The Drug Enforcement Commission (DEC)has clarified that ZAMTEL workers will be paid their January salaries as the company’s salaries account has not been frozen DEC Acting Public Relations Officer, Samuel Silomba says the Commission has not frozen the salaries account number: 0030210000008659 which is domicile at Zanaco Bank.
He says this account has sufficient funds to cater for workers’ salaries.
Mr. Silomba says it is therefore a lie to insinuate that workers at Zamtel will not get paid their January salaries.
He says the Commission took into account the plight of the workers and therefore, Zamtel management should be able to pay the workers without hiding in the frozen accounts.
And Mr. Silomba says it is safer for Zamtel to be depositing money into the accounts, as deposits can be made into frozen accounts but not withdrawals.
He reaffirms that the commission has indeed frozen some of the accounts of Zamtel to facilitate investigations into the alleged fraudulent sale of the telecommunication company.
MUVITV
Good clarification; we have seen insults from “educated people” ba “some of us”; that the “Kaponya government” did not think though anything they are doing. They are even questioning why the kwacha is weakening. Yet simple logic is that if one Liato can burry 2.1bn; what about the other members of the movement? They are busy buying hard currency from the market. With prudence in governance, as evidenced by the strong decisions PF is making, things will start changing for the better; honest and integrity will prevail once more, and country rather than self interest will be the beacon for Zambia. Am sure when things start changing, we will regret the delays we made n puting a patriot in state house. Yes, its my opinion, nga wafulwa campaign well for your educated president in 2016.
Good
HH the under 5 is so myopic and self centred. He is hell bent on becoming the preso. Well too bad for ngombe ilede coz it wont happen. It will be a cold day in hell if it does happen
.Well Done, Well clarified DEC. Zambians at ZAMTEL, it is for you and we all Zambian’s interest, don’t listen to that illegal ZAMTEL MD, Make sure they pay you on time as DEC has clarified the matter. MMD, RB, RP Capital, DORA and Gadhafi thieves thought we are Stu.pid. ZAMTEL is for ZAMBIANS
The zamtel report is a consequence of country electing leaders whose thinking is too simplistic. This is what happens when a country has a president who can’t read and write. Sata is NOT telling the people which method he and Sebastian Zulu are using for the valuation of Zamtel. The report they published is full of rubbish and vendetta targeted at political enemies. The govt led by Sata is confusing value with price, and price in the case is the quantity agreed between the seller and the buyer. Kavindele a failed businessman said that the value of Zamtel was roughly around US$3 Billion, but this failed businessman is not telling us which method he used to value the company. Let us suppose that he is using the book value method where you subtract assets from liabilities.
Your hatred for a fellow zambian is unbelievable. I might be tonga, but I am not Haikande stupid. Man, chill out and lets to country not to tribe.
There is a “classic” valuation method where a company’s value is equal to the value of its net assets (net substantial value) plus the value of its goodwill. The goodwill is valued as n times the company’s net income, or as a certain percentage of the turnover. According to this method, the formula that expresses a company’s value is:
Value = A + (n x B), or Value = A + (z x F)
Where: A = net asset value; n = coefficient between 1.5 and 3; B = net income; z = percentage of sales revenue; F = turnover
The first formula is mainly used for industrial companies, while the second is commonly used for the retail trade. It is difficult to use this method when Sata and Sebastian zulu are NOT publishing the annual earnings of Zamtel.
Now you wanna teach us the Hakainde economics. Man grow up, this is a public fora and no one is interested in quadratic equations or quantum physics. Be very careful because not every lozi, tonga, toka-leya are *****s. We zambians first mwanamusankwa and tribe second. Obewa swana.
You are behaving like Mutati; you seem to think that Zambias don’t understand Finance! Think again. We are not fools.
@ progressive urbanite,
If you can accept,i propose you to be sata`s economic advisor maybe sanity can return in state house.
The government knows what its doing you gongs!!!!
#6. Thank you for the formula. I am not a business major. I have learnt something I will take to the grave with me.One Zambia One Nation.
