Africa-Press – Zambia. So INVESTRUST was at the cusp of obtaining an equity partner to buy out ZCCM-IH shares.
A Malawian Bank delegation was in the country last week to finalize the sale of transfer of shares. It offered $600million for the ZCCM-IH shares.
ZCCM-IH currently owns 71.4% of Investrust Bank Plc.
ZCCM-IH is a member and owned by Industrial Development Corporation(IDC) where the President is the Chairperson.
It is clear that the Bank of Zambia take-over of Investrust is fraught with fraudulent insincerity.
We saw these dirty schemes during the privatization programme where state assets were deliberately devalued, placed on premature wind-up processes, for the greedy businessmen and politicians to pick up the assets for a song.
Similarly, KCM and Mopani Copper Mines were deliberately placed on literally “care and maintainance” to induce low value and degrade the assets, raise desperate anxieties and place our workers on a path of utter destitution and cause similar desperation on stakeholders such suppliers and contractors so that when a corrupt sale process is introduced,there would be little scrutiny or resistance.
Minister of Mines and Minerals Development, Paul Kabuswe announced that out of ten investors interested in Mopani Copper Mines, four had made it to final negotiations.
These were listed as China’s Zijin Mining Group, Norinco Group, Sibanye Stillwater Ltd. and an investment vehicle owned by ex-Glencore Plc officials.
But an unknown entity that didn’t participate in the bidding process was suddenly announced as new bidders for Mopani Copper Mine
Further Government did not bother to take the sale and transfer of shares to Parliament as required by Article 210(2).
It is clear that under CEO Simangolwa Shakalima, INVESTRUST Bank had made a turn round and began to make profit for the first time in ten years. Is this how you reward hard work and innovative management?
For More News And Analysis About Zambia Follow Africa-Press
