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BREAKING News: ZAMTEL Sale REVERSED
THE GOVERNMENT of the republic of Zambia under the Patriotic Front government has reversed the sale of ZAMTEL, Tumfweko has been briefed and understands.
The commission of inquiry constituted to scrutinise the sale of Zamtel to Lap Green Network of Libya established that the transaction was fraudulent and illegal.
Chairperson of the commission set up in September 2011, Sebastian Zulu, said the sale of Zamtel was conducted in an incompetent and misleading manner that resulted in the company being grossly undervalued by US$38 million despite having a book value of $81 million.
Mr. Zulu said the MMD government went ahead to sell Zamtel despite the fact that Lap Green had failed all three of the mandatory pre-qualification criteria during the bidding process and as a result needed to be disqualified at the preliminary stage.
After presenting the report, Mr. Sata directed Mr. Zulu to prepare a memorandum so that a full Cabinet meeting could consider the next course of action on the matter.
“The sale was in fact fraudulent. Firstly, the consultants engaged to do the valuation of Zamtel was a company called RP Capital Partners of Cayman Islands that was engaged through single-sourcing.
“This was irregular. The single-sourcing was irregular and done in breach of the procurement procedures Your Excellency. A proper valuation of Zamtel assets did not take place as the assets were clearly undervalued,” he said. Mr. Zulu said further engagement of RP Capital Partners as transaction advisers was wrongly done by single-sourcing the services.
The engagement of the same firm by the Zambia Development Agency (ZDA) was not in order and was done without following normal tender procedures as the agency appeared to be under duress.
Posted by Editor
on January 5, 2012. Filed under LATEST NEWS.
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Kauzya
January 6, 2012 at 8:43 am
I think what is important is to put back the country on the right track, whether it is costly or not. Let us ensure that things are done in the right way and transparent manner. There have been speculations on the sale of Zamtel, so many stories, I would rather we get accurate information and chart the way forward and avoid similar incidences. For now, lets wait for an official stance, document from the commission of inquiry to be publicised. However, straight forward investors do not fear where they have seen money.
Fine!
January 6, 2012 at 9:00 am
A country of reversals – politically driven reversals.
I hope these reversals will be in the interest of Zambians and not just politicians ego and vengence.
We know that anyone wanting to invest in any country wants to be sure of the safety of his investments.
He wants to be sure the agreements and memorandums are reliable.
If every new day the contracts can be cancelled and processes reversed just because the political faces have changed, then no one will feel secure.
I hope this goverment will be alert enough to learn from the results of their actions so that tomorrow they can do things better.
MR. LOVE FOR ZED
January 6, 2012 at 9:31 am
Still living like what we learn in the colonial day.
- Africans only allowed to do small businesses like *tuntemba* small shops….
You who are supported the illegal sell of Zamtel, think it in this way..
- if Zamtel makes more money, where is the coming from? of course from us.
you would you like all nice things in zambia to be own by foreigners….
- if you say Chinese people should leave zambia… they definitely destroy what they have built first… now here a country full of other peoples properties…. think twice…
Zamtel is ours… not because you’re benefiting from the investors then everything is cool, no can you invest in china or Libya itsself with “our nice black skins…” NO! you should travel around world. China suffered the same problem in histry, now they are doing it to us…
Think (maningi) too many external contacts will bring conflicts to MOTHER ZAMBIA!
Trevor
January 6, 2012 at 9:41 am
No comment
Trevor
January 6, 2012 at 9:41 am
I meant i cant complain……..
cn
January 6, 2012 at 10:03 am
looks like mr fine is not happy with the outcome,believe me many zambians are.Only a narrow minded person ll think this is not ok.Mr fine this are not political reversals or anything u may call it,its for the benifit of this nation and the future of your children and a lesson that pipo shud not be abusing state funds.Wake mr fine did u benefit from the sale of zamtel or dora silit is yo relative which one are u.
chilemba wa pawinga
January 6, 2012 at 10:41 am
Zambia still cultivating poverty the only thing we know how to do.
jo
January 6, 2012 at 10:52 am
whether you like it or not the same corruption will happen using different people. That is why you should know who funds these political parties and their attachments.
