Tendu entre le nouveau ministre des mines et ZCCM-IH

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phili675

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Message Mar 1 Nov 2011 09:24

Tendu entre le nouveau ministre des mines et ZCCM-IH

ZCCM-IH’s K850 billion proceeds from sale of 2.28% stake in Lumwana mine gone missing?
TIME PUBLISHED - Tuesday, November 1, 2011, 6:27 am
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Lumwana Mine
THERE is good news and bad news regarding Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) decision to sell a 2.28 percent stake it held on behalf of ordinary Zambians in Lumwana Mining Company (LMC) located in North-Western Province.
The good news is, ZCCM-IH that had acquired a stake in LMC from Australia’s Equinox Minerals Ltd, (the first owners) bagged an instant US$167.5 million when LMC was taken over by the world’s largest gold digger, Barrick, in exchange for a minority stake it paid US$30million in just under six years.
The bad news is learning from Wylbur Simuusa, the Minister of Mines and Minerals Development, is that the Barrick Gold cash out cannot be traced or it could have been used for something it was not intended for. In Kwacha terms, the money stands at about K850 billion.
“The money Barrick Gold paid for Lumwana for our 2.28 percent stake is not with us as a government. “I can safely say it is missing because constant calls I have made for a report regarding how the money has been used or what is remaining have not been heeded up to now,” Mr Simusa said.
“Because of the urgency of the matter and the magnitude of the money involved, I am giving ZCCM-IH one week to place a report on my desk explaining where the money is or how it has been used if it has been used”. The transaction was concluded just under five months ago before the polls.
Mr Simuusa said: “the money is supposed to be used for clearly stipulated projects and I have received no co-operation regarding the use so far. I asked questions about the money when I was in the opposition, I was given none, and since I was sworn into office last month, I have received no co-operation. This money belongs to Zambians. It ought to be accounted for.”
On June 1, ZCCM-IH issued a statement in local media announcing that “after due consideration and consultation, the board of ZCCM-IH has accepted the offer to sell,” its 2.28 percent stake in LMC to Barrack Gold, the largest gold miner in the world at US$167.5 million.
Reactions were mixed regarding the ‘sale’ of the minority stake in the largest open-cut mine in Zambia with the anti-trust – Zambia Consumer Competition Commission – on May 27 asking the gold miner to let Zambia “keep its minority stake” in the company but the Peter Munk-owned Barrick Gold prevailed after some “discussions” with State House.
If ZCCM-IH had been allowed to keep its stake in LMC, by extension, Zambia would have owned a stake in the multi-billion dollar JabalSayid copper and gold project in Saudi Arabia but now that is history and reasons for not rising to this occasion remain elusive.
What is certain though is that a highly powered Canadian delegation comprising a former Canadian prime minister and a Zambian living abroad paid intensive meetings at State House to “explain” why it was important for Zambia to give up its stake in both LMC and Jabil by extension.
The money realised from Barrick is supposed to be used for “recapitalisation projects in companies like Ndola Lime, for instance, Maamba Collieries and Konkola North Copper (KONOCO), including the repayment of ZCCM-IH loans,” Mr Simuusa said.
The other part of the money was to be used for “exploration of oil and gas, and for investing in Greenfields and diversification projects. This list I have on my table shows that this has not been done yet that’s why I want a full report on my desk.”
The Daily Mail contacted Mr Mukela Muyunda, the ZCCM-IH chief executive officer, to seek clarification on the Barrick Gold money yesterday but he referred queries to company secretary Chabby Chabala.
Mr Chabala said, “We (ZCCM) cannot release ‘market-sensitive’ information without authorisation from the share-holders or the Lusaka stock exchange.”
Mr Reuben Lifuka, Transparency International Zambia (TIZ) president, in an interview said it would be sad if the money had been “misapplied given the high poverty levels in Zambia because that amount of money has the ability of immediately changing people’s lives for the better”.
Mr Lifuka said it is cases such as “this one that we have been calling for greater transparency and for the strengthening of whistle-blowing regulations so that over-sight systems can be strengthened by way of regulation”.
But just what can one do with some US$170 million in a country like Zambia whose poverty levels stand at more than 65 percent and rural poverty peaks at more than 70 percent and more than 400,000 children of school-going age do not attend school according to a United Nations study?
A quantity surveying expert with a government ministry told us that the money can build about 7,000 classrooms at a cost of about K150 million each. It can also sink a huge number of bore-holes (at K20 million each) to provide access to clean water, which still remains a challenge in many parts of rural Zambia.
But without the report on Mr Simuusa’s desk, the rest will just be speculation. No-one will ever know whether the money is still ‘intact’ or has been used partially or in its entirety.
The only other way Zambians would know how the money was used would be through a parliament order according to legal experts or by coersion through the Minister, who so far has hit a brick wall.
[Zambia Daily Mail]
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cphil31