Ba progressive urbanite. Little knowledge is dangerous. Just go back under the rock you wannabe. If you nothing to contribute shut the f..k up
Progressive Urbanite you either one of the sons or relative of this corrupt former leaders. Having worked in the Zambian govt in sensitive areas, I can understand how unknoledgeable you are and Just people like you are waste enemies of Zambia.Having read the report it evident that Ruphia and his ministers have questions to answer
# 5 You an ……………. !Shame on You. You are so bitter because you will not be receiving money on a silver plate from you MMD. Stay where you. You …… Chap!
# stop waisting your time trying to show your stupidity on this blog.
#5 stop showing your stupidity on this blog.
I know i have touched a raw nerve by asking the PF govt to explain the valuation methods they are using on Zamtel but the PF cadres can’t even explain because they don’t care about the consequences of expropriation. Zambian citizens should not stay calm while Sata’s regime destroys investor protection mechanisms put in place by the three successive governments. Instead of allowing courts to adjudicate the Zamtel contract, Sata’s regime is abusing police powers of the state to damage investor confidence.
Asshole, it;s not the PF cadres running the government, but the PF politicians and academicians who are just zambian as you are. I agree with Damn, if you aint got nothing to positively contribute, then funga kinwa. Yipikaye assh…ole. You cannot pretend the current government is not doing right. You are just hateful and I would rather be with a bemba wife than a stupid tribesman. You are are incumberance to reasoning. If you benefited from the “Movement of Mad Dogs” just like liato, your days are numbered.
#15: Ati valuation methods!! Through the soft bums for Siliya? Have ever heard of a Zambian firm being given exclusive rights to value a foreign company without tendering? We wanted a president who cant read or write; but one who can stop day light robers from using stupid bookish valuation methods. Ati Investor confidence!! Am sure its because you know that 25% of those shares in Zamtel belong to RB; so truth hurts!!
#15 give up already! We won’t let your father RB and you to get away with this. The issue does not need someone to be educated to know it was a scoundrel move by You and your Father RB. Your opinion is the same as trying to convice us that Zambia is in Asia and expect us to believe you. You are on a wrong Blog. Try Zambia Watchdog
I suppose Zamtel has the right to use the ‘salaries’ account as they wish as long as it is their money in there.
They could use it to pay a supplier and the workers can be left unpaid.
Simply put, it is not DEC’s job to assign an account to Zamtel from which to pay salaries. No legal basis in doing that at all, Silomba should just shut and accept he is being used by the PF.
Well explained DEC
#1 has brought out something significant which makes fighting for corruption very difficult: It is a painful process because the net knows not whom it will catch! That said, there are so many comments about the Zamtel report that seems to go way out of the TORs as I have seen them. I don’t remember a TOR that spoke about the valuation of Zamtel; I am aware of how expediency took over reason in the whole process. Same template has been used over the years to liquidate and privatise companies as most people who were affected like me will attest. As for this matter of accounts, it is great that provision is actually there contrary to insinuations of leaving workers stranded.
Its sad to see how many pipo think that by not freezing the salaries account the govt has done a great thing. Salaries r only paid like once a month, what zamtel needs more is money for its operation, my view is that govt should quickly make its position about zamtel known as opposed to playing these cat n mouse games
@progressive urbanite
As far as I can tell the methods you are refeering to as you have alluded to for industrial companies and retail trade.
Bearing mind that ZAMTEL is a service company ie deals in intangibles unlike retail or industrial products, are any of the methods you have mentioned relevant?
Patriotism realizing that we were duped when this company was sold. We shall get it and all our market shares back. Thanks DEC for clarifying issues.
The fact that DEC had to clarify its position on staff salaries shows that GRZ is making this up as they go along. Am struck in particular by No. 1 who seems to think this “clarification” somehow redeems the PF against those who have said govt doesn’t know what it is doing. Come on! The accounts were frozen on Thursday so why did it take until the weekend before the unfreezing of this one account was made known? It sounds to me more like an afterthought!
And to those who say that business loves PF’s clampdown on corruption. Maybe they do. But be assured foreign (and domestic!) investors also like (even insist on) transparency and rule of law – both of which are sorely lacking in this case. This does not bode well for Zambia in the next 4 and 2/3 years.
This is simply primitive mentality and lacking in forethought. Workers maybe paid end of January but for how long will this seemingly big bank balance last if you stifle Zamtel operations? The jobs and plight of Zamtel workers are at risk and DEC cant exactly claim that they have given thought to any medium to long term impact of this bullish behaviour. It is frightening to take a glimpse into Govt thinking and there is clearly someone ear marked for this company.
