FACTS ABOUT SUN INTERNATIONAL ZAMBIA OWNERSHIP.
By: Anthony Bwalya – UPND Member.
Madam Edith Nawakwi has been lying to the public for several days now, falsely accusing Mr. Hakainde Hichilema and His Royal Highness Chief Mukuni of being shareholders in Sun International Zambia, a company incorporated in Zambia in November 1997 when she was still serving as Finance Minister.
She alleges that HH and Mukuni have enriched themselves from receiving shareholding proceeds from the company.
Firstly, I do not understand how someone who cannot tell the difference between a company director and shareholder was allowed to serve as Finance Minister. Clearly, she did not know much about what was really going on around her. No wonder the privatization mess that destroyed the lives of millions of Zambians.
For the sake of educating Madam Nawakwi and her colleagues in the PF, directors are NOT owners of the company. They merely manage the affairs of the company for and on behalf the owners. But even this role depends on the kind of directorship, whether Executive or Non Executive.
Shareholders on the other hand are the OWNERS of the company.
STRUCTURE OF SUN INTERNATIONAL ZAMBIA.
According to PACRA,
Sun International Zambia has a total of 50,000 shares.
(a) Joanne Elizabeth – Canadian Citizen ( 1 ordinary share)
(b) Sun International Inc. (49,999 shares)
So, these are the owners of Sun International Zambia and NOT HH and Mukuni. The latter Two (2) have ZERO OWNERSHIP stake in the company.
According to PACRA,
Sun International Zambia has Five (5) Directors.
(a) Richard Caesar – South African citizen
(b) Ramakhathela David – South African citizen
(c) Joanne Elizabeth – Canadian citizen
(d) Hakainde Hichilema S – Zambian citizen
(c) Munokaya Siloka III Mukuni XIX – Zambian citizen.
These are the people who “MANAGE” the affairs of the company, subject to what I mentioned about the different kind of directors.
My guess is, these are non executive directorship positions and NOT involved in the day to day affairs of the company.
They sit on the board just to provide the right kind of incorporation balance I imagine, and there is/ was no law against that.
Chief Mukuni MUST sit on that board. The land between the two hotels in question is in his chiefdom and belongs to his people.
An incorporation consult is allowed to sit on the board. The law permits it.
Both positions are renewable if the board and the individuals agree.
Fellow Zambians, Madam Nawakwi does NOT even know about this information, while if she does, she clearly does not understand it. This could be the only explanation why she has just been making wild statements and peddling fabrications.
The 1997 transaction in Livingstone delivered and has delivered excellent value for our country, thanks to Hakainde Hichilema and his leadership foresight.
Nawakwi wants to tarnish the name of a good man because she was sleeping on the job and now wants to save face?
Not in this lifetime madam.