Where did the Eurobond given to ZR go?

MINISTRY of Transport and Logistics Permanent Secretary Fredrick Mwalusaka says the Drug Enforcement Commission (DEC) should take interest in how the Eurobond was used because Zambia’s railway system is not in a state it should be.

Mr Mwalusaka said in an interview yesterday from Tanzania that Zambia’s railway network is not impressive compared to countries like Tanzania, which has modernised its grid.

“If the Eurobond was purely used for the intended purpose, our rail system could not have been in this state. Let DEC or the ACC (Anti-Corruption Commission) take up the matter and establish where the money went,” he said.

Zambia successfully issued two Eurobonds amounting to US$1.750 billion in total.

The country issued its debut 10-year US$750 million international sovereign bond in September 2012. The Eurobond issuance was oversubscribed by more than 15 times.

This led the country to increase the initially planned amount of US$500 million to US$750 million, with the excess funding allocated to additional investment projects


  1. Imagine Hakainde never even talks about trying to recover stolen Euro bonds.

    Hakainde is way too soft on crime and corruption.

    Do not be surprised if his ministers start stealing because they know that crime pays and there are no consequences ever.

    Anyone that thinks that a single corrupt PF leader will be jailed is deluded. Hakainde has 4 years left in office. There is no guarantee he will win 2026. None whatsoever.

    So so disappointing.

    • Why are you so focused on 2026? You think recovering money is that simple? Billions of dollars have been deposited in foreign accounts in Nigeria.Tell me how much has been recovered.
      The UPND is focused on developing the country and allow the law enforcement dept to do their work without due pressure.
      You are the one deluded because you think Lungu is coming back to continue his Ubomba mwi bala alya mwibala campaign.

      • Oh dear. You praise singers are something else. Totally deluded.

        Your ka small god has failed miserably when it comes to fighting corruption. It was Hakainde that promised us asset recoveries just after he got elected. Upto now, nothing has been recovered. Maybe he has recovered and transferred it to Panama?

        Impotent president we have, when it comes to fighting corruption.

  2. Correction: Zambia under the PF regime issued three, not two, Eurobonds totalling USD 3 billion.
    I’d side with Indigo in this debate. Regardless of where the looted funds are hidden and how difficult it is to recover the monies, culprits should be prosecuted and jailed. That’ll send a strong message to would be plunderers. Just look at the curious case of the Guptas. Being soft won’t help anybody. Uluse lwalile inkwali.

  3. The mess is very massive. Money here was definitely stolen. How else can we take it. Same old bad trains, rail way tracks.After 50years it still takes citizens seven days by train to get to Mulobezi, from Livingstone. Imagine how broken the system is.

    Where did the money go? Some one needs to explain end the money trial traced. We are now paying heavily for a loan we did not benefit from this is just not right. We want answers now.

  4. Don’t worry the matter will be looked into. And don’t focus on 2026 bally is delivering and if he loses it doesn’t matter he has delivered and he will leave a very very good legacy that will go into the history books . Like he said he is not seeking re-election but to work for the Zambians. Salary satenga no one can fit his shoes. If you think he is not a good president vote for the jokers and see what will happen after that.

  5. Eurobond was chewed by Sata and his cohorts then like Willie nsanda, Clive chirwa etc.. it was never used for the intended projects.

  6. With the rule of law, you do not just go a grab people’s money because you think they stole it. You must prove it in the courts. All those with evidence please make it available to the law enforcement agencies it will help speed up the cases. Let’s call in Scotland Yard to assist because our agencies seem not to be getting the evidence, it’s just proceeds suspected to be proceeds of crime


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