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VERDICT : ZAMTEL SALE Fraudulent And ILLEGAL
THE COMMISSION of Inquiry appointed to investigate the sale of Zamtel to Lap Green of Libya has established that the transaction was fraudulent and illegal.
Commission Chairperson Sebastian Zulu also says the evaluation of Zamtel assets by R.P Capital of Cayman Irelands was highly incompetent and misleading.
He made the revelations when he presented the findings of the commission to President Michael Sata at State House in Lusaka on Thursday 11/17 morning.
Mr. Zulu, who is also Justice Minister, said the fraudulent and incompetent transaction resulted in the parastatal been undervalued.
He says Zamtel was under valued at 38 Million United States-US Dollars, despite the company having a book value of 81 Million U.S Dollars.
The Justice Minister further disclosed that the single sourcing of RP Capital to evaluate Zamtel was illegal.
And President Sata has directed Mr. Zulu to develop a Cabinet Memorandum to enable cabinet make a final decision on the sale of Zamtel.
The President has further directed the Justice Minister to extend the Commission of Inquiry to the installation of the raddar system deal at the Kenneth Kaunda International Airport.
President Sata made the directives when he received findings of the commission.
Mr. Sata says cabinet will make a decision based on the findings of the commission.
The President says cabinet will decide whether the partial sale of the parastatal will be reversed or not.
Earlier, President Sata held a closed door meeting with senior officers from Mopani Copper Mines -MCM- Plc at State House.
Posted by Editor
on November 17, 2011. Filed under LATEST NEWS.
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Boogie
November 18, 2011 at 7:34 am
Didier, there is no witch hunting as far as the sale of Zamtel is concerned. Before the sale of the said company was done, a lot of people asked the government not to go ahead with the proposed sale but arrogant and selfish people like Dora Siliya and her Shrek boy friend went ahead and sold the company. Worse still, they employed the services of a company that had links with the first family to carry out the valuation of the assets of ZAMTEL. Zambians want to know whether the valuation was properly done and if the company was sold in the interest of the public.
montenzuma
November 18, 2011 at 8:31 am
The PF govt must be praised and supported for the stance they have taken to dig out all fraudulent acts by the former regime.This is just the tip of the ice berg.We need to hear more.
RB Almost Sold the Entire ZED had IT NOT BEING FOR ME & MY WIFE's VOTE
November 18, 2011 at 3:35 pm
Didier, if PF lets this go unanswered, they would set a veru bad precedent for future generation of leaders. No emotions attached, just let the law take its course. I understand, the report contains certain revelations on which the president was advised not to comment before Cabinet looks at the report. There is more incriminating data in that report and Dora isnt going to the jail cell alone..
Jacob Malema Zuma
November 19, 2011 at 10:23 am
Bantala misoka balefwaya ukonaula Zed. Greed is bad. Viva Zambians for kicking these chaps out