PF forms liability company
PF forms liability companyBy Moses Kuwema
Tue 16 Oct. 2012, 14:01 CAT
By Moses Kuwema
THE PF has incorporated a limited liability company called Ilunda Chalo Investment and President Michael Sata has since appointed James Matale as acting general manager.
In an interview, Patriotic Front general secretary Wynter Kabimba said the party had taken a position that it would not abuse any public financial resources to finance its activities.
"This position has been made very clear by the President. In view of that position, the Central Committee made a decision to establish an investment committee of the party. This committee would examine how the party was going to run independent of government financially, which is the practice that did not happen under the MMD."
Under the MMD, there was a lot of outcry that the party was abusing public funds, and that culture was cultivated by the party leadership with impunity. We as PF have decided to do away with that culture because it is not only wrong but it also goes against the laws of the country in a democratic multiparty arrangement in which we are," Kabimba said.
Kabimba said the PF wanted to run a clean political party and set an example.
"We want to set an example that you can be a political party in power and do the right thing and exist without abusing public funds. This is evidence that we want to promote the separation of the government and PF as a political party, which has never happened in the past. We are the first ones to set this example," he said.
Kabimba said the investment committee of the party then decided that it was going to incorporate a private limited liability company that would get into business like any other private company.
He said Ilunda Chalo Investment would partner with individuals or other companies and invest in areas such as mining, agriculture, tourism, infrastructure development, consultancy and many other areas.
Kabimba said it was from such areas of investment that the company would be making profits and share them with the party.
"We are in the process of constituting the board of directors. The company is in the process of securing offices, it is going to have an independent board of directors which will manage and direct the affairs of the company. The general manager will report to the board," he said.
Kabimba said Ilunda Chalo Investment would operate autonomously without any interference from the party because it has to operate within the rules of business.
He said the party would be looking out for people who would like to get into business ventures with the company to come forward and get into joint ventures.
"Because of this principle of autonomy, their investment into the company will be safe and it will be completely insulated from any political financial abuse," he said.
Asked about where the party would get the capital to start up the business, Kabimba said the PF would rely on well-wishers.
"The PF has been financed by the well-wishers, those that believe in the values of this party and they have continued to put money in this party. So we shall marshal those contributions and use those contributions as our seed capital for business," said Kabimba.
Labels: MICHAEL SATA, PF, WYNTER KABIMBA
posted by MrK @ 2:51 PM
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