Maravi

Who is Zambezi Consortium? Lubinda asks Liato

Who is Zambezi Consortium? Lubinda asks Liato
By Chibaula Silwamba
Thu 19 May 2011, 04:01 CAT

THE Minister of Labour and NAPSA must make full disclosure of the ownership of Zambezi Consortium concerning the US$98 million deal with ZNBS, says Given Lubinda.

Commenting on labour minister Austin Liato’s claims that it was false that a Kenyan firm had been engaged in the US$98 million NAPSA deal to refurbish Zambia National Building Society (ZNBS), Lubinda said Zambians wanted to know the owners of Zambezi Consortium and how it was picked as the preferred bidder to run the investment portfolio.

“We understand that this is an investment by NAPSA. That is not the issue. But the issue is who is behind this special investment vehicle called Zambezi Consortium. Can Liato categorically say that there is no Kenyan involved in Zambezi Consortium and can he disclose the shareholding of Zambezi Consortium? Who are its shareholders? Can he also disclose the other bidders who took part in bidding to manage that investment portfolio,” Lubinda demanded.

“Can the feasibility study be made public so that other stakeholders can assess the viability of this investment portfolio, bearing in mind that what is being invested is contributors’ money? We are being wary because the experience in Zambia has shown that many pensioners go to their graves early without receiving their benefits because of the mismanagement of these investment portfolios by some of these pension funds. That is the reason why the public is interested and want full disclosure of these investments.”

Lubinda, who is Kabwata PF member of parliament, said US$98 million, which NAPSA was investing in ZNBS, was a lot of money for which the public wanted to know the viability of the investment.

“We are not talking about K98 million but US $98 million; it’s a huge amount of money for NAPSA to invest without making a full public disclosure so that all the members of NAPSA are aware of how their money is being managed. So, please, Mr Liato should not try to wash this issue away by just telling us that there is no Kenyan involved but it’s a consortium called Zambezi. What is important is for us to know who is behind Zambezi Consortium.”

Well-placed sources in government disclosed that President Rupiah Banda pressured NAPSA to provide US$98 million to ZNBS for refurbishing the latter’s building in Lusaka.

However, NAPSA and ZNBS have failed to convincingly explain the transaction in which a Kenyan firm was allegedly single-sourced to carry out the works.
Liato dismissed allegations that President Banda influenced NAPSA in the US$98 million deal, adding that it was false that a Kenyan firm was party to the transaction.

Liato said the transaction would be managed through Zambezi Consortium but did not disclose the names of shareholders of the same entity.

Labels: AUSTIN LIATO, CORRUPTION, GIVEN LUBINDA, NAPSA, ZNBS

posted by MrK @ 1:40 PM