By Amb. Emmanuel Mwamba
The Auditor General has revealed that out of 33 companies in which the IDC holds shares, 21 recorded a net loss of K3.8b in 2018, K7.3 billion in 2019 and K17.3billion in 2020.
These included ZESCO, ZR and Kagem Mining Limited.
What caught my eye was the declared losses by Kagem.
It is 75% owned by Gemfields and 25% owned by the Government of the Republic of Zambia.
The mine comprises three open pits.
It is the world’s single-largest producing emerald mine.
Bane when I say our resources are not benefitting this country, this what I mean.
Zambia loses over $1billion a year through tax evasion and tax avoidance schemes by multi-nationals especially those in the mining sector operating in the country, a Report; “Extracting Wealth-Extracting Minerals by War on Want” revealed.