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Message Mar 1 Nov 2011 09:41

Re: Tendu entre le nouveau ministre des mines et ZCCM-IH

L'hiver approche, chauds les marrons.
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phili675

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Message Mar 1 Nov 2011 09:56

Re: Tendu entre le nouveau ministre des mines et ZCCM-IH

Oui, du changement à prévoir à la tête de ZCCM , et je pense que celà va même être rapide.
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alb476

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Message Mar 1 Nov 2011 10:09

Re: Tendu entre le nouveau ministre des mines et ZCCM-IH

Wilbur Sumusa s'intéresse de près de ZCCM et comment ses dollars cachés peuvent faire du bien aux zambiens et par ricochet à lui.
- on prépare la sortie de M Muyunda qui n'a pas apparemment rien fait depuis son arrivé,
- les 500 M de ZCCM-IH dans les comptes de Kansanshi ne doivent pas être inconnu au Ministère des mines.
- Ca bouge enfin !!!
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phili675

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Message Mar 1 Nov 2011 14:22

De vielles histoires refont surface

MikeTe says:
Tue Nov 01 at 11:19 am
MMD chief bootlicker is a MMD crook, zccm accounts are opaque : NO ANNUAL REPORT SINCE 2007 !!!
Zccm published only Half Yearly Report with wholly owned subsidiaries as Ndola but without Kansanshi, KCM,…
Chief bootlicker prentends he is a shareholder
Yet he has a big mouth, and he said nothing durant the last agm on nov 2010 !!??
And what about 100 million dollars swindled from ZCCM ???
Former gvt, former finance minister Musokotwane ALSO FORMER DIRECTOR OF ZCCM knew that and where the money was…
if mauritian banks refuse to return money why Musokotwane did not publicly make pression on mauritians ??
–from apanews
APA – Port Louis (Mauritius) Zambia and Mauritius, within the framework of the Mutual Assistance Programme are working
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46 MikeTe says:
Tue Nov 01 at 11:20 am
continued
to retrieve 100 million dollars alleged swindled from the Zambia Consolidated Copper Mines (ZCCM), APA learnt here.
The Zambian government holds 85 percent of shares in the ZCCM.
A high level delegation of the Zambian Task Force on Corruption, Tuesday arrived in Mauritius to pursue the matter.
Rama Valayden, the Attorney General and Minister of Justice to reporters Wednesday in the capital, Port Louis, that he will hold a working session in the evening with the Zambian delegation to discuss the follow up of the case which implicates offshore companies incorporated in Mauritius.
He said about 100 million dollars have been transferred through the Bank of Butterfield Account in London
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47 MikeTe says:
Tue Nov 01 at 11:21 am
continued
, before being invested in the banking system in Mauritius and said the suspects in the scam are known by Zambian and Mauritian authorities.
At the beginning of the year, at the request of the Zambian government, the Mauritius Supreme Court issued an ’Attachment and Freezing Order’ to several banks here on the accounts of the suspects, Mr Bernard Mungulude, Mr Kazhi Kateke and the Laxi diamond company.
The duty of the Zambian Task Force on Corruption now was to seek to identify the local agents and representatives of the suspects so as to be able to recover and repatriate the money.
Hence, local banks have been assigned to submit documentary evidence to expose the criminal gang, or else the banks will face dire consequences, Valayden said.
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bobded

