Sebastian Zulu’s inquiry says Zamtel sale was fraudulent

The Commission of Inquiry appointed to investigate the sale of Zamtel to Lap Green of Libya has established that the transaction was fraudulent and illegal.

Commission Chairperson Sebastian Zulu also says the evaluation of Zamtel assets by R.P Capital of Cayman Irelands was highly incompetent and misleading.

He made the revelations when he presented the findings of the commission to President Michael Sata at State House inLusakaon Thursday morning.

Mr. Zulu, who is also Justice Minister, said the fraudulent and incompetent transaction resulted in the parastatal been undervalued.

He says Zamtel was under valued at 38 Million United States-US Dollars, despite the company having a book value of 81 Million U.S Dollars.

The Justice Minister further disclosed that the single sourcing of RP Capital to evaluate Zamtel was illegal.

And President Sata has directed Mr. Zulu to develop a Cabinet Memorandum to enable cabinet make a final decision on the sale of Zamtel.

The President has further directed the Justice Minister to extend the Commission of Inquiry to the installation of the radder system deal at the Kenneth Kaunda International Airport.

President Sata made the directives when he received findings of the commission

Mr. Sata says cabinet will make a decision based on the findings of the commission.

The President says cabinet will decide whether the partial sale of the parastatal will be reversed or not.

 

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