ZANACO inquiry goes ahead with pre-determined out come
The PF government has gone ahead with public inquiry hearing on the sale of Zanaco even when president Sata has already publicly said he would reverse the sale of the bank.
According to the adverts in the media, the inquiry which is led by Justice Minister, Sabastian Zulu, will commence sittings on Wednesday 1st February 2012.
Zanaco was sold in 2006 to Dutch bankers Rabo who acquired 49 percent, by Sata’s idol late Levy Mwanawasa administration.
Among the terms of reference by the inquiry whose outcome is almost already predicted are to determine how the sale of Zanaco was conducted and also to ascertain whether the sale met the requirements of the privatisation process.
Chief government spokesperson Fackson Shamenda has assured the public and investors that no one will be hurt during and after the probe of the bank which has the highest branch network in the country.
Financial analysts predict that the move is like to further put a strain on the dwindling kwacha value against major currencies due to investor nervousness to pump in more resources in the Zambian economy.
This especially that the move is undertaken days after the PF government ‘nationalised’ the telecom company Zamtel after grabbing it from Lap Green of Libya.
Government has also ordered Varum Beverages to immediately pay deferred tax refund, an incentive that was provided by the Rupiah administration that was aimed allowing them to re capitalise.
hundreds of companies were sold by the MMD government, including Zambia Breweries, National Breweries, National Milling, Zambia, Sugar, LENCO, Zanaco, and the mines some at far much less than the market value. These companies have for all intents and purposes been improved and are working to better the lives of Zambians.
64 Responses to ZANACO inquiry goes ahead with pre-determined out come
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Go Social
i strongly feel the PF government have hidden agendas in the doing of all this,if this was done for National interest then he would protect the investors confidence.If scraping out the zeros from our money is meant to improve the economy,then he should as well be concerned with bringing in more investors than chasing them,so that there is more US Dollers to suppress the demand.i feel there is a smart game being played while hiding behind the corruption fight.Every mistake they make they hide them under the carpet & push the blame on the previous government.PF’s honey moon is over & very soon Zambian will see the real dont kubeba slogan,just a few days ago,the defense Minister purchased 10 trucks which are still pending at the lston port,the dont kubeba worshipers cant see all this.He’s playing it very smart,so u need 2 be smarter 2 catch a smart thief.
elvin simungoma - January 29, 2012
23:32
AM TOLD ONE OF THE MINISTRIES WAS ALSO SOLD BY THE PREVIOUS REGIME. HOWEVER AM TOLD PAFWAKA WILL OUTDO THEM BY SELLING CABINET OFFICE!
Matongo - January 29, 2012
21:53
A policeman in State House…kaya! Is Sata going to probe KK, Chikwanda,…even the long dead and gone honorables like the Kasondes of Kaunda’s erra? How far back is this going? Or is he only going as far back as is convinient to him? I strongly feel that Sata has hidden agenda deficient of national interest in his pursuits? Nothing wrong with establishing the truth how business should br run in Zambia but the methodology here is very worrying indeed–Sata seems to be motivated by a hideous vendetta. Cry my beloved Zambia.
Tubulu - January 29, 2012
17:47
Please 4 christ’s sake,Zanaco is doing fine nowadays,why not focusing on developing this nation,unlike worsting resources on the so called commissions of inquiries.
situmbeko - January 29, 2012
17:35
So my friend this happens when you do not put your foot down at the right time a dictator in the making and all investors going out. Sad Zambia back to square 1 and might have to pay different countries and companies in the tune of $30 Billion
Mike - January 29, 2012
17:05
Satanic
MMM - January 29, 2012
16:55
Reverse the sale and give it to who? Zanaco is one of the success stories of privatization as the bank has reclaimed the number one position in the banking industry through the strategic patnering with an AAA rated bank -Rabo bank of netherlands. Things are obviously spinning out of orbit or are they? This reminds me of what Kabimba said about the PF maifesto being followed by government. Perharps this reversal fever is attached to that as the party’s manifesto seems to be heavily leaning torwards socialism. If what has been said happens, then the bank will find itself slowly losing its foothold as government claws sink into its coffers as used to happen in the past. This one action more than anything else will leave a long perfid trail which will make genuine investors shun us in a long time to come.
The fixer - January 29, 2012
16:51
Come 2016 our eyes will be more open! We should never allow any more crap in State House, for God’s sake.
Dr Mujuda - January 29, 2012
16:09
i think even when i support the pf govrnment over the fight against corruption i feel its getting out of hand. what about telling us about the development that they want to undertake than every day hearing reversals it is not health for the country. even though the previous government made mistakes i dont believe that everything they did was corrupt, the economy is not stable and wish the pf government knows what they are puttng the nation into.
Preacher - January 29, 2012
15:51
We should try as a country to put things right but for gods sake don’t take us the route of Zimbambwe. What worries me is lack of openness by the chaps in GRZ. I strongly feel we have a serious game going on here.
yonah hara - January 29, 2012
11:53
Manipilations
Mutolaciindi - January 29, 2012
08:18
Manupilations
Mutolaciindi - January 29, 2012
08:12
Why posting again chikala. Prove it dichead. Rumours. DON’T KUBEBA shii trick again.
MMD die hard - January 29, 2012
07:17
Rupiah and his ministers threatened and used ZPPA officials and government companies/agencies to award tenders to their preferred entities/suppliers.
They made billions and in the process bosses in some of these entities also made millions.
A case in point is Zesco Insurances. Proffesional insurance had given the best insurance package but on instructions from Banda to fix Mahtani, ZPPA awarded the tender to ZSIC. On face of it there might not seem to be anything wrong. But ZSIC overcharged ZESCO US$600,000 and this money was shared among ZSIC managment, reinsurance brokers in London, and ZESCO management
His Excellency shall terminate this contract as ZESCO will be overpaying over US$3,000,000 during three years contract awarded to London brokers via ZSIC.
disgruntled boss - January 29, 2012
07:12