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Message Mar 1 Nov 2011 16:17

Re: Tendu entre le nouveau ministre des mines et ZCCM-IH

Que du bon, la décantation commence
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Le Niçois

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Message Mar 1 Nov 2011 21:11

Re: Tendu entre le nouveau ministre des mines et ZCCM-IH

165 Millions de Lumwana + 100 M passés à l'Ile Maurice + 500 M de Kansanshi = 765 Millions à retrouver, vaste et difficile programme+ les biles Hans depuis 2007: ça en fait de smillions en plus.

1,98e..today

avec le car de ramassage pour ce qui est au-dessus on devrait être à 9,81 au moins à c emoment-là ; si les Grecs, les Italiens, les Espagnols, les Français ect....font toujours partie de l'Euro !
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phili675

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Message Mer 2 Nov 2011 08:58

Tout le monde cherche..

ZCCM-IH’s missing K850 billion: Minister of Mines looking for it in a wrong place-Maxwell Mwale
TIME PUBLISHED - Wednesday, November 2, 2011, 6:48 am
12 Comments813 views Email Print

Maxwell Mwale
FORMER Minister of Mines Maxwell Mwale says his successor, Wylbur Simuusa, should seek guidance from the Ministry of Finance to establish what happened to the US$167.5 million obtained from the sale of 2.28 percent stake in Lumwana Mining Company (LMC) by the Zambia Consolidated Copper Mine-Investment Holdings.
On Monday, Mr Simuusa alleged that US$167.5 million the country received after ZCCM-IH gave up its 2.28 stake in Lumwana Copper Mining following its acquisition by Barrick Gold cannot be traced or was used for something it was not intended.
However, in an interview yesterday, Mr Mwale said the Ministry of Finance is in a better position to explain how the money could have been used because it handles all the country’s financial resources.
Mr Mwale said if Government wants the truth on what happened to the money received from Barrick Gold, the world’s biggest gold digger, the Ministry of Finance is in a better position to state what the money could have been used for.
The former Mines minister said his successor is looking for the money from the wrong organisation as ZCCM-IH is only an investment holding for Government and does not handle any money.
“My successor should know that the ZCCM-IH is just an investment holding for Government and if he wants to know where the money went, then he should ask the Ministry of Finance,” he said.
Mr Mwale said the Ministry of Finance controls expenditure for Government ministries and institutions but he could, however, not state whether the money was used or not.
Mr Simuusa said calls for a report from the ZCCM-IH to be availed to him on how the funds were used have proved futile and he has since given it a one-week ultimatum to do so.
On June 1, the ZCCM-IH issued a statement in local media announcing that its board accepted an offer to sell its 2.28 percent stake in LMC to Barrick Gold.
[Zambia Daily mail]
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cphil31

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Message Mer 2 Nov 2011 09:06

Re: Tout le monde cherche..

phili675 a écrit:“My successor should know that the ZCCM-IH is just an investment holding for Government and if he wants to know where the money went, then he should ask the Ministry of Finance,” he said.


Cela pourrait être vrai (bien qu'étrange d'un point de vue comptable) si ZCCM-IH était détenue à 100% par le GRZ. Ce n'est pas le cas. Nous avons vraisemblablement là une question à poser nous aussi.
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mgauthi4

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Message Mer 2 Nov 2011 12:04

Re: Tendu entre le nouveau ministre des mines et ZCCM-IH

les autres 12 millions ne se posent pas ces questions ???
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