Quite exiting but can you measure your way forward ?
You plot the graph and observe the nose diving.
Rio
January 6, 2012 at 11:00 am
I hope they will create more jobs in the end from this move!
Lundazi Dweller
January 6, 2012 at 11:07 am
What does it actually mean when they say the sale is reversed? What happens to the employees? and the current owners?
cute
January 6, 2012 at 11:13 am
I just wish Zamtel was not sold in the first place. people suffered mwandie. lesa fye umwine
zm
January 6, 2012 at 11:41 am
its high time dora siliyas blests and her soft butocks to burst becoz of pressure .
PC
January 6, 2012 at 12:17 pm
Are they going to reverse the sale of KCM to Vedanta as well? Was also grossly under-valued
Astute Engineer
January 6, 2012 at 12:18 pm
This is a good move, things needs to be done in the right manner thats why we have laws that governs us and that need to be followed when doing any business by government and the people at large.
Bobo
January 6, 2012 at 12:19 pm
He who kills by the sword should die by the sword, Sata is the vehicle tom our economical freedom, Mr President continue the good work.
Shameless
January 6, 2012 at 12:24 pm
Some people think they become analytical by using the word analytical.
Do you think you’re more learned than enquiry commissioners?
Do you think your naive questions such as: what next? What happens to Lap-green’s investment? Won’t we scare away would be investors? Who takes over the running of Zamtel? Isn’t Zambia going to lose out? And many other questions which you “so called analysts” are asking were not considered and analysed by the Zulu led commision?
The question you need to ask is whether the sale was fraudulent or not?
Whether Lap-Green were warned by Zambians or not?
Whether Zambian stand to benefit from the reversal in the long run or not?
Are are Zambians currently benefiting from Zamtel under Lap-Green?
Given
January 6, 2012 at 12:24 pm
I hope we are not doing this to win praises and that we are fully aware of the legal implications our contry might find herself in.Otherwise,if the reported report is something to goby,the move is welcome and long overdue.The question now will be,how will the government manage the firm so that it doesn’t go back to the way it was before being given away to lap green.LONG LIVE ZAMTEL,LONG LIVE MOTHER ZAMBIA.
zed power
January 6, 2012 at 12:27 pm
will the reversal of zamtel change the poverty levels in zambia i don’t think so.lets see what our govt will do with the reversal…………finance bank has been reversed only existing employees have benefitted has it created employment kaya.Lets not be political lets work on how to reduce the dollar….let PF scrutinize all these investments we see how many were genuine at the end of it we’ll find we have no where to get extra income tiye tiye
Shameless
January 6, 2012 at 12:29 pm
Some people think they become analytical by using the word analytical.
Do you think you’re more learned than enquiry commissioners?
Do you think your naive questions such as: what next? What happens to Lap-green’s investment? Won’t we scare away would be investors? Who takes over the running of Zamtel? Isn’t Zambia going to lose out? And many other questions which you “so called analysts” are asking were not considered and analysed by the Zulu led commision?
The question you need to ask is whether the sale was fraudulent or not?
Whether Lap-Green were warned by Zambians or not?
Whether Zambian stand to benefit from the reversal in the long run or not?
Are are Zambians currently benefiting from Zamtel under Lap-Green?
Thumbs-up PF.
Vilifier
January 6, 2012 at 1:13 pm
PF is a dunderhead govenment
Ndiwandalama
January 6, 2012 at 1:20 pm
so be it!
DJ
January 6, 2012 at 1:37 pm
ITS TIME TO TEACH WOMEN LIKE DORA A LESSON, SHE DESERVE TO BE IN JAIL NOT IN HOSPITAL.DORA WERE IS YOUR BOY FRIEND BANDA? WALAMWENAKO MAKAKA.
praxade
January 6, 2012 at 2:59 pm
whaooooo!!! at last something extra bravo uncle micheal and the pf government,dont mind the sadists,evil elements and the corrupt of there ego to see yo government down coz they will never manage ni 4×4 tabakatukwanishe,infact i’m of the view that an inquiry shud be set for HH in order ascetain how he managed to amase all that wealth at the expense of poor zambians he shouldnt be cheating himself that he is clean he stinks corruption if he doesnt know he’s a very bad person and himself know that so for once HH stop pretending u saker!!!
