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(LUSAKATIMES) Magande describes commissions of inquiries as a waste of time, calls on Sata to focus on developing Zambia

Magande describes commissions of inquiries as a waste of time, calls on Sata to focus on developing Zambia
TIME PUBLISHED - Saturday, February 4, 2012, 9:24 am

Former finance and national planning minister Ng’andu Magande has charged that the number of commissions of inquiry is slowing down the pace of development for country. Mr. Magande has described the commissions of inquiry as a waste of time for senior government officials who are suppose to attend to pressing national issues.

He says the time wasted on the commissions of inquiry could well be channeled to addressing the many challenges facing the majority Zambians. Mr. Magande in an interview on the side lines of the ZANACO commission of inquiry has however stated that he is available for any explanation that might require his questioning on issues to with his time in government.

He says he has nothing to hide during the time he served as finance minister in late president Levy Mwanawasa’s government. Mr. Magande has since pleaded with republican President Michael Sata to concentrate on developing the country.

And yesterday told the Sebastian Zulu led tribunal on the sale of Zanaco to Rabo Bank that he does not know how the US$8.25 million raised from the sale of the bank was used.

Mr Magande said he was not sure whether the amount raised from the sale of the bank was deposited into the national treasury.

Mr Magande denied ever interfering in the process of privatising the Zambian bank, saying all the proceeds from the sale went to the Zambia Privatisation Agency (ZPA).

“The money was paid by Rabo Bank but I am not sure if it went to the treasury or an account was opened elsewhere.

“It was not my responsibility as minister of Finance to privatise any companies. That was the duty of the ZPA and I followed the regulations of the duties of the minister of Finance,” he said.

Mr Magande said the responsibility of the minister of Finance in the transaction was only to sign away assets held by the state that had already been sold.

Mr Magande said he was not aware how the valuations of the assets were conducted as he signed the sale and purchase documents on an understanding that the technocrats who conducted the valuation were competent enough.

“The ministry of Finance had no role in privatising Zanaco and it was convinced that ZPA negotiators would come up with a good price and I never got into details on how they arrived at $8.25 million.

“I had a lot of things to attend to and I could not have looked at Zanaco, I was not concerned with its privatisation,” he said.

[Times of Zambia/QFM]

Labels: CORRUPTION, NG'ANDU MAGANDE, PRIVATISATION, ZANACO

posted by MrK @ 12:57 PM