Africa-Press – Zambia. You see, my point of saying ZNS Commander and his deputy colleague should not hold shares in the newly created Eagles Holdings Limited is without malice. It is based on the fact that it is wrong and we have had similar cases before in this country.
Do you remember the Zesco Limited case?
When Zesco Limited was incorporated, one share was given to the then CEO Cyprian Chitundu. When he was fired, it became an issue as the one share was in his name. Legally speaking, he ought to have been paid for it for him to surrender. It took negotiations after negotiations to resolve that issue amicably.
UNZA had to go to Court in order to force out former Vice Chancellor Prof Siwela and his deputy Prof Mwenechanya who held shares in Zamnet in own names. The shares were allocated to them by virtue of office but it became difficult to remove them.
So, when I speak about the untidiness of the structure of Eagles Holdings Limited – I speak with the benefit of experience and hindsight. Sometimes parting company can be so acrimonious that one can even refuse to surrender shares. Remember shares are personal property and forms part of ones estate. When one dies, the shares move – by operation of law – to his administrators. Why allow such unnecessary encumbrances?
Good practice still remain – give those shares to the Minister of Finance pursuant to the Minister of Finance (Incorporation) Act. In the entire government, only the Minister of Finance is a corporation sole or company. Minister of Defence cannot hold shares because he is not legal personality (lawyers and accountants) understand what I am saying here…
Anyway, let those with ears hear and let those who want to argue continue. But history is always the best teacher. We have this seen before.
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