13 IDC subsidiaries incurred K5.6bn losses in 2022 – AG
THE Auditor General’s report on the Accounts of Parastatal Bodies and other Statutory Institutions for the financial year ended December 31, 2022, has revealed that the Industrial Development Cooperation (IDC) had not produced audited Consolidated Financial Statements for the years ended December 31, 2018 to 2022, as at September 30.
And the report has revealed that 13 subsidiary companies of IDC incurred losses amounting to K746,084,000 and K5,636,650,284 in 2021 and 2022.
According to the report, the loss making subsidiaries include Times Printpak, ZCCM-IH Plc, Zambia Airways, Zambia Railways, Zampalm Limited, Zesco, Zamtel, Indeni Petroleum Refinery, Infratel, Superior Milling Company, Mulungushi Village Complex Limited, Mukuba Hotel Limited, and another.
The report stated that as at 30th September, 2023, no sanctions were meted out on subsidiaries that had not prepared their financial statements
There we go again. Parastatals milked in the treasurery dry during the Kaunda era. Fire the people running them or sell them off. Taxpayers should not be supporting companies that ought to be making money