THE Patriotic Front (PF) says Zambian Voice executive director Chilufya Tayali’s sudden change of heart on the K14 million Development Bank of Zambia (DBZ) loan and the tribunal constituted to investigate suspended Director of Public Prosecutions (DPP) Mutembo Nchito is not a coincidence but allegedly a scheme to sway the public from the allegations levelled against Mr Nchito.

PF vice-chairperson, media and publicity committee Sunday Chanda said Mr Tayali’s attacks on Mr Justices Annel Silungwe, Matthew Ngulube and Ernest Sakala are allegedly calculated and aimed at blackmailing the courts.

“Mr Tayali fought hard to be joined to the DBZ K14 million loan scandal in which High Court judge Nigel Mutuna ruled that Mr Nchito, his business partner Fred M’membe and Mr Nchima Nchito had obtained the loan by fraudulent misrepresentation.

“It is easy to construe that each time he (Mr Tayali) opens his mouth to speak, there is an invisible hand dictating to him what to say,” Mr Chanda said.

He said Mr Tayali should be reminded that Zambians will not rest until justice is done.
“Mr Tayali can, therefore, do some soul-searching because without sounding prophetic, a time is coming when Mr Tayali will reject his actions,” he said.

And the International Institute of Democracy and Conflicts Resolution (IIDCR) has challenged Mr Tayali to swear an affidavit and prove allegations that former President Rupiah Banda is corrupt.

IIDCR president Tresford Chomba said it is unfair for Mr Tayali to defame people without providing evidence before relevant law enforcement agencies.

Mr Chomba said this in a letter dated May 27, 2015 addressed to Mr Tayali and availed to the Daily Mail yesterday.

“The IIDCR has taken keen interest in your recent revelations and continued insistence that former President Rupiah Banda is corrupt and a selfish man and that you are ready to prove the aforesaid allegations before the courts of law.

“Further, you have alleged that Mr Mutembo Nchito’s tribunal outcome was known and was merely set to fix our embattled Director of Public Prosecutions. You have also gone ahead to enjoin Richard Sakala, the proprietor of Daily Nation newspaper, as being behind the crafting of the aforesaid tribunal to fix the learned lawyer as the latter prosecuted him.

“You have also called for the recusal of justices Ngulube and Sakala for what you have termed to be bias,” the letter reads in part.

Mr Chomba said Mr Tayali should prove his allegations to enable the public to make informed decisions.

He said it is wrong for Mr Tayali to issue blatant statements in the media without substantiating his allegations.

The minister visited Preferred Freezer Services, Los Angeles Area Chamber of Commerce and the Los Angeles County Board of Supervisors.

At Preferred Freezer Services, a cold storage-based business with an international presence in China and Vietnam, Mr Kalaba encouraged the company to consider coming to Zambia and forge business partnerships.

He told directors at the firm that Zambia is centrally located and boasts of a wide market due to its membership to the Common Market for Eastern and Southern Africa, Southern African Development Community and the Great Lakes Region.

The said Zambia seems to be at the epicentre of economic activities in Africa and is, therefore, the best place for investment for any company that wants to expand worldwide.

Preferred Freezer Services have been offering modern, full service temperature-controlled warehouses in the United States since 1989 and is the largest public refrigerated warehousing company in the world.

Sales manager Ron Viola told the minister that Preferred Freezer Services operates 35 facilities in nine regions within the US with more than 1,300 employees and close to US$200 million in sales. The firm has over 61 million cubic metres warehouse space.

“Our company was founded in New Jersey in 1989 and has expanded with an international presence in Shanghai, China, and Ho Chi Minh City in Vietnam,” Mr Viola said.

And at Los Angeles County Board of Supervisors, Mr Kalaba said Zambia has continued on the path to economic development.

He told the board of advisors that Zambia acknowledges the importance of building and nurturing relationships with the county of Los Angeles.

Mr Kalaba also informed potential investors that Zambia is recognised as one of the most peaceful countries in the world.

“Government has identified key growth sectors and these are, agriculture, tourism, construction and manufacturing. These sectors have a high requirement for labour and a potential for employment creation,” he said adding that: “Zambia is seeking forming of synergies in areas with potential for employment creation.”

Mr Kalaba further said Zambia is the world’s eighth largest producer of copper, which accounts for 70 percent of export earnings.

He said copper is exported in its raw form and, therefore, the country is looking for investment that could bring value to the commodity.

He also appealed to the Los Angeles Board of Supervisors to consider twinning the county of LA with Lusaka.

Later, during a meeting with the Chamber of Commerce, the minister said Zambia is diversifying and moving away from a copper-dependent economy.

Los Angeles Area Chamber of Commerce president Gary Toebben thanked Mr Kalaba and his delegation for the visit.

Mr Toebben, who was impressed with Zambia’s profile, said there were a lot of US companies looking for investment opportunities.

He expressed hope that Zambia’s envoys in the US will make follow-ups with his company so as to build on and actualise some of the issues that were discussed.

