Jerabos and the black mountain

Jerabos and the black mountain

I really wonder how national resources are being managed. Ba Kitwe Mayor (PF Copperbelt Chairperson), please answer these questions:

1. How is it possible for GRZ to dispose a National Asset, i.e. 10% shareholding held by ZCCM-IH to a group of individuals? What was paid to GRZ for these shares? Did the rest of us Zambians who owned that asset get anything in return?

2. Did Parliament approve the transaction?

3. Does owning shares in a company entitle individual shareholders to exploit assets of the company that they own shares in? A shareholder is only entitled to a dividend and not to do as they please with the assets of the company ie the slug dump?

4. If the shareholders take assets out of the company, is that not a distribution to shareholders, which is a dividend as defined by the Income Tax Act, and subject to WHT at 15%? Will the shareholders be paying this tax?

5. Who are the ultimate beneficial owners of the 10%?

6. Will mineral royalties be payable to the copper mined?

7. You say they will register a company that will hold the 10% shares, which natural persons will ultimately own own and benefit from that company which is registered?

8. How are these natural persons going to share in the 10% shares and how is the share allocation going to be done?

9. You talk of formalising the illegal mining, how exactly does giving 10% of shares to illegal mining legalise it, and what will stop illegal miners from exploiting the site?

10. Has the government performed a due diligence and criminal background checks on these natural persons that will own the shares previously owned by the People of Zambia?

Looking forward to your responses Your Worship.



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