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(LUSAKATIMES) President Michael Sata urges Investors in Zambia and ZAMTEL workers not to panic

President Michael Sata urges Investors in Zambia and ZAMTEL workers not to panic
TIME PUBLISHED - Sunday, January 22, 2012, 3:08 pm

President Michael Sata has urged investors in Zambia and ZAMTEL workers not to panic or be used by individuals who have axes to grind with the Government and are peddling all kinds of lies as a cover for their crimes.

The President has said that the PF Government’s primary duty was to be custodian of public interest and it therefore has a duty to correct falsehoods, distortions and misrepresentation of facts by elements that have unscrupulously plundered public resources.

“Despite the release of the Report of the committee investigating into the sale of ZAMTEL to LAP Green Networks to the public, members of the tainted MMD administration assisted by some imprudent media houses are still having a field day spreading falsehoods, alarm and despondency,” says President Sata.

President Sata underlined that LAP Green failed to meet three cardinal bench marks prescribed by the Zambia Development Agency (ZDA) in the sale process.

“And these are: (a) a minimum of five years of licensed operation in the telecommunications industry (b) have more than three million subscribers on fixed, mobile or fixed wireless networks; and (c) a minimum of US$250 million Shareholders’ equity for private entities or a minimum market capitalization of US$500 million for public listed entities,” President Sata said.

“LAP Green all the same had the sale consummated by a corrupt regime which disregarded its own legal requirements of effecting the tender process, the mandatory legal consent by the Attorney General and ensuring valuation within the provisions of our laws. Although, there is no documentary evidence of any valuation, R.P Capital were paid US$12.6 million which was shared with the corrupt collaborators with explicit assistance by the Government officers at various levels.”

Mr Sata said that Government is convinced that a deal of this nature shrouded in insidious corruption cannot be sustained by any court of law in the international community.

“Therefore, the scare mongering tactics by Dr. Situmbeko Musokotwane intended to cover up his crimes is essentially an exercise in futility. The PF Government’s unequivocal stance on zero tolerance for corruption has the fullest support of theinternational community which abhors resource misdirection through corruption, a big contributory factor to Africa’s retardation,” President Sata said.

“Since the advent of the PF administration all donor institutions and Governments have increased their aid outlays to Zambia and the challenge is in fact for Zambia to develop adequate capacity to use the external aid timely and effectively. ”, Mr Sata said.

On investment, President Sata said it was flowing into the country at a commendable pace because investors trust the PF policy consistency and predictability, the pillars of credibility.

“The type of investors that are idols of the likes of Dr. Musokotwane who come via the route or channel of corruption are a luxury Zambians can do without. Make no mistake about it, for we are determined to see transparency, accountability and good business moral codes in all spheres of Governance,” the President says.

“Investors who are here and those planning to invest in our country are assured Zambia is a reliable investment destination. Zambia has not only both peace and stability but is irrevocably committed to the rule of law. What is more, there are no restrictions let alone cumbersome procedures for externalisation of dividends.”

The President said that suggestions of investors shunning Zambia is a misperception and pipe dream of Dr. Musokotwane.

“The former minister as yet has a lot of things to answer including the tax deferment concessions he gave in ways which Zambian law does not mandate. Sabre rattling as a defence, he will soon prove, is unsustainable and will not get him off the hook even with the lavish coverage he is getting from reckless media houses with a strange agenda,” President Sata said.

“This Government will not be stampeded into precipitate actions and if the Government is slow in bringing to book those who have committed crimes against Zambia, it is only because they want to follow the due process of the law. We urge ZAMTEL workers not to panic or be used by people who have axes to grind and who are peddling all kinds of lies as a cover for their misdeeds. If any accounts have been frozen it is to prevent the money from being taken out and it is basically in public interest.” , Mr Sata said

President Sata emphasized that when ZAMTEL has been sorted out the majority of the shares will be owned by Zambians.

“ZAMTEL is a viable proposition when things have been realigned and streamlined. The temporary setbacks of the workers will be attended to so that workers are not subjected to uncertainties any more. Government has both the will and capacity to meaningfully capitalize ZAMTEL,” President Sata said.

“As Head of State, I will never sideline my commitment to safeguard and superintend the interests of the Zambian people. Zambians with the passage of time will realize that they never misallocated their trust by entrusting me to preside over their fate and destiny.”

Labels: LAP GREEN, MICHAEL SATA, NEOLIBERALISM, SITUMBEKO MUSOKOTWANE, ZAMTEL

posted by MrK @ 5:07 PM