Mobile phone operator MTN Zambia’s planned listing of its 11.9 percent shares through Ikulileni Investment Plc is now a subject of an internal investigation by the Lusaka Stock Exchange after questions were raised over the suspicious manner in which the transaction has been handled.

Early this month, Ikulileni Investment Plc which owns 11.9 percent of MTN Zambia announced that it has offered 27,061, 057 shares of par value K0.01 and offer price K26.50 on the LuSE.

Ikulileni Investment Plc valued the company at as much as $97 million and the offer opened on Monday 4th May and will close on Friday 29th May 2015 with Tuesday 16th June 2015 set as the listing date.

The decision by MTN to list on the LuSE is aimed at fulfilling a licencing requirement by ZICTA which has compelled all foreign owned mobile phone companies to at least offer 12 percent shares for public ownership.

But information has emerged that Ikulileni Investment Plc is infact owned by people close to MTN Zambia including Board Chairman Valentine Chitalu and Chief Executive Officer Abdul Ismail.

According to records at PACRA, other shareholders in Ikulileni are former Stanbic Bank Zambia Managing Director Larry Kalala, FSG Zambia Chairman Padmore Muleya and Diamond Insurance Chairman Arthur Ndhlovu.

PACRA records further shows that another local company called CCM Telecoms owned by Mr Chitalu and Superior Milling Chairman Caleb Mulenga owns Ikulileni Investments.

Others are Corpus Globe and Munyati Buffalo Zambia.

The entire transaction is believed to have been structured by Lusaka lawyer Lewis Mosho of Lewis Nathan Associates who is at the centre of the Shoprite shares saga which is now in court.

Mr Mosho who was last year investigated by the Drug Enforcement Commission for allegedly selling 2,220,897 Shoprite shares worth US$10million on the LuSE without the company’s authority or consent from the year 2005- 2011 was paid in the region of K200, 000 as transaction adviser and book runner.

But another Lusaka lawyer Mulenga Fube has written to MTN demanding that the share offer be halted as it lacks transparency.

In a letter copied to LuSE and the Securities Exchange Commission, Mr Fube said the listing is fictitious and suspicious and against the spirit of empowering local people.

He has since warned that he would seek an injunction from the Lusaka High Court to halt the listing.

Meanwhile, insiders at LuSE have revealed that MTN Zambia CEO Abdul Ismail has been summoned by management at LuSE to explain the relationship between MTN and Ikulileni on Thursday, May 28 2015 at 10 Hours.

Sources at LuSE say management is under pressure from the Board to explain how it approved the transaction which they feel is dubious.

Many industry experts have been wondering why MTN used a special investment vehicle called Ikulileni which was only registered in October 2014 to list the shares when its rival Airtel went to the LuSE directly.

Some feel that the Directors at MTN want to use Ikulileni to raise additional funds and pay their own huge bonuses and bar minority shareholder from having direct access to MTN.

This would evidently mean that Zambian shareholders in Ikulileni who will be duped into believing they own shares in MTN will have no say on the running of the telecoms giant as they will only be made to deal with Ikulileni.

MTN Zambia is now the country’s largest telecoms company with 51.4 percent share of the mobile telecommunications market with over 5 million subscribers as at end of December 2014.

This is contained in a statement released to the media today by Ministry of Finance Public Relations Officer Chileshe Kandeta

Mr. Chikwanda said member countries like Zambia require the support of the ADB to complement their own efforts in developing infrastructure and promoting widespread employment creation and poverty reduction programs.

“Many African countries have clear visions for development but what they lack are solid delivery vehicles for their development aspirations, this is the gap you are requested to help in filling” he said.

“Institutions of development, with support from the ADB, have the potential to stamp a deep footprint on enterprise growth in the development process of member countries and so require facility support,” said the Minister.

The Minister was speaking at a High-Level Presidential Forum to commemorate the 50th anniversary of the ADB. The panel featured President Ellen Sirleaf Johnson of Liberia, Trevor Manuel – Former Minister of Finance of South Africa and current Vice Chairperson of Rothschild, Barbaca N’diaye – Former President of ADB, Kiyoshi Kodera – Former Executive Director of ADB, and Mr. Harold Doley – Former Executive Director of ADB.

Mr. Chikwanda, a Governor on the Board of ADB, is scheduled to attend meetings of governors [Ministers of Finance of member countries and shareholders] chaired by outgoing ADB President Dr. Donald Kaberuka, and participate in the election of the new President of the ADB. He is also scheduled to chair a meeting of the Africa Group One Constituency comprising, Botswana, Malawi, Mauritius, and Zambia, attend a forum on options obstacles and opportunities for sovereign debt in Africa, and a bilateral meeting with ADB.

The Minister is in Abidjan, Ivory Coast to attend the Annual Meeting and the 50th Anniversary Commemoration of the ADB.

In his delegation are Secretary to the Treasury Fredson Yamba, Bank of Zambia Governor Dr. Denny Kalyalya, and other Senior Treasury and Bank of Zambia Officials.