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PANIC Grips ZANACO Top MANAGEMENT
Panic has gripped the top management at Zanaco following Government’s announcement of a Commission of Inquiry to look into the sale of the once State wholly owned bank to Rabo bank of Netherlands.
Former finance minister in late president Levy Mwanawasa’s government Ng’andu Magande presided over the sale of the Zambia National Commercial Bank defying a public outcry against the sale of the bank which was said to be profitable at the time. Sources have told QFM News that there is panic in the top management of the bank following announcement of the Commission of inquiry to look into the sale of the bank, especially with recent reversal of the sale of Zamtel to LAP Green of Libya.
The sources have also revealed to QFM that the majority of Zanaco employees are anxious to go and make submissions to the Commission of inquiry into the sale of the country’s largest commercial bank by branches because of the manner the bank was sold at a give away price of US$8.25 million (about K42 billion).
The workers are said to be planning to troop in numbers to Mulungushi International Conference Centre to make submissions once the Commission of Inquiry begins sitting. In 2006, the Government sold 49 per cent shares in Zanaco to Rabobank after protracted negotiations.
Posted by Editor
on February 1, 2012. Filed under LATEST NEWS.
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Chibechibe
February 1, 2012 at 9:56 am
Ba Magande, you thought you were smart. What goes round comes round sir.
Lets us clean up. this is cool
POLITICAL OBSERVER
February 1, 2012 at 10:04 am
bantalamisoka, wapya munzi again
Gladis nomvete
February 1, 2012 at 10:06 am
yayi,ni nthawi yakwana
smoochie
February 1, 2012 at 10:10 am
Elo there’s more in the closet. Please let justice prevail.
Uncle Magande I’m so disapponted..
Albert
February 1, 2012 at 10:14 am
Why Panic…You ve given a green light for the our King Cobra to spit the Vernomo! Strike Them My Presido!!!!! they are hiding something.
alien
February 1, 2012 at 10:19 am
pliz pliz ba sata all these comisions of asking are wasting too much tax payers money let us investigate where it is necesary.i was expecting u to start adressing de problems of poor accomodation at unza,bags of maize which are rotting in their depots,job creation for the youths etc i beliv u can do beta
Tumfwakofye
February 1, 2012 at 10:20 am
Mm……! ine ukupapa..Ba MMD,nga tamwashongweshefye na zambia national soccer team had u continued to rule this country?
YEBO YES
February 1, 2012 at 10:22 am
That will be a great move.
Zambia needs more than 1000 commission of inquiries
Kalu
February 1, 2012 at 10:23 am
Please leave Zanaco, its doing very fine.
lt
February 1, 2012 at 10:29 am
when is the zaf training?
Tombist
February 1, 2012 at 10:30 am
Way to go Mr President
True bantustans:
February 1, 2012 at 10:30 am
is every thing that the previous gov did is wrong? why? before they even take their foolishness to zanaco let them start with mezaf flats,zccm,danrop,indeco,rova zambia,itt supersonic,monaco etc.pliz who killed the economy ftj and sata or rupiah? 2016 is just around the corner pf and sata must go back to central park. i,m sure they are more fit to be their than in gov.2016 real change,i mean real change in 2016 viva opposition.sata kuya bebele nafilwa,pf kuya bebele mu 2016 naba kota. Thanx you
charles
February 1, 2012 at 10:39 am
SO ZANACO was sold more less than ZAMTEL magande am dissapoited with u coz u started politicking with ZAMTEL when u knew that u sold ZANACO at song compered to ZAMTEL
muntu zambian
February 1, 2012 at 10:42 am
Commission of inquiries, commission inquiries, day in day out, whilst some are relevant, undeniably, some are not worthy the bother. For Zamtel, its making sense as it was clear that the sale was somewhat irregular, especially that the institution is a security tool for the country. But Zanaco and other companies to be investigated, is in all ways the share wast of the meagre resources that are available for various economic policies implementation that can to a greater degree benefit the Zambians.
My view take this thought about Zanaco because am convinced that the firm is doing fine, hence we have not heard any employ complain in terms of working conditions, or that the company has recorded a loss. So better to let it go on without disturbing.
In as much as it could be an exciting thing to some of Zambians, one thing is however going to be clear. The stance taken by the PF gov.t is certainly diminishing the few job opportunities which had sacrificially been created. There is no doubt that the environment being created through this style of state-management is isolating this country from global economic oneness.
The UNIP days are slowing coming. During the UNIP era, some of the days were very good, but also, some were very bad, and its those very bad days that are coming.
Mr President Sata, you can make a good leader that can drive this our beautiful and affluent country to a greater height in terms of development. But this requiries greater wisdom, and this can be found through engaging in wider consultation from people across the country, because the author of wisdom, Jesus Christ, speaks through people.
God bless.
GUN
February 1, 2012 at 10:44 am
We already know the outcome nowonder the panic,i only hope it will not affect operations because i do tuma important transactions thru this Bank.
ntombandeya
February 1, 2012 at 10:45 am
@true bantustan,we will not vote for yo Hakainde,he will neva win.go go my presido sata angel.
