Auditors are calling for arrest of people behind the purchase of fake kiln for Ndola Lime.
The firm spent over $100 million for a purchase of furnace or kiln that has failed to work
“Ndola Lime borrowed $100 million from the money market and used it to construct a new production plant (Shaft Kiln with ancillary units). The plant was supplied by Terruzzi Ferlcax of Italy.
The technology was wrong and hence the project went terribly wrong.
The Kiln exploded on commissioning. That expense has resulted in bunkrupcy of the company.
The problem the company is facing is complex and hence the solution is also complex. Privatization alone will not change the current problems: lack of working capital; unsustainable debt; constrained production capacity.”