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(LUSAKATIMES) Zamtel sold at fair price – Finance minister

Zamtel sold at fair price – Finance minister
Wednesday, June 9, 2010, 8:17

File picture for Finance minister Situmbeko Musokotwane
FINANCE and National Planning Minister Situmbeko Musokotwane has said Zamtel was sold at an excellent and fair price.

Dr Musokotwane said in an interview yesterday that the US$257million that the company was sold at was the best price and the company was not undervalued. He said the Government decided to sell the company because it had become a drain on the treasury as it was making huge losses, citing the $2 million loss last year.

Government at the weekend concluded a $257 million sale of 75 per cent shares of Zamtel to Libya’s LAP Green Network.

And Dr Musokotwane has cautioned Patriotic Front (PF) president Michael Sata against making wild statements challenging him to report the corruption in the sale of Zamtel to the Anti-Corruption Commission.

The Finance minister said in an interview yesterday that Zamtel had gotten to a point were it was failing to pay salaries for employees.

The sale of Zamtel would make it more competitive, which he said was good for the Zambian consumers.

Dr Musokotwane maintained that those who would lose their jobs would be paid their redundancy packages immediately.

The sale of Zamtel was in the best interest of the company and Zambia and was done in accordance with the privatisation regulations in the Zambia Development Agency Act.

The minister’s statement comes in the wake of Mr Sata’s statement that the Zamtel sale amounts to plunder.

Meanwhile, the Finance minister has said Government has not failed to pay civil servants as suggested by some opposition parties.

“The money is there, the problem has been with the Public Service Management Division (PSMD) who have been computerising the system,” he said.

[Times of Zambia]

Labels: CORRUPTION, PRIVATISATION, SITUMBEKO MUSOKOTWANE, ZAMTEL

posted by MrK @ 3:40 PM