Africa-Press – Zambia. Zambia Sugar PLC has dismissed the story published by the Zambian Watchdog alleging that the company, together with Shoprite, Indo Zambia Bank, and other corporates have pledged about $10 million funding to the opposition Patriotic Fron (PF) by running expensive adverts in PF aligned newspapers.
In a statement released to the media, Zambia Sugar said that the Company is apolitical and cannot engage itself in the matter that was referred to in the Zambia watchdog. Below is the full statement Press Release
Nakambala, 5 November 2021: An article appeared on 4 November 2021 in an online publication accusing the Company of engaging in political activity. The Company distances itself from this article.
Zambia Sugar Plc is a public listed company listed on the Zambian Lusaka Securities Exchange (LuSE). Its parent Company, Illovo Sugar Africa, is Africa’s leading sugar producer. Zambia Sugar’s ultimate parent company is Associated British Foods (ABF) which is also listed on the London Stock Exchange.
Therefore, the Company always operates according to a high set of governance standards ensuring at all times that there is no risk to the reputation of not only Zambia Sugar but Illovo and ultimately ABF. In this regard, we wish to state that Zambia Sugar is apolitical and cannot engage itself in the matter that was referred to in the article with the above-captioned matter appearing on your site and dated 4 November 2021.
Zambia Sugar remains committed to upholding all Illovo and ABF Group Code of Business Conduct and other group guidelines. This includes the procurement of media advertising services in accordance with company procurement policies and procedures. Therefore, the Company continues to conduct itself in a manner that does not create a reputational risk to itself and/or its shareholders.
In this regard, the Company hereby distances itself from the article. The Company further requests the Media to check with its Media Relations team for the facts first before publishing any stories on Zambia Sugar. In the interests of fair and professional journalism, the Company has requested the publication to issue a follow-up article to correct the facts as Communicated to them.
Zambia Sugar Plc remains committed to working with the Government for the benefit of its consumers, shareholders, local communities, and all other stakeholders for the long haul.
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