Abusing NAPSA

Abusing NAPSA

Amb. Emmanuel Mwamba wrote;

NAPSA is funding a purported Public Private Project, the Ndola-Lusaka Dual Carriage Way, whose private contractors will reap benefits for 23years!

NAPSA has been made to fund the $300million expansion of Maamba Collieries coal fired plant to raise its generation capacity from 300 megawatts to 600 megawatts.

The Independent Power Producer is a subsidiary of Nava Bharat (Singapore) Pte. Limited which holds a majority equity stake of 65% while the 35% balance equity is held by ZCCM-IH Plc.

ZESCO had just paid Maamba Collieries,the outstanding $500million owed. ( the Power Purchase Agreement between ZESCO and Maamba is a scandalous one! ZESCO is made to buy very very expensive power…a story for another day). Yet NAPSA was made to fund the expansion venture.

The country has four major public and statutory pension scheme funds. These are; Public Service Pension Fund (PSPF) and National Pension Scheme Authority (NAPSA), Local Authorities Superannuation Fund (LASF), and Workers Compensation Fund Control Board (WCFCB).

The country is Saturnia Regna Pension Fund is Zambia’s largest private pension fund.

So when word filtered that the financially troubled Vedanta was given some form of financial leg-up by NAPSA or local banks, it wasnt surprising owing to the ventures has been forced to finance.

The information was that NAPSA had either financed or moved funds to a bank that financed VEDANTA the $246million. Vedanta claims the funds were internally generated from its group.

Over time, I have come to appreciate that the official denials issued by entities accused of misconduct, corruption and misadventure must not be taken seriously until confirmed or collaborated…in many cases the entities are usually embarrassed by new evidence.

We are waiting for collaboration…