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Report: There Was No Corruption Involved In the Sale Of ZANACO Bank To RaboBank
Zambia’s sale of a 49 percent stake in ZANACO to Rabobank Group didn’t involve corruption, according to the chairman of a commission of inquiry that President Michael Sata ordered to probe the deal.
“What the commission found was that it was all done above board,” Sebastian Zulu, a former justice minister, told Bloomberg news.
“There was no corruption involved.”
Three months after Sata was elected president in September 2011, he ordered an investigation of Dutch lender Rabobank’s 2007 purchase of a stake in Zambia National Commercial Bank Plc.
ZANACO shares were sold by late Levy Mwanawasa in 2007 with Sata opposing the move and promising to reverse the process once elected.
While Zulu said his commission of inquiry handed its report on the Zanaco sale to the cabinet secretary last year, the government has yet to make its findings public.
Milou Verhaegh, a spokesman for Utrecht, the Netherlands-based Rabobank, said the lender had no comment and was unaware of the outcome of the commission. Zanaco didn’t immediately respond to an e-mail seeking comment.
The state still holds 25 percent of the bank, with Rabobank owning 45.6 percent after selling 3.4 percent to a farmers’ group in 2008.
The inquiry’s report “has been overtaken by time,” the Lusaka-based Post Newspaper reported on Aug. 1, citing Finance Minister Alexander Chikwanda.
The inquiry found there were “issues” over the under-representation of minority Zambian shareholders in Zanaco, Zulu said.
Sata replaced Zulu, who heads Lusaka law firm Zulu & Co., as justice minister with Wynter Kabimba in August last year.
Posted by Editor
on October 11, 2013. Filed under LATEST NEWS.
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callboy Lusaka
October 11, 2013 at 8:20 am
Ok so no comment right?
Nkhuku
October 11, 2013 at 9:31 am
Levy penze patali bane.What ever he did there was no corruption invoved.
bonyolo
October 11, 2013 at 3:38 pm
Agreed man that was true leader.
zambian
October 11, 2013 at 10:01 am
That’s why he was ‘ICIBUMBA’
TC
October 11, 2013 at 11:51 am
Bali bantu balya!
CMJS
October 11, 2013 at 12:02 pm
Indeed Levy was one of the kind, my president rest in peace.
Y2N
October 11, 2013 at 3:20 pm
It was actually foolish for anyone to think Levy would sell ZANACO in a way involving corrupt activities. SHAME TO PF.
wisdom
October 11, 2013 at 3:42 pm
He was accused of having a family tree, but this guy has a family forest. AND TWO YEARS HAS PASSED WITHOUT HAVING A PRESS COMFERERENCE FOR SURE WHY?
wisdom
October 11, 2013 at 3:47 pm
It will take time for Zambia to have president like him, especially when we leave it to the street vendors to make a decision for us in politics.
mugabe
October 12, 2013 at 1:39 am
INSONI EBUNTU, BA PF, WHAT DO YOU THINK.
yongwe
October 13, 2013 at 5:43 am
Mugabe you have made my day.
Levy awe mwandi ni loss!!!