Lungu now worthy more than K300 million

Edgar Lungu has now amassed more than K300 Million, according to people tracking his theft of public resources.

Government official say that It would  be an under declaration if General Elections were held today and Edgar Lungu declared any amount less than K300 million.

PF government officials say Edgar Lungu got probably his biggest bribe from Syno Hydro a Chinese Company contracted to increase the generation capacity the Kafue Gorge Lower Hydro Power Station.

 

The contract was over priced by US 1 billion. Like all Zesco plunder stories, here is the narration from our source.

” If Elections were held today and Edgar Lungu declares anything less than K300 million, it will be an under declaration. He got probably the biggest bribe in October 2015. This came from Syno Hydro the Chinese Company working on the Kafue Gorge Lower in Chikankata District. The project was over priced by US1 billion. The Engineers estimate was US 1 billlion and the contract was awarded to Syno Hydro at a total cost of US2billion. That means US1 Billion was available for sharing. This is why even Victor Mundende the Zesco MD and his head of procurement a Mr. Kambole are some of the richest workers in Zambia.

Here is the breakdown of the project costs. Construction cost US 1.58 billion, Financing cost US 43 million. This is the money the Zambian government had to produce before getting the loan from Exim bank of China. This is what is called counterpart funding. This they also inflate because according to Zambia Law it should be fifteen percent of the total amount.

Insurace was pegged at US100million. You are a Journalist you can find out which Insurance company got this. Another US 43 million was capaitalised interest. The rest went to a Company called CPCS Transcom another foreign company which is the Lead Advisor to provide all transaction and advisory services to the project. China Jiangxi Corporation for International Economic and Technical Cooperation (CJIC) tendered for slightly above US1 billion but the contract was given to Syno Hydro. (CJIC) was aggrieved. To compensate the company, the same Ba Koswe’s awarded them an over priced contract of US1.2 billion to do the 321km Lusaka Ndola dual carriage way,” the source said.

Editor’s Note. During the course of the week we shall tell you why Money from Exim Bank of China is corrupting Zambian officials and how we can stop it. Is this what Edgar Lungu meant when he said Ubomba Mwibala, alya mwibala?

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