Friday, February 17, 2012

Zamtel loses K1bn

Zamtel loses K1bn
By Chiwoyu Sinyangwe
Fri 17 Feb. 2012, 13:40 CAT

ABOUT K1 billion remains unaccounted for from Zamtel during the disturbance in operations at the height of the takeover of the telecommunications giant by the government.

According to sources, a number of middle management officials, chiefly in the commercial department have been suspended and the matter has been reported to the Drug Enforcement Commission (DEC) and police.

The sources said those suspended include some territorial sales representatives and some in distribution.

"I think the money involved in this case is about just about K1 billion because for one manager alone, he was found to have a shortage of over K930 million," the sources said.

"But in total, the money which has disappeared is slightly over a billion."
Another source said weak internal audit systems, coupled with pressure on the commercial staff to meet "ambitious targets pushed some of our colleagues into extremes".

The sources said late last year, Zamtel cut employees salaries by 30 per cent, the deficit which could be recouped by an employee on meeting the set targets.

The sources said some of the shortage which could have been due to some Zamtel staff selling directly stock which they purported to be taking to dealers had been reported to both the police and DEC.

"Basically what was happening is that there was no correlation between the stock which was leaving the Zamtel main stores and what was actually in the field in terms of what our dealers are holding," said the sources.

"We give our dealers about 30 days stock but you find at the expiry of the credit period, the stock which they are recorded to have collected fails to balance with that recorded as left the stores. So, about five guys have been suspended due to this shortage."

Zamtel chief executive officer Dr Mupanga Mwanakwate refused to comment on the matter while DEC spokesperson Simon Silomba said the Commission had not yet received the report.

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