ZESCO $80M MISTAKEN PAYMENT IMPLICATIONS- Fred M’membe

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Dr Fred M'membe

ZESCO $80M MISTAKEN PAYMENT IMPLICATIONS

1. A payment of such magnitude will obviously go through rigorous scrutiny before it can be authorised. To say it’s a mistake is far from the truth. No normal organization can externalise such an amount with serious scrutiny, and ZESCO has sufficient internal control process as it is.


2. ⁠ If it was a mistaken payment, I can recall it from China Exim Bank. So why is ZESCO not asking for recall, and if it was not due, why should China Exim Bank refuse to reverse the remittance?


3. ⁠If it will be treated as advance payment or deposit, will interest accrue to it, or is it a non interest bearing advance?


4. ⁠If no interest will accrue, then the opportunity cost to Zambia is high. Assume you placed $80m on a 30-day fixed deposit account! How much interest would you earn? So this will be forgone as a non interest bearing advance

In conclusion, I do not see this as a mistake but a deliberate payment which was made for whatever reason and things have not gone according to plan.

I repeat, ZESCO has administered numerous similar payments in the past with no mistake. Secondly, ZESCO has sufficient financial management processes and procedures, including internal controls, before a payment is released, and therefore, this cannot be a payment made by mistake.

Something fishy here and things did not go according to plan period…

Fred M’membe

2 COMMENTS

  1. Mr. Mmembe this is why you failed Advanced Financial Managment.
    Explain what the debt was. If you are so knowledgable of the Zesco debt issue. What the total debt was prior to the debt discount and negotiation and what the debt was after. Who Zesco owed and if this payment was direct at the correct creditor. How much is still owed.
    When you ran the post, you wrote articles that made sense; or at least your reporters did and you were managing editor. This allowed us to understand the facts. Prior to the facts you and other Opposition parties have taken word from a report Published by one Emmanuel Mwamba who as readers have questioned his motive and facts in past articles.
    Government through the Secretary to the Treasury has clarified and admited where it lapsed and the measures it has taken with Zesco. Without facts you continue the misinformation mill. What a sad way to operate just for “Political Milage”. What extent will you go to misinform us to get into Public office? What a shame.

    • Fred is asking valid questions on behalf of the whole country.

      You are insulting Fred on behalf of the region you come from.

      Now that you have fixed ECL, you will fix Fred.

      I am sure coronation party plans in your region are at an advanced stage.

      Vote wisely in 2026.

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