“UPND is looting national assets such as mines, PF stoke pocket change though kickbacks” –Dr. Cosmas Musumali

UPND is bankrupting Zambia through grand theft…´they are sealing assets where PF stole pocket change´-MUSUMALI

From the Hot Seat-18.04.24

“UPND is looting national assets such as mines, PF stoke pocket change though kickbacks” –Dr. Cosmas Musumali

Zambia is teetering on the brink of economic collapse due to grand theft and graft perpetuated by the ruling party of President Hakainde Hichilema says Dr. Cosmas Musumali, Secretary General of the Socialist Party (SP) on Hot FM today.

Dr. Musumali described as unfortunate the fact that under President Hichilema ´theft and graft´ has risen to a catastrophic national level of ´asset stripping´ compared to the ´pocket change´ theft under the previous PF administration.

“The damage PF caused to the economy is nothing compared to the damage UPND will leave behind,” Dr Musumali said, “the difference is PF stole pocket change while UPND are white-collar criminals stealing national assets.”

Dr Musumali said while PF crimes cannot go uncondemned especially after a government report said several assets have been forfeited to the state including $24 million from Konkola Copper Mine (KCM) liquidator Milingo Lungu, the massive theft under President Hichilema is worrying.

“We have a situation where a company, a mine like Mopani assets are being taken over by companies, either belonging to the Presidents friends, relatives or associates which is criminal,” Dr Musumali said.

“They (UPND associates) are taking over shareholding in national assets its going into their hands from battery value chain, fertiliser contracts to the mines the evidence is there for all to see,” said Dr. Musumali.

He said it is easy for the current government to recover monies stolen from previous administration, “basically pocket change that can be traced through an audit trail, but it will be hard to recover anything after UPND is gone because the shareholding will be in foreign hands.”
Dr Musumali said Hichilema and his associates are, “owning the economy (through acquisition of stakes in national assets) while PF simply got ´kickbacks´…UPND is going for national assets.

He said when government changes as its bound to change in 2026, “ we will be a the mercy of the new owners of the assets (HH´s partners)…these are bigger thieves than PF ever was and mind you the first PF was not bad it was the hijackers afterwards that were bad.”
Dr Musumali said there is no way President Hichilema ca be ´trusted ‘with the fight against corruption when he is right in the middle of it with his associates, urging Zambians to give a decisive ´no vote´ on HH and corp in the next polls.

The SP number two also encouraged Hichilema´s government to start stockpiling gold and build a gold reserve like PF did to hedge against dollar shockwaves and other economic challenges in future.

“Gold reserves are better and stronger than dollar reserves and Zambia must stockpile and buy gold not dollars,” said Dr Musumali.
Under President Edgar Lungu, the PF government started a gold stockpile exercise that amounted to about $70 million in just under half a year but was dumped immediately President Hichilema assumed office with no explanation.
The full interview is available on the Hot FM 87.7 Facebook page.