It’s criminal for PF to use public pensions money to buy Findlay’s hotel

It’s criminal for PF to use public pensions money to buy Findlay’s hotel

President Edgar Lungu enjoys a light moment with Valden Findlay at State House

By: Anthony Bwalya

Let the public be reminded again, that your UPND administration under Mr. Hakainde Hichilema is coming to reform public pensions so that your NAPSA contributions work for you and your families, both now and in the future upon retirement.

Now, In August of 2020, we were the first to caution against and object to the use of $18m of public pensions money under NAPSA to buy Chrismar Hotel, an enterprise belonging to a known associate of President Edgar Lungu.

At a time when the Patriotic Front (PF) regime is punishing public pensions contributors by refusing to pay retirement benefits in FULL, we have the same regime helping a friend of the President count his loses and bailout ahead of the 2021 general elections because not only has his business collapsed due to the death of the Zambian economy under the PF regime, this associate of the President has sensed an opportunity for a golden parachute at our public pensions’ expense ahead of an impending change of government – and his friends in the PF are helping him milk NAPSA in exchange for kickbacks.

Needless to say, Zambians have not yet recovered from the squandering of $2m of NAPSA money on the now defunct Alick Nkhata bridge, and we have another $18m NAPSA looting scheme underway.

Zambians might wish to note, that the PF regime have refused to recapitalize Mulungushi Textiles for $15m and in the process create 3,000 real and full-time jobs, generating up to $7m in tax revenues per annum; and yet they are happy to take $18m of NAPSA money and give it to their friend on a silver platter.

Why can’t the PF use this $18m to recapitalize Mulungushi Textiles?

This is the same PF regime that has failed to allow pensioners PARTIAL access to their contributions to mitigate against the effects of a dying economy. Instead, pensions contributions are projected to lose up to 40% in value by the time someone is due for retirement under the watch of the PF regime.

And instead of delivering value for money for pensions contributors, the PF are conniving with their private sector investor friends to loot pensions money by investing in flamboyant Shopping Malls and office complexes whose return on investment in the long run is undoubtedly poor due to the gross mismanagement of the economy.

Zambians must be united, loud and unanimous in rejecting this open season looting of our country by the Patriotic Front.

And the only way to put a stop to this blatant assault on our collective public interest is to REGISTER TO VOTE and kick the PF and its sordid, corrupt leadership back to the garbage tip where they all belong.

And in the interest of transparency, can the NAPSA board publish the valuation report in respect of Chrismar Hotel so that Zambians can look at the assets $18m of NAPSA money is about to buy.


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