ZCCM-IH MINORITY SHAREHOLDERS THREATEN LOCAL AND INTERNATIONAL LEGAL SUIT AGAINST CHANGES AND LOOTING OCCURRING AT ZCCM-IH
Via a sens announcement this day, we have just learned of the dismissal of Mr Moses S
Nyrienda, Non-Executive Director of ZCCM-IH, appointed by IDC on 13 December 2021.
I would request you to kindly inform the minority shareholders of the reasons that led to Mr.Nyrienda’s dismissal at a time when the entire Board and Management of ZCCM-IH are working satisfactorily to turn the company around.
Your silence, or a response that is not substantiated, will lead us to believe that this
dismissal is suspicious.
After the ousting of competent people like General Councel Yadika Mkandawire, the
resignation of former Chairperson Dolika Banda and now the dismissal of Director Moses Nyrenda, this is a lot..!!
These Words will probably seem incongruous or even inappropriate to you, when we are
minority shareholders. But as a reminder, we are full stakeholders of ZCCM-IH. Every bad
decision, every bad interference, every bad investment has had an impact on our company and our investment and has prevented it from becoming the Zambian First Quantum.
It is therefore entirely legitimate for us to strongly denounce decisions that are going in the wrong direction for our company ant to praise them in the right way.
Especially as we are fully aware of what is happening in Zambia.
High-ranking Zambians, disgusted by a number of actions contrary to the country’s
interests, have informed us that a new clique is being installed in strategic positions in
ministries and SOEs, sacking upright people who refuse to accept their dirty tricks.
Its sole objective is their own personal interest. We are seen as the watchdogs of Zambia’s jewel ZCCM-IH, and these patriotic people do not want to see the shenanigans that have left ZCCM-IH and the country in exsanguination in past years reappear.
Kapiri Glass,Investrust bank, Mushe Milling, the political vicissitudes of KCM and Mopani, Ndola Lime have been dramatic for our company.
Regarding Ndola Lime, US$120 million went up in smoke in this scandal.
The Committee of parastatal Bodies has explicitly requested IDC to initiate the necessary prosecutions and bring the crooks to justice. Nothing has been done, even though I sent the information to all IDC managers in 2021.
As CEO of IDC which is the main shareholder
of ZCCM-IH, it is your duty to protect the interests of our company and I urge you to follow the recommendations of the Committee of parastatal Bodies.
Any investment in new shady lame ducks and any suspicious dismissals will be brought to
the attention of the Zambian people, and denounced to the international Bodies that
believe that Zambia is back on the right track.
The minority shareholders will always remain vigilant to ensure that their interests,
which are the same as those of the Zambian people, are protected.
Finally, in the light of the latest developments, I would like to inform you that our group of
shareholders is going to formalise a defence association which will have the power to take
legal action not only in Zambia but internationally, beyond the ZCCM-IH framework.
Yours sincerely,
Thierry Charles is making very serious allegations here. ZCCM-IH Plc management cannot possibly leave such a matter continue to appear on social media without giving their side of the story.
Ba Gunner ZCCM-IH majority shareholders can appoint who they want. There is no legal justifucation for this character. If anything ee should be questioning why this man seeks to make so much noise. He last made assertions about Ministers which have gone both unanswered and unsubstaniated.
Does ZCCM-IH need this kind of noise? This man can address alot of the issues raised in board meetings. Why the noise? Whose attention is he trying to grab? Wont this affect the share price to the detriment of the nation? To me, this is a wrecking ball in the making. Seeking to mess the state entity. Its not about individuals he seeks to discredit, but messing the company and its credibility; if left uncheck. He seeks to destory the very entity he owns. We should ask if we need this kind of a fellow and he is only a proxy. Let those he represents to prevail over his trend of overzealous outbursts that if necessary can be made in the board room than public which maybe misconstrued. Lets us know who this man is and who he really represents. Activist shareholders have hidden motives if not checked.
Still ZCCM-IH has an obligation to explain what the heck is going on. Thierry Charles has said 120 million US dollars was lost at Ndola Lime and ZCCM-IH is seemingly doing nothing about it. Minority shareholders have to have their say in corporate governance and the majority or controlling shareholder has a duty to answer in the boardroom or the annual general meeting.