Tuesday, December 31, 2013

Zanaco privatisation report yet to be released
By Chiwoyu Sinyangwe
Fri 15 Nov. 2013, 14:00 CAT

THE probe report into the privatisation of Zanaco has not yet been released, five months after finance minister Alexander Chikwanda said it had been overtaken by time.

In July when he received a K10.5 million dividend from Zanaco for the 25 per cent stake the government holds in the bank, Chikwanda said the government was focused to see the most capitalized bank in Zambia grow further.

"We don't want negatives; Zanaco is growing…I will not deal with that question. It has been overtaken by time," Chikwanda said in response to a question on the status of the probe report into the manner.

In January 2012, President Michael Sata instituted a commission of inquiry led by former justice minister Sebastian Zulu to probe the US $8.25 million transaction in which Rabobank bought 49 per cent shares of Zanaco which waswholly-owned by the government.

The inquiry into the 2007 sale of Zanaco closed in February last year but report had not been made public and the government was yet to state the position on the probe report.

And Zanaco which is majority-owned by Rabobank said it had not yet received the final formalities for the closed probe.

"The commission of inquiry completed its hearings and receiving of submissions on 9th February 2012," Zanaco's sponsoring broker, Stockbrokers Zambia Limited, announced in a cautionary update.

"Accordingly, we now await the announcement on the findings and recommendations of the inquiry.

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