Kopala Swag
February 1, 2012 at 10:46 am
Ba True Cifukushi icho. Natwishiba na ka party mule supporter. Mwanya mukala lotafye.
michael
February 1, 2012 at 10:50 am
WE NEED THE PEOPLES BANK BACK TO THE PEOPLE.IT WAS OUR NATIONAL PRIDE.
THAT IS HOW WE LOST ZAMBIA AIRWAYS AND YET OTHER NATIONAL AIRLINES ARE DOING VERY WELL .
HOW DO YOU SELL A PROFIT MAKING BANK JUST BECAUSE THE WORLD BANK SAYS SO .
NON PERFOMING BANKS WERE BAILED OUT IN MANY EUROPEAN COUNTRIES,WHY DIDNT THE WORLD BANK TELL THEM TO SELL TO RABO AT ALMOST ZERO PRICE.
LAETS TAKE IT BANK ITS OURS .
RABO IS FREE TO BUILD ITS OWN BANK .
Michael kaoma
February 1, 2012 at 10:53 am
When South Africa launched a Truth and Reconciliation Commission: all atrocities commited during apertheid were investigated. This allowe closure and restitution for millions of victims.
FTJ’s blanket privatisation,left many scars on millions of Zambians. I know for a fact,millions on the copperbelt still suffer from that cancer that was privatisation.
In Luanshya,the way,Hichelema went about liquidating the assets of RAMCOZ,left the residents destitute,desperate and hopeless; the high rates of prostitution,HIV,and youth delinquencies are just some of the moral cancers,caused by FTJ’s privatisation.
We,voted for accountability: and if the govt believes Zanaco,or any other former parastatal needs a review,we can only wish them the best
Michael kaoma
February 1, 2012 at 10:55 am
When South Africa launched a Truth and Reconciliation Commission: all atrocities commited during apertheid were investigated. This allowed for closure and restitution for millions of victims.
FTJ’s blanket privatisation,left many scars on millions of Zambians. I know for a fact,millions on the copperbelt still suffer from that cancer that was privatisation.
In Luanshya,the way,Hichelema went about liquidating the assets of RAMCOZ,left the residents destitute,desperate and hopeless; the high rates of prostitution,HIV,and youth delinquencies are just some of the moral cancers,caused by FTJ’s privatisation.
We,voted for accountability: and if the govt believes Zanaco,or any other former parastatal needs a review,we can only wish them the best
Wanyafye Tigers 1 Profund Warriors 1
February 1, 2012 at 11:07 am
What is the max % of shareholding can a single shareholder have in a bank under Zambian law? What is the current shareholding structure of this bank?
“You can’t be wrong and get right….x2, No matter how hard you may try…” Jimmy Cli ff & Oneness Band circa 1974
“There are more questions than answers…..” Johhny Nash circa 1972 (Kingstons and ZCBC record sections – double sleeve album cost: 75ngwee).
Wanyafye Tigers 6 Reggae Boys 1
February 1, 2012 at 11:13 am
Remember that last or so there was a plan under MMD to sell or lease out ‘unprofitable schools and clinics’? Though the planned was shelved, I guess the ministerial salary increments we experienced under late Teta would have happened again had MMD won.
zoro4thepipo
February 1, 2012 at 11:22 am
Kalu, you are dull and foolish!!! The end does not justify the means. Just because ZANACO is doing fine does not mean it was properly sold. Its like your wife cheats on you, falls pregnant and gives birth to a bouncy baby boy. Ushakupala nokukupala. then you discover that you are not the father of that child, what would you do, keep quiet and say, ah but this baby is so bouncy and doing very well health wise!!! That’s being dull.
sitizen namba wan
February 1, 2012 at 11:28 am
I cannot understand why Magande was busy trying to make excuses for not following government proceedures in the sale of ZANACO. At one point he stated that the sale of selling ZANACO was decided in Chiluba’s regime. Yes, it could be true that in Chiluba’s regime, main parastatals were earmarked to be sold, but ZANACO and ZAMTEL were not sold in Chiluba’s regime, the process to sale Zamtel and ZANACO gained more momentum in Mwanawasa’s and RB’s Regime. Both processes did not follow government proceedures, who does Magande think he is, he thinks he should be forgiven just because he was at one time against R.B. This is politics, he should be serious, we are talking about nation assessts, and not personal issues he had with R.B. The man even lied to the nation that Mwanawasa had annoited him to be Zambian President. Did Mwanawasa have powers to decide who should succeed him, Zambia is a democracy, Magande lost big time during elections despite the annoitment. How did Mwanawasa’s annoitment help him, to get 0.3% of the presidential votes. Total failure.
