ZANACO inquiry goes ahead with pre-determined out come

The PF government has gone ahead with public inquiry hearing on the sale of Zanaco even when president Sata has already publicly said he would reverse the sale of the bank.

According to the adverts in the media, the inquiry which is led by Justice Minister, Sabastian Zulu, will commence sittings on Wednesday 1st February 2012.

Zanaco was sold in 2006 to Dutch bankers Rabo who acquired 49 percent, by Sata’s idol late Levy Mwanawasa administration.

Among the terms of reference by the inquiry whose outcome is almost already predicted are to determine how the sale of Zanaco was conducted and also to ascertain whether the sale met the requirements of the privatisation process.

Chief government spokesperson Fackson Shamenda has assured the public and investors that no one will be hurt during and after the probe of the bank which has the highest branch network in the country.

Financial analysts predict that the move is like to further put a strain on the dwindling kwacha value against major currencies due to investor nervousness to pump in more resources in the Zambian economy.

This especially that the move is undertaken days after the PF government ‘nationalised’ the telecom company Zamtel after grabbing it from Lap Green of Libya.

Government has also ordered Varum Beverages to immediately pay deferred tax refund, an incentive that was provided by the Rupiah administration that was aimed allowing them to re capitalise.

hundreds of companies were sold by the MMD government, including Zambia Breweries, National Breweries, National Milling, Zambia, Sugar, LENCO, Zanaco, and the mines some at far much less than the market value. These companies have for all intents and purposes been improved and are working to better the lives of Zambians.

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