By Amb. Emmanuel Mwamba
The Report of the Auditor General on the Accounts of Parastatal Bodies and Other Statutory Institutions for the Financial Year ended 31st December, 2022. The Report covers the Financial Year ended 31st December, 2022.
IDC CHAIRED BY PRESIDENT HAKAINDE HICHILEMA MAKE STAGGERING LOSSES
IDC’s Board of Directors is headed by President Hakainde Hichilema and provides overall guidance and direction in the management of the company’s assets and investments.
IDC was established to spearhead the development of Zambia’s domestic industrial capacity, and in doing so play a major role in creating jobs. IDC is one of the key implementing agencies of the Zambian Government’s Industrialization and Job Creation Strategy with identified growth sectors as drivers.
● The Committee is alarmed to learn that thirteen subsidiary companies under IDC incurred losses amounting to K746,084,000 (US$28.6million) and K1,854,902,817 (US$71.3million) in the period under review and out of the thirty SOEs in which the IDC holds 62.28 to 100 percent shareholding.
● Only five declared dividends amounting to K61,334,600 and K62,012,587
Amb. Mwamba also tell us how much profits they were making during pf time if at all they made anything different from these losses. Please be smart and stop distributing half baked data to the public. These SOEs have always performed badly even worse under pf. They are just used to sponsor or fund the party in power and employing cadres. So don’t just blame your friends even on things that have just remained constant from previous gvts upto the current gvt. Mwabafye chimochine
This man is really incorrigible, it’s like he doesn’t think. The IDC for the period under review was headed by his boss ECL who left the mess in the parastatal companies. He’s always attempting to be smart when infact not.