The events at Konkola Copper Mines Plc have been worrying to all Zambian patriots as well as our friends in the Donor community who have consistently told us that our country does not need aid because of the wealth the God has endowed for our country. The privatization to Verdanta was from the beginning a unnecessary. Our Zambian team of Jordan Soko, Pius Mambo and Mulenga who took over after the unfortunate exit of Anglo American Corporation started on a very profitable note and we were advised by the Directors of Zambia Copper Investments as well as Investment Bankers in Europe not to sale as the copper boom was just beginning and that our Zambian management were the best. They further advised that if we really wanted to sale, we should consider our own Zambian investors such as those who had tendered comprising of our own sons such as Mutati and his colleagues. Unfortunately all this came to naught and on the advice of one local bank, the Verdanta group was sold at a give away price. Consideration of copper and cobalt on transit which was in millions of dollars as well as the value of the assets which were in excess of $400 million was simply ignored. The revelations by Andrew Sardanis that our country negligently lost billions of dollars on that privatization must be answered. It is advisable that people such as former Minister Peter N Magande are given the opportunity to explain this gross negligence or complicity. The late President Mwanawasa is his nationalistic disposition acknowledged this difficulty and quickly tried to redress this mistake by introducing windfall taxation but President Banda reneged on this and probably returned to the mining companies the more than $415 million that Zambia earned in windfall taxes in 2008. Our current administration headed by President Sata have continued on President Bandas policy even after the PF party and we who supported them promised to reactivate, the Minister of Finance Alexander Chikwanda has labeled all patriots that have been agitating for windfall taxation as lunatics. We have since learned that KCM Plc is almost insolvent in spite of its chairman claiming that they make profits of more thant $500 million annually. The advice any reasonable person could render to our government is obvious. The Minister of Finance who holds a golden share on behalf of Zambia must use that constitutional authority immediately and cause the appointment of Forensic Auditors to audit the company for the period they have been running the mine. This is what any patriot who is sincere would do unless there is either contrary information or the process is less than transparent. It is also strange that we have not heard anything from ZCCM IH who are in fact shareholders and sit on the Board of KCM Plc on behalf of the people of Zambia. Should their silence be interpreted as being accessories to the negligence or what ? Furthermore, it will be advisable for our government to consider appointing a Commission of Enquiry to enquire into the affairs at KCM and recommend what should be done. The options for our country are few. We continue being abused and plundered with the danger of plunging our people in Chingola in a disaster or we exhibit boldness and patriotism and assume our rights in KCM Plc ? It is possible for Zambia to rebuy the company for a dollar as it is allegedly insolvent and let a rejuvenated ZCCM IH or another Zambian entity run the mine for the benefit of our people. By: Mbita Chitala
Posted on: Wed, 21 May 2014 11:48:11 +0000
Trending Topics
Recently Viewed Topics
© 2015