MANKANDE
February 1, 2012 at 11:32 am
Shame on you all who benefited from this mess, Zanaco is the waste bank in terms of customer care and IT processing. We need to lock up some people.
zoro4thepipo
February 1, 2012 at 11:37 am
Kalu, you are dull and foolish!!! The end does not justify the means. Just because ZANACO is doing fine does not mean it was properly sold. Its like your wife cheats on you, falls pregnant and gives birth to a bouncy baby boy. Ushakupala nokukupala. then you discover that you are not the father of that child, what would you do, keep quiet and say, ah but this baby is so bouncy and doing very well health wise!!! That’s being dull. Another dull and foolish chap is Bantustan
First Lady
February 1, 2012 at 11:53 am
If the commissions of inquiry prove worthy, let MCS do his job. Dnt worry abt the money tht we pay 4 tax @alien.
I believe the reason govt. has its cabinet ministers, is to help the president. They r their 2 attend 2 yo ‘accomodation at UNZA’ & other public goods & services.
This govt. is beta than the previous 1 where taxpayerz money ws usd 4 selfish reasons & foolish ones like dressin up trees & street poles.
So jst kip quiet & be patient. Meanwhile, let the govt. do their job. If u cnt be patient enuf, go bck 2 space where u came from.
Phebby Chiwama SA
February 1, 2012 at 11:58 am
Good job mr president,@ kalu walipena
Wezzy
February 1, 2012 at 12:06 pm
When was the bank sold again…is it really necessary to do this? Isn’t this witch hunting NOW! I would have proposed ZANACO sale was let to be what it is now…
walsileng
February 1, 2012 at 12:07 pm
people let us realise that ruling a nation is not like a soft pilow so many things has to be changed and by that it takes real men and women above all the entire nation.wat happened in the mmd 20years ago the effect wasnt seen there and then but took 15years for the effect to be seen,the poverty level,the early marriegs,the HIV/AIDS,the high level of prostitution and the unemployment level we are experiencing today its bcouse someone is responsible for it,so peaple wat the president is doin right now is reshaping our beloved country to a position were its supporsed to be there is no way we are going to win this fight minus knowing were the probem started,VIVA MR PRESIDENT.
Mukombe
February 1, 2012 at 12:08 pm
Zambia tekanya, Zambian must take it easy, troop to the Mulungushi and end up without jobs, these men in Government are not saints the are mortal men and women capable of making mistakes just like the last government it all depends which part of your bread is buttered. Soon you may end up without bread nor butter. Get excited while the sun still shines it gets dark in the end. Every road leads somewhere every road comes to an end walk well.
DADADADAD
February 1, 2012 at 12:12 pm
rubish govt!
Observer
February 1, 2012 at 12:17 pm
Is ZANACO doing better after the sale to Rabo bank? If it is then leave as it is. Going back will destroy it and the economy.
conman
February 1, 2012 at 12:41 pm
wapya munzi. am sure the toliets are now busy flashing. diarhoea. its a normal reaction. next musiotunya followed by ramcoz and then zambia airways
zoro4thepipo
February 1, 2012 at 12:43 pm
Ati Observer! Another dull and lazy chap! Use your head to think and not your hands. No wonder your name is Observer, mutamba fye imwe. Nimwe Namwelepete! Wezzy and DADADAD something are other misled chaps. Maybe there parents benefited from all this mess. Twana twa ma former Ministers mu MMD!
ZED07
February 1, 2012 at 12:48 pm
ooooohhhh you will regrate very soon ati sembe situnabapoke let them own that 49 percent
muluzi
February 1, 2012 at 1:20 pm
eli lwanya.inga ba eve banda,someone gv ha th boot!
dello
February 1, 2012 at 1:36 pm
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denzel
February 1, 2012 at 1:38 pm
Refrigerated canter truck for sale. Recently imported from Japan. Excellent condition. Get in touch for more details and pics… tanganyikaspecies (at) gmail dot com
jack dawson
February 1, 2012 at 1:54 pm
wat is progress?is this progress we’re seein…come on!if it’s working let it be, fix other things!!!!
MARY MULENGA
February 1, 2012 at 2:13 pm
I think the PF Govert should really make progress on most important issues. Not looking at getting back companies which have been sold already so that people should think that they are working and yet they are running away from real issues. Lets us find ways of removing street vendors who stealing from people who want to do their shopping. You can not really enjoy shopping in town.
mwela
February 1, 2012 at 2:18 pm
bravo Mr President!you are the Man!!! and the whole zed is behind you except thieves!!!!
jor
February 1, 2012 at 2:20 pm
The MAXIMUM SHAREHOLDING ONE SHOULD HAVE IS 25%.SO ALTOMATICALLY THE GOVERNMENT WILL GRAB THE EXCESS.FULL STOP
ric
February 1, 2012 at 2:57 pm
HEY, THIS IS BECOMING INTERESTING. WHAT ABOUT THE SALE OF KCM TO VENDATTA WHO MANAGED TO REPORTEDLY RECOVER THEIR PURCHASE PRICE IN THREE MONTHS? WAS THE MINE SOLD PROPERLY?