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?

COMMENTS

WORDPRESS: 13
  • comment-avatar
    Ep 5 days

    That’s why everyone wants to be a politician in Zambia.The reward is huge in Zambian politics.Every human being wants to be super rich.No living politician is 99.9% honest.

  • comment-avatar
    Ep 5 days

    That’s good.Politics in Zambia is a high paying Job.

  • comment-avatar

    Whatever goes up,comes down. That should be in the mind of all Zambian and in all our dealings we ought to faithful. We will see.

  • comment-avatar
    Yohane 1 week

    In all fairness, please publish the same about all presidential hopefuls. Zambians must know how those who lead them and those seeking to lead Zambia made their money. Be truthful and detailed. We deserve the truth and nothing but the whole truth.

  • comment-avatar
    M.M. 2 weeks

    Our law is very weak on the declaration of assets and liabilities at the entry of individuals into public offices. The law allows an individual to declare assets and liabilities without subjecting the claim to an independent authority to verify. Worse still, at the end of their tour of duty, the officials are not made to account for assets and liabilities they may have acquired during the tour of duty (and verified by the same independent authority. So, to me, this is a mockery.

    The law must be changed to provide for an independent authority to verify assets and liabilities claims individuals make upon entry into and exit from the public office. This way, citizens will be justified to question amassing of wealth by individuals in a given space of time and call on them to account.

    Such accusations of someone amassing so much wealth in a short space of time needs verification by an independent authority, but the law does not provide for this. Otherwise people may just be ‘getting away with murder’ (in the eyes of citizens).

  • comment-avatar
    Amanda 2 weeks

    It is really amazing I contacted you Mama Micah in regards of my lover. He no longer wanted to associate with me anymore and he was interested in getting new girlfriends, after begging and pleading with him I realized it was out of my hands, he really was leaving me. My co-worker went through a similar situation and told me that you had helped her to conceive after several miscarriages . I can’t say how much I’m grateful she introduced me to you Mama Micah +27715529472. After discussing the resolution with you, your love and binding spell has done more than what I expected. My lover not only came back to me,but has left his other girlfriends and now we are engaged, he paid off the Lobola and he even comes back home early and gives more time to the kids, something he never used to do by then, I’ve realized he has got a sense of maturity because he even talks more about our future. I don’t know what I would have done without you. I believe you are my guardian angel. Thank you so much Mama Micah and I recommend whoever has got a problem contact her or Call or Whats app her on +27715529472.

    • comment-avatar
      Honorable 2 weeks

      Hey Amanda, can you ask your beloved mama to make our politicians to start loving Zambia and its citizens?

  • comment-avatar
    So chabe 2 weeks

    Worthy vs worth

    Completely different meanings my friends.

    Worth is used to describe the valuation of a good or service.

    Worthy is used to describe the suitability of an article for use in a process or production.

    I am not worthy of your praise.

    That car is worth $250,000.

    If you cannot trade, buy or sell an item then you cannot speak of its worth.

    A players service contract is worth $10,000,000. His services are worth $20,000 a week. The player is priceless.

  • comment-avatar
    kidon 2 weeks

    For real God makes people mad before he destroys them.people have started admitting ati ni ba koswe !

  • comment-avatar

    whatever goes up will surely come down

  • comment-avatar
    samlindo 2 weeks

    WHEN SOME PRESIDENTS GO ON A WORKING HOLIDAY TO MFUWE, THEY GO THEIR TO REFLECT ON THE RUNNING OF THE COUNTRY AND TO SEE WHAT ADJUSTMENTS THEY HAVE TO MAKE WITHIN THEMSELVES AND WITHIN THE COUNTRY IN ORDER TO BETTER THE LIVING STANDARDS OF THE GENERAL CITIZENRY, WHEN OTHER PRESIDENTS GO TO MFUWE THEY THINK OF HOW THEY ARE GOING TO SELL THE PRESIDENTIAL LODGE ITSELF IN ORDER TO INCREASE THEIR PERSONAL WEALTH

  • comment-avatar

    FTJ CHILUBA spoke of these words wen he ws presidant of zambia n he ws so excited wth UBOMBA MWIBALA ALYA MWIBALA bt end result ws police 2 court life,mr presidant wen people say u lead a vry corrupt n theft goverment u say bring evidance wen u hv evidance u yoself by telling those in de field working should eat from de same field,u see JEHOVAH GOD has his on ways of expossing crimenals.just by yoself u r revealing things by yoselfs,expossing yoself after danying so many times dat yo PF lead government is not corrupt,by yoself u confess to say UBOMBA MWIBALA ALYA MWIBALA,bt u wont eat beyond 2021 u wont do wat u did in 2016 i cn assure u am n i wil b ready to die for mother zambia,i ws thier wen zambians thought K.K-UNIP: F.T.J CHILUBAs third term,R.B MMD he didnt evn want to handover power bt he did at de end.we were doubting H.H UPND dats y people didnt act bt come 2021 it will different u wil gv him de presidance 2 days after we vote

  • comment-avatar
    samlindo 2 weeks

    KEEP THE TAG RUNNING WE WILL NEED ALL THE FIGURES SOON