I hate to use this cliche, but some bloggers rush to comment after seeing the tip of the iceberg. Make a positive contribution. This is a serious matter. There are some wise and patriotic individuals looking into this matter. You are not cleverer than them
@Kavundula: every blogger or rather 99.8% of them blog within only the tip of the iceberg depending on the article at hand. And depending on your level of analysis, academia and no doubt for the majority political alliance, you give an opinion. Some peoples school of thought is inwards and has little regard for due process or indeed the rule of Law which are absolutely critical in a democratic society. Govt should be at the forefront of upholding these principles. In this Zamtel saga and indeed that of Finance Bank, the Govt had recourse to legal remedies but chose to ignore that. And that is what “some of us” non partisan Zambians, with an objective view, are criticising
“Kibinda Waba Kabwa @ #1.” must know that there is confusion wrapped up within the “mist” relating to the ZAMTEL saga. Hence the need to drive your car of arguments cautiously because you cannot tell what lies 100 metres ahead of your pathway. A farmer will save enough money in a current account, for workers salaries, which corresponds to the monthly/annual income. The DEC man is not telling us the amount of cash available in the salaries accounts, and from which account money will go into salaries account to pay workers in February, March to June as the PF Govt wrestles with current owners of ZAMTEL. These fears are real & potential investors are watching keenly. Only the likes of Dr. Mahtani can invest in Zamtel having bought a standby air ticket to flash out in case of emergency.
My theory on this saga is the “PF Govt is aware that if the institute due process through the courts, it may take too long to conclude and may well out live their 5 year mandate”. This is likely to have an impact on those who may have been promised Zamtel if some of the insinuations are anything to go by.
The trouble is people like you who were either, not victims of MMD’s corruption or were beneficiaries thereof, are making the loudest noise.
thank you all for your comments, Think of this, the Goverment years before the sale had made a deliberate policy not acquire any equipment for the company for a period of 10 years (bear in mind that the Goverment was busy using profits of zamtel for other activities other than zamtel business). so zamtel was make to compete with the now MTN and zain while it was using very old equipments (imagine the agony). Now a few months before the sale the Goverment had to install state of the art equipment in all the exchanges across the country (imagine the mockery), and then the company sold and all of us declared redandant. to be cont
the company i strongly believe had the capacity to make a profit and sustain its operations, the problem was not with us jr workers, but mgt. we did everything to keep the company going but there was no change in direction from mgt and gvt side. Honestly we would not fail to do what zain and MTN or zamtel now is doing. All that was needed was change in direction and stratagy thats all. There was not need to sale zamtel and leave the zambians jobless. I believe a Goverment create employment and not the other way. Remember the words of RB ” THE WORKER IN ZAMTEL ARE MANY AS COMPARED TO ZAIN AND MTN” what a leader,
Zambia will never get anywhere with this PF government. These are people with schemes, they say something in public but behind scenes what happens is something else. What they say in public is different from their actions, thats why at times lies catch up with them, because a lie would never stand on it’s own, it needs other lies to stand on or for support.
why is DEC involved in this, I Don’t understand??
Does DEC also understand that business is a cycle. There are suppliers to be paid. Without suppliers the business grinds to a halt. Its not only employees that are stakeholders.People should be very careful how the deal with this Zamtel issue. If not handled carefully there will be more harm done than good. Once the company closes up compleyely to get back on its feet will be a big problem. People can make noise now but to run a business is a whole different ball game than politics. Especially in todays telecoms competitive world. All that will remain will be the Name Zamtel
Former Zamtel, ” THE WORKER IN ZAMTEL ARE MANY AS COMPARED TO ZAIN AND MTN” what a leader, Why are you lying witj impunity. Zamtel has 559 workers, MTN now with outsourced Huawei has 768, Im not quite sure with Airtel, but Im told they are about, 800
What happens to those who supplied Zamtel services like Architectural Work or Construction? A smooth transition is better than creating poverty and unemployment. These firms that had business dealings with Zamtel will suffer from PF govt’s desire to repossess Zamtel at all costs. It is clear that the resorting to DEC is as a result of your failure to find a credible reason for getting Zamtel as everything might have been above board!