BOZ DECISION ON INVESTRUST BANK HIGHLY SUSPICIOUS
Amb. Emmanuel Mwamba wrote;
So INVESTRUST was at the cusp of obtaining an equity partner to buy out ZCCM-IH shares.
A Malawian Bank delegation was in the country last week to finalize the sale of transfer of shares. It offered $600million for the ZCCM-IH shares.
ZCCM-IH currently owns 71.4% of Investrust Bank Plc.
ZCCM-IH is a member and owned by Industrial Development Corporation(IDC) where the President is the Chairperson.
It is clear that the Bank of Zambia take-over of Investrust is fraught with fraudulent insincerity.
We saw these dirty schemes during the privatization programme where state assets were deliberately devalued, placed on premature wind-up processes, for the greedy businessmen and politicians to pick up the assets for a song.
Similarly, KCM and Mopani Copper Mines were deliberately placed on literally “care and maintainance” to induce low value and degrade the assets, raise desperate anxieties and place our workers on a path of utter destitution and cause similar desperation on stakeholders such suppliers and contractors so that when a corrupt sale process is introduced,there would be little scrutiny or resistance.
Minister of Mines and Minerals Development, Paul Kabuswe announced that out of ten investors interested in Mopani Copper Mines, four had made it to final negotiations.
These were listed as China’s Zijin Mining Group, Norinco Group, Sibanye Stillwater Ltd. and an investment vehicle owned by ex-Glencore Plc officials.
But an unknown entity that didn’t participate in the bidding process was suddenly announced as new bidders for Mopani Copper Mine
Further Government did not bother to take the sale and transfer of shares to Parliament as required by Article 210(2).
It is clear that under CEO Simangolwa Shakalima, INVESTRUST Bank had made a turn round and began to make profit for the first time in ten years. Is this how you reward hard work and innovative management?
This tendency of kulibonesha wanting to be seen to be too clever than everyone else. There is Mwamba literally criticising without concrete information. BOZ has said it clearly that Investtrust Bank is insolvent and they have an obligation to protect the Banking system. An insolvent bank can’t clear it’s payments on the clearing house. Simply this is the main reason. Avoid politics on every issue and seek insightful advice from the TECHNICAL people.
The statement by Bank of Zambia is crystal clear.
Mwamba sometimes think of what you’re saying in your usual misinformation barking. How can one offer $600m for 71.4% shares of a company with a market capitalization of not more than $200m?
Elo you’re saying you pf deliberately placed mopani under care and maintenance, and kcm in liquidation just to devalue the assets?
Like I said sometimes think before uku bwata beats your nonsense.
It’s so clear from Mwamba that these PF criminals and their partners were about to scam and swindle the sleep Malawians $400 million!!
Imagine they wanted to get $600 million for a bank valued at $200 million which was insolvent anyway? So shameful. What were the Malawian thinking of? They should be thankful to BOZ otherwise many people would be crying right now.
These PF thieves are very daring surely.
They even wanted to steal illegally sell shares held by ZCCM-IH in Investust and blame HH as chair of IDC for the theft and illegalities! These are serious allegations for which someone must go to jail. You can be scheming against a sitting President otherwise you burn.