranteed management that government is working to resolve the problem.
Lecturers at UNZA threatened not to release results till the government pays what it allegedly owes the institution.
Forum for Democracy and Development spokesperson Antonio Mwanza stresses a point during the meeting to demand for the release of the draft Zambian constitution
The pronouncement by President Edgar Lungu that his Government shall create 500,000 jobs by 2016 is simply nkhani zamu Jameson or indeed nkhani zamu Kachasu because it is totally unattainable looking at the prevailing realities with regards to the economy.
The so called Youth Policy and Action Plan does not even address HOW it will create the 500,000 jobs.
The President has been forced by his spin doctors to say something positive, looking at the fact that every news on the economy has been negative. It is not possible to create 500,000 jobs by 2016 because the National Budget has collapsed and the economy is on its knees.
HERE ARE THE FACTS
1. We have a budget deficit of over 20 Billion Kwacha, translating into almost half of the entire 2014/15 national budget.
2. The Public debt has ballooned to about 10 Billion Dollars from 3.5 Billion Dollars in 2011, representing an increase of about 187%.
3. With the issuance of the 1.25 Billion Dollars EuroBond, the debt levels will go beyond the recommended ”below 40% of the GDP threshold”. This means that as a country we will be spending most of our revenue on servicing public debt as opposed to investing this money in social and economic sectors. This will automatically reduce productivity as we are spending less on the productive sectors of the economy. In fact we are currently spending more than we are earning that is why we have this huge budget deficit and we have so far used about 13.7 Billion Kwacha on an unplanned activities due to the recklessness and fiscal indiscipline of Mr. Lungu and his Paya Future Government.
4. Investors have lost confidence in our country due to the FLAWED and INCOMPETENT manner in which the Paya Future Government is managing our economy. No investor is willing to invest in a sinking economy littered with INCONSISTENT and UNPREDICTABLE Policy pronouncements.
5. Companies are laying off workers and small businesses are folding up due to the MASSIVE LOAD SHEDDING compounded by high cost of doing business due to high fuel prices and high electricity tariffs.
6. Copper outputs and Copper prices have continued sliding down resulting into reduced revenue collection by the State. The country’s coffers are dry and we are surviving on Kaloba.
7. Our trade deficit has gone up as we are importing almost everything. As at May, 2015 our trade deficit was 300 million Dollars. Non traditional exports have declined by 27% in the last 6 months.
8. Kwacha YAGWA. The Kwacha has depreciated by about 59% in the last 6 Months from K4.5 per Dollar to K7.8 per Dollar
9. This PAYA FUTURE Government has not invested in the processing and manufacturing sector of the economy since they came into Government. There is inadequate investment in the productive sector to ensure high productivity, value addition and increased foreign exchange incomes.
These are the facts. So how then does Mr. Edgar Chagwa Lungu expect to create 500,000 jobs by 2016? He is late! He can’t fool the Zambian people any more. Their don’t Kubeba Gimmick has long expired. The PF can no longer use empty promises to hoodwink the Zambian voters.
If you look at his so called Youth Policy and Action Plan there is nothing new he is talking about. He says he wants to create 500,000 jobs through apprenticeship and internship. How is he going to do that when he has failed to run even a single Public University?
The Trade Schools, colleges and universities are in a state of disrepair. They have a critical shortage of staff, books, equipment, resources centers and other critical teaching and learning implements. There are literally no industries. All we have are shopping malls so how will his purported apprenticeship and internship program going to succeed?
He says he will create jobs by expanding low interest financial facilities targeting youth led businesses. Surely, the President has to be honest with himself. How many youths can access a loan from the bank? What are the requirements do the banks ask for for one to access a loan? What are the interest rates? The bank’s loan conditionalities are cumbersome and very few Youths have the necessary collateral to access loans from our banks.
Even Government-run financial schemes such as the Youth Empowerment Fund and the Citizens Economic Empowerment Fund have alluded the majority of our youths. These Schemes are inadequate, mismanaged and have highly been politicized. Only PF cadres and their cohorts are benefiting from the Youth Empowerment Fund and the Citizens Economic Empowerment Fund.
The story of creating 500,000 is indeed ilyashi ya muma Jameson.
