13 IDC subsidiaries that posted K5.6 billion losses


Below are the 13 IDC subsidiaries that posted K5.6 billion losses

See table below the thirteen (13) Industrial Development Corporation – IDC subsidiary companies that incurred losses amounting to over K5.6 billion in 2022 and as well as K750 million in 2021.

These are huge amounts of money that can help complete schools, University hostels and lecture rooms as well as health facilities in one year alone. Note that these numbers were verified by the Auditor General.

If the IDC board and management team dont take administrative action, let the managers who were not employed on merit continue due to nepotism or political alignment continue to loot the treasury in this manner with inpunity.

This is what is giving ammunition to some Zambians with inferiority complex, those with low self esteem and ambition to turn around and say Zambians can’t run companies profitably, let alone the capital intensive Copper mines. This should not be allowed to continue if Zambia is to stand a chance to develop.

Let IDC take necessary corrective action, and if they can’t, then changes should be made at IDC itself for lack of capacity of taking corrective and timely action. Sometimes, ACC is chasing cases involving K1 million, but these managers and their teams are losing the country K750 million and K5.6 billion.

Zambians have proved that they can run parastatal companies efficiently and profitably, but let’s employ people on MERIT and sack people that fail to make the grade.

Let’s also interrogate the ‘deliberate’ loss making operations of these entities, which may reveal deeper problems of nepotism, political interference and asset stripping, excessive perks and outright corrupt activities aimed at milking the companies.- ZBT


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