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KCM Sale Shrouded In Secrecy – Sardanis
PROMINENT Lusaka businessman Andrew Sardanis has said there was a lot of secrecy about the sale of Konkola Copper Mines.
Mr Sardanis said in a statement yesterday that “the generosity to Vedanta, the holding company, during the sale knew no bounds”.
“The Mwanawasa government had been very secretive about the deal. I tried to obtain details about my book ‘A venture in Africa’ but I struck a wall of silence,” he said.
Mr Sardanis said the nation received nothing from the sale.
“Anil Agarwal [Vedanta chairman] received KCM shares against his US$25 million, Zambia Copper Investments got US$23.2 million but the only money Government was allocated is US$16.8 million, which disappeared,” he said.
And Alliance for Democracy and Development (ADD) president Charles Milupi has said the MMD should be held responsible for problems KCM is facing.
He said there was no need for the MMD government to privatise KCM because the mining giant was economically viable after Anglo-American Corporation left.
He said that when Zambians took over the running of the mine after Anglo-American Corporation, KCM’s profits were soaring.
“What was the purpose of selling KCM at US$25 million when the mining company had a value of US$400 million and was actually making profits?”
Mr Milupi said on MUVI TV’s The Assignment programme on Sunday that the sale was at a “giveaway” price and was not appreciated by those who understood mines’ operations.
Mr Milupi said when KCM was being privatised, some of the hurdles like the price of copper were not bad as the government then portrayed.
Posted by Editor
on May 20, 2014. Filed under LATEST NEWS.
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Out of Africa
May 20, 2014 at 11:54 am
╭∩╮（︶︿︶）╭∩╮
cozmokaojr
May 20, 2014 at 12:12 pm
then why is makande busy supporting his late boss and on the other hand he is saying he was not the finance minister when the deal was concluded.shame
FuManchu
May 20, 2014 at 5:09 pm
Magande was not among the negotiators for the sale he doesn’t say he was not a minister of finance. Best is to round up all that were involved to help us understand and if it implicates Magande then he too must swim in the same soup!
I LOVE KIZITO
May 20, 2014 at 12:36 pm
audtor
May 20, 2014 at 1:07 pm
Ya bako bad ! Kanshi na ba LEVI balesendapo.
Wellard
May 20, 2014 at 1:42 pm
I know a lot of Zambians (individuals, Consortiums) that were interested in the mines but were blocked. Typical Zambians did not want another black Zambian to make money.
malundi gondwe
May 20, 2014 at 4:26 pm
Mr Magande the HIPIC should explain what happenned
Kinko
May 20, 2014 at 8:06 pm
The problem is u go into politics to eat bonse fye mwema politician that’s wy we have some graduate
from universities rashing to join politics do u mind about hanger situations in the villages,graduates in steeling.I’m foming a political party were who ever knows how to write and read should save in pantu twafilwa our fore fathers safered coz of yo selfishness,Zambia is not poor if it means bringing bac wits we shall do that unless u are a beneficially muzaonekela.