{"id":61808,"date":"2024-07-25T10:24:20","date_gmt":"2024-07-25T10:24:20","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/zccm-ih-minority-shareholders-threaten-local-and-international-legal-suit-against-changes-and-looting-occurring-at-zccm-ih"},"modified":"2024-07-25T10:33:46","modified_gmt":"2024-07-25T10:33:46","slug":"zccm-ih-minority-shareholders-threaten-local-and-international-legal-suit-against-changes-and-looting-occurring-at-zccm-ih","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/zccm-ih-minority-shareholders-threaten-local-and-international-legal-suit-against-changes-and-looting-occurring-at-zccm-ih","title":{"rendered":"ZCCM-IH MINORITY SHAREHOLDERS THREATEN LOCAL AND INTERNATIONAL LEGAL SUIT AGAINST CHANGES AND LOOTING OCCURRING AT ZCCM-IH"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Via a sens announcement this day, we have just learned of the dismissal of Mr Moses S<\/p>\n

Nyrienda, Non-Executive Director of ZCCM-IH, appointed by IDC on 13 December 2021.<\/p>\n

I would request you to kindly inform the minority shareholders of the reasons that led to Mr.Nyrienda\u2019s dismissal at a time when the entire Board and Management of ZCCM-IH are working satisfactorily to turn the company around.<\/p>\n

Your silence, or a response that is not substantiated, will lead us to believe that this<\/p>\n

dismissal is suspicious.<\/p>\n

After the ousting of competent people like General Councel Yadika Mkandawire, the<\/p>\n

resignation of former Chairperson Dolika Banda and now the dismissal of Director Moses Nyrenda, this is a lot..!!<\/p>\n

These Words will probably seem incongruous or even inappropriate to you, when we are<\/p>\n

minority shareholders. But as a reminder, we are full stakeholders of ZCCM-IH. Every bad<\/p>\n

decision, every bad interference, every bad investment has had an impact on our company and our investment and has prevented it from becoming the Zambian First Quantum.<\/p>\n

It is therefore entirely legitimate for us to strongly denounce decisions that are going in the wrong direction for our company ant to praise them in the right way.<\/p>\n

Especially as we are fully aware of what is happening in Zambia.<\/p>\n

High-ranking Zambians, disgusted by a number of actions contrary to the country\u2019s<\/p>\n

interests, have informed us that a new clique is being installed in strategic positions in<\/p>\n

ministries and SOEs, sacking upright people who refuse to accept their dirty tricks.<\/p>\n

Its sole objective is their own personal interest. We are seen as the watchdogs of Zambia\u2019s jewel ZCCM-IH, and these patriotic people do not want to see the shenanigans that have left ZCCM-IH and the country in exsanguination in past years reappear.<\/p>\n

Kapiri Glass,Investrust bank, Mushe Milling, the political vicissitudes of KCM and Mopani, Ndola Lime have been dramatic for our company.<\/p>\n

Regarding Ndola Lime, US$120 million went up in smoke in this scandal.<\/p>\n

The Committee of parastatal Bodies has explicitly requested IDC to initiate the necessary prosecutions and bring the crooks to justice. Nothing has been done, even though I sent the information to all IDC managers in 2021.<\/p>\n

As CEO of IDC which is the main shareholder<\/p>\n

of ZCCM-IH, it is your duty to protect the interests of our company and I urge you to follow the recommendations of the Committee of parastatal Bodies.<\/p>\n

Any investment in new shady lame ducks and any suspicious dismissals will be brought to<\/p>\n

the attention of the Zambian people, and denounced to the international Bodies that<\/p>\n

believe that Zambia is back on the right track.<\/p>\n

The minority shareholders will always remain vigilant to ensure that their interests,<\/p>\n

which are the same as those of the Zambian people, are protected.<\/p>\n

Finally, in the light of the latest developments, I would like to inform you that our group of<\/p>\n

shareholders is going to formalise a defence association which will have the power to take<\/p>\n

legal action not only in Zambia but internationally, beyond the ZCCM-IH framework.<\/p>\n

Yours sincerely,<\/p>\n

For More News And Analysis About Zambia Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Via a sens announcement this day, we have just learned of the dismissal of Mr Moses S Nyrienda, Non-Executive Director of ZCCM-IH, appointed by IDC on 13 December 2021. I would request you to kindly inform the minority shareholders of the reasons that led to Mr.Nyrienda\u2019s dismissal at a time when the […]<\/p>\n","protected":false},"author":84,"featured_media":61806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[233],"class_list":["post-61808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-zambia"],"yoast_head":"\nZCCM-IH MINORITY SHAREHOLDERS THREATEN LOCAL AND INTERNATIONAL LEGAL SUIT AGAINST CHANGES AND LOOTING OCCURRING AT ZCCM-IH - Zambia<\/title>\n<meta name=\"description\" content=\"Via a sens announcement this day, we have just learned of the dismissal of Mr Moses S Nyrienda, Non-Executive Director ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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