President Edgar Lungu said Government through the Food Reserve Agency (FRA) will increase the maize purchase from farmers from the current K70 per 50 kilograms bag of maize to K75.
Mr. Lungu said government is committed to encourage and motivate farmers in the country especially those in rural areas so that they can continue to grow more food.
President Lungu said he will ask the treasury to find more money so that farmers in the country can be paid rewarding amounts.
Mr Lungu maintained that government will buy the secure and strategic reserve of 500,000 metric tonnes of maize from farmers across the country.
“Our farmers should be given the encouragement so that they can farm more because they are poor people in the rural areas, so we are going to increase the price of maize, as FRA of course; we will be going upwards to K75.
“So I will ask the treasury to look for more money so that we are able to pay them a rewarding amount so that they are able to do a bit more next year. At the same time we would like FRA to go for the market in the region,” he said.
Mr Lungu noted that the food deficit was a serious problem in the region and Zambia risked being affected unless it motivated its farmers by giving them fair prices.
The Head of State said this upon arrival at the Kenneth Kaunda International Airport from Botswana where he was attending a two days summit of the 35 th SADC Heads of State and Government Conference.
The Presidential Challenger Jet carrying Mr. Lungu arrived at 14:00 hours and was welcomed by Vice President Inonge Wina, Minister of Home Affairs Davies Mwila, Minister of Lands Christabel Ngimbu and other senior government officials.
Defence and Service Chiefs were also present to welcome the Head of State.
And Mr. Lungu has since tasked the FRA to advance their market search of grain sell to other countries in the region that have a grain deficit.
He disclosed that apparently only Zambia and Tanzania are the only two countries in the region with excess grain.
Meanwhile, President Lungu said the issue of power deficit is a regional matter.
Mr Lungu said it is in this vein that SADC Heads of State have resolved to accelerate the implementation of power generation and transmission so that the integration programme in the region can be accelerated.
Relegation threatened FAZ Super Division side Konkola Blades have fired head coach Enos Silwimba after a spate of poor results.
Blades are currently fourth from the bottom of the 16-team-table with 19 points from 20 games played.
Silwimba’s dismissal could have been triggered by last Saturday’s 4-1 loss the Chililabombwe outfit suffered at Nkwazi.
“I would like to confirm that we have parted company with head coach Enos Silwimba starting today. This is due to poor results,” club Secretary Kennedy Chota confirmed on Tuesday.
Silwimba was promoted as head coach almost a year ago after the departure of Beston Chambeshi who trekked to Nkana.
Chota said Blades have since elevated assistant trainer John Munkonje to the role of acting head coach.
“As we make other plans the assistant John Munkonje will be the acting head coach and he will be assisted by Godffrey Siame and team manager Lewington Mujembe,” he revealed
Konkola have ten matches in which to survive relegation.
President Edgar Chagwa Lungu (F-L) with other SADC leaders during the official opening of the 35th Ordinary Summit of Heads of State and Government on Monday 17th August, 2015 in Gaborone, Botswana. Picture by EDDIE MWANALEZA/STATE HOUSE
President Edgar Lungu has left Botswana after attending the two day 35th Ordinary SADC Heads of State and Government Summit which convened yesterday 17 August, 2015.
The Presidential Challenger Jet carrying President Lungu left Sir Seretse Khama International Airport at 12:35hours this afternoon.
ZANIS reports from Botswana that while in Botswana, President Lungu attended the 35th Official opening of the Ordinary SADC Heads of State and Government Summit where he stressed the need to establish a conducive business environment in the region
The President said establishing a conducive environment will promote sustainable development and provide a base on which the private sector and other economic players can thrive.
He made these remarks when he presented his maiden speech presented during the official opening of the Summit.
Mr. Lungu also recognised the firm foundation on which SADC was established to mould a better future for the region’s citizens in today’s changing global environment.
He also pointed that the region can only achieve its economic development with the presence of peace and stability.
He further expressed gratitude towards the regional body for the tremendous progress scored in areas of food security, trade, infrastructure development, health, security, and education.
Other areas of achievements recorded are the construction of the Kazungula Bridge, which was built under the Zambezi River, Chirundu One Stop Border Post, the UNIVISA Pilot projects and trans-frontier conservation areas.