mucho-1
January 6, 2012 at 3:08 pm
Good move! i hope the govt is considering taking our people back to the land and build shopping malls in places like vubwi, nabwalya chiombo, sesheke, mwinilunga and many impoverished places in our land, and free our congested towns, to me people in shanty compounds were cheaply sold like the selling of ZAMTEL
praxade
January 6, 2012 at 3:17 pm
whaooooo!!! at last something extra bravo uncle micheal and the pf government,dont mind the sadists,evil elements and the corrupt of there ego to see yo government down coz they will never manage ni 4×4 tabakatukwanishe,infact i’m of the view that an inquiry shud be set for HH in order to ascetain how he managed to amase all that wealth at the expense of poor zambians he shouldnt be cheating himself that he is clean he stinks corruption if he doesnt know he’s a very bad person and himself know that, so for once HH stop pretending u saker!!!
kinkinif
January 6, 2012 at 5:01 pm
Dora siliya ulimbe!!!!
try man bns
January 6, 2012 at 5:55 pm
You see thse pepo.thy are F*** ing useless,Now ans all these Rubishi Tigs U were invold.I give it a F**k!How did thy spend the Liato(cash)abt the Balance bakalipila wen Mr Rapt and Kiliya,we shud No!Zambiatell is Ours
kanono
January 7, 2012 at 3:07 am
gud move,lets wait & see…
Fair Player
January 7, 2012 at 5:50 am
Zambia is not for a few individuals, it’s for every Zambian. If we understand this important statement, then we should support every effort to give back to Zambians what belongs to them. If not reversed then the same few individuals will continue to accumulate wealth at the expense of the masses. So better poor with what belongs to me than poor when someone else is running my business.
bashi tao
January 7, 2012 at 10:39 am
THE SALE OF ZAMTEL WAS NOT DONE IN GOOD FAITH,EVEN X ZAMTEL EMPLOYEES WERE NOT GIVEN THE MONEY WHICH THEY DESERVED THEY WERE GIVEN PEANUTS.OTHERS HAVE DIED BECAUSE OF THIS.DORA STOLE EVEN THE PACKAGE OF POOR EMPLOYEES.PLEASE PLEASE FOUND OUT FROM X EMPLOYEES THE MONEY THEY RECEVIED.I HAVE NO GOOD WORDS FOR DORA, LET THE LAW TAKE ITS COURSE.BRAVO THE POLICE AND THE JUDICIARY
Kalou toure
January 7, 2012 at 2:30 pm
This is a very ****** move by PF zamtel services were becoming better if they sell it than it is going to be shit
): ):
TM Sikazwe
January 7, 2012 at 4:24 pm
Zamtel reversal- Bravo GOVT! One foolish person said this will scare away investors, my fellow counrymen, does zambia need corrupt investors? If such ones were scared, the better for us.we dont need such.If gerge kunda is a scared investor in corruption, let him go back with his investment and hung himself together with Dora, Liato……
Elijah
January 26, 2012 at 11:52 am
Zambians,
Could we try to be objective and open minded as much as possible when debating this issue! Whether it costs Zambia a lot of money from this reversal or not, the bottom line is that Zambia stands to benefit in the long run.What will be Zamtel’s value 5yrs from now?
This is a good move. Why should we always have foreigner run institutions which we are able to run. Zamtel is making money “now”. But ask yourselves, where is the money coming from? Why not spend and retain this money and improve our society?
Let us be proud of our own institutions and grow them. Look at MTN and Airtel, study there employees’ history. You will be shcoked to learn that the majority were trained by Zamtel.
Let us support our Zamtel and believe me, it will offer great and possibly better services than its competitors.How do you feel spending a lot on something knowing your money will never help you in future? Let’s be patriotic people. Look at Botswana and how that country is run.
Foreign Investment is very good but it not be against our future generations! What will it benefit us to have 600 Zambian employed and the 50 of them build houses for themselves and then a company shuts down? what happens to the rest? Mid you this becomes a chain reaction in terms of suffering….