PETER SINKAMBA CRITICIZES ALLEGED PRESIDENTIAL INTERFERENCE IN SOME NAPSA DECISIONS
By Michael Kaluba
Green Party Leader Peter Sinkamba has charged that President Hakainde Hichilema disregarded the law when he intervened for the national pension scheme authority -NAPSA- to fund part of the $300 maamba collieries limited expansion project.
Mr. Sinkamba says presidential interference in such NAPSA decisions may have long term negative effects on the authority as it was not allowed to conduct due diligence over the new 300 megawatts coal power plant investment.
He argues that globally, coal plants are being phased out due to their cost of production and effects on the environment and wonders why Zambia is investing in such a venture using public funds.
Mr. Sinkamba has warned that South Africa is on the verge of producing enough affordable power to the entire SADC region which may render the expensive power from Maamba Collieries unprofitable and pose challenges for napsa to recover its investment.
He adds that while NAPSA remains safe for its members, there is need to ensure that the law and due procedure are followed as opposed to interventions by the Head of State that may not resonate with the authority’s timeline.
PHOENIX NEWS
Mr. Sinkamba unless you have proof that HH influenced NAPSA in the Maamba decision. Stop making conclusions or making assertions without factual basis but conjucture.
NAPSA has its management, Board and investment department, Investment Management and Investment committee. These are individuals charged to make investment decisions in the annuity funds that they recieve from employees that subscribe to NAPSA. HH has no say in the running of NAPSA its an independent entity.
While we all wonder the basis of expanding Coal run plants in an era of “green economy” its interesting that you raise that and would ask NAPSA to share their policy and basis on such an investment. The trend of “sustainabilty” reports in management decsions may not have occurred, its imperative that “IF” its not being done, ZICA as a regulatory body of accounting information begin to ensure that its members follow and the public understand and appreciate why this is being suggested as a norm.
As a side note Mr. Sinkamba, Air New Zealand threw a “curve ball” on the “green revoultion” as a party it should make interesting reading, going forward for you. Would apprecaite your take.
I don’t how some of these people have the courage to display their limited knowledge in public on things they talk about. For starters, there is nothing wrong with NAPSA investing in coal plant because is coal power plants are not going anywhere any time soon so the investment will definitely be beneficial to NAPSA. Don’t be misled by the so-called clean energy talk, it will not be realized any time soon as it’s still far a more expensive venture than the existing energy sources.
For Mr. Sinkamba’s information, about 50% of China’s electricity generation is powered by coal and a further 114 gigawatts (GW) of new power station was approved for installation in that country.
Furthermore, 23% of power plants in Germany are coal powered so coal powered plants are not going anywhere any time soon since there is no other viable alternative at the moment.
Therefore, I would advise Mr. Sinkamba do more research before he comments on an issue because he is exposing himself with such limited knowledge.