Mr. Lungu is optimistic that the Summit can deliver more if the member states expend their energies towards the key SADC Initiatives such as Front loading Industrialisation and market.
And during the SADC Heads of State closed sessions, the member states noted that only Zambia and Tanzania recorded a food surplus during an analysis of cereal production carried out among the member states in the region.
As a result, the Summit encouraged Zambia and Tanzania to use the food surplus effectively and urged all countries to ensure that those who are experiencing food shortages as a result of a cereal deficit during the 2014/2015 poor rainfall get required interventions in terms of relief maize and relief cereal production.
To this effect, President Lungu is expected to make major interventions in the 2015/2016 farming season and announce measures that will encourage both poor and small scale farmers to benefit as much as possible.
Some of the Barotse accused persons waving to the crow after appearing in Kabwe High Court
The four Barotse activists who are charged with treason have denied the charge before the Kabwe High Court.
The four accused persons denied the charge this morning when they took plea before Kabwe High Court Judge in Charge Dominic Sichinga.
They are alleged to have between March 2012 and 12 August 2013, while acting together did prepare and endeavour to have Western Province secede from the rest of the republic of Zambia.
Earlier, the first accused person, Afumba Mombotwa said he could not take plea before the Zambian Court because he is Not Zambian but a native Barotseland.
But Judge Sichinga reminded the accused person to merely take plea because he was not there to address the court.
Mombotwa and his co-accused later took plea, denying the charge.
Security was tight outside the fully packed court room.
The accused persons have been remanded in Mukobeko Prison.
Their lawyer, Humfrey Mweemba from Legal Aid applied for an adjournment to enable him get instructions from his clients.
The matter comes up tomorrow for commencement of trial.
Barotse accused persons being escorted by PoliceBarotse accused persons being escorted by PoliceScene outside the Courtroom
Some of the Barotse accused persons waving to the crow after appearing in Kabwe High CourtSome of Barotse accused person walking out of Kabwe High Court accompanied by a Prison officer
File:Dr Rajan Mahtani Zambezi Portland Cement Chairman
The Patents and Companies Registration Agency (PACRA) has updated its company filings for Zambezi Portland Cement Ltd (ZPC) to remove Rajan Mahtani as a listed shareholder after the controversial banker failed to produce original signed copies of share transfer certificates.
The change of records carried out by PACRA, as shown on documents signed and dated 7 August 2015, effectively brings to an end a seven-year long dispute between Mahtani and the true owners of ZPC, Manuela Sebastiani and Antonio Ventriglia.
The revised PACRA records for ZPC have reverted to the 2008 status quo, listing Antonio Ventriglia as owner of 850,000,000 shares and Manuela Sebastiani as owner of 170,000,000 shares, and removing the management illegally appointed by Mahtani in 2013. The records were corrected to remove Rajan Mahtani’s Finsbury Investments, which in the past had fraudulently claimed to own 58% of the shares without any proof of ownership. Under the Companies Act Cap 388, PACRA has the authority to revise company filings in the absence of the required documentation, which Finsbury Investments failed to provide despite repeated requests for more than seven years.
A spokesperson for ZPC management welcomed the move by PACRA:
“We are pleased and satisfied to finally see an accurate reflection of the company shareholding and management filed before the relevant authorities. For seven long years we have been fighting against this obscene act of corruption, as this individual abused his position and influence to attempt to carry out an illegal corporate raid of our company. For seven long years we have decried the fact that this individual used forged documentation and could not produce the original signed share transfer certificates to back up his fraudulent claim. Today, the truth finally prevails, and it should send a very positive message to the foreign investment community that our institutions are capable of defending property rights.”
The company spokesperson continued: “Rajan Mahtani owes an apology to the Zambian people for repeatedly attempting to mislead the public with knowingly false information when he has no basis to claim any ownership in this company. Given the reality on paper, Mahtani has exhausted his credibility among the Zambian business community and should be regarded with extreme caution.”
Mahtani, who was arrested on June 2, is currently awaiting trial on two counts of criminal forgery related to his falsification of ZPC documents.
SIGNED
MANAGEMENT OF ZAMBEZI PORTLAND CEMENT LTD
