Zamtel Final Report

1. @ malabish… what are you waiting for to reposes:-??

2. I cant see the report ba LT. Where is the Report or are you still downloading?

3. hello imwe ba fi colour ba lusaka times, i can’t see your report.

4. The report is on the HOME page on your top right ba koswe imwe.

5. Click on download bafikala you will see the report..

6. The report is there 111 pages.LT the date when the president gave this instruction is confusig-he was not yet in power!!

7. I cant believe what I was reading.Was this happening in Zambia where we have so many big brains with degrees? how and why did we allow MMD to mess us like this? My God, this transaction was pathetic. I will not comment much, the document is there for every Zambian to see and conclude. One thing I have noticed is facts have been presented. The issue of Sata engineering the fundings is not there. It is an open doc with alot of facts.

8. @6 Kwekwe. WHAT ARE YOU TALKING ABOUT?

9. Kwekwe #7, I agree with you completely!

10. Kwekwe #7, I agree with you completely! This is pathetic and disgusting. The report is there for everyone to see! Dora should be caged! Awe sure, ati be former Minister? Ule shitisha ichalo. Fellow Zambians it’s high time we woke up from this deep slumber and let NOT such a thing happen again. We did it last year by removing this corrupt thing called MMD by removing it out completely! Lets get back what belongs to us.

11. I actually read this last night and I cannot believe how mmd could possibly rape the country like this. And hh is busy defending mmd.? It’s unbelievable

12. Facts are out. Now let’s hear from those crying witch hunting. You look at the time lines of how things were happening, you even know the guys were in a hurry to sell, for reasons we all know. eeish.

13. so in this report the actual value of zamtel has been stated. is there a a counter valuation by a peer of RP capital, or any expert opinion? 
    the only thing this report contains is that many procedures were not followed. that is clear. was their anyone more competent than LAP green bidding, where their any zambians bidding.? 
    i hope the president has better info to use against LAP green than this report coz its just crap

14. i thought the real objective was to show that zamtel was under valued and was sold for a song as many have coined it. beside inappropriate behavior of the public officers does this report answer this all important question

15. i thought the real objective of the zulu commission was to show that zamtel was under valued and was sold for a song as many have coined it. besides,the inappropriate behavior of the public officers does this report answer this all important objective

16. I am still reading the report, will comment when i finish reading it.

17. @Global citizen, are myopic or an MMD Cadre? Do u understand a Business Transaction? What is an illegal transaction? Do not just say, for the sake of aguing, scrutinize, if a transaction is flawed, then it has to be corrected.

    • you being objective what did you read in the report

18. @#13.. God you are not too bright…………….I would be ashamed if you were my son…. It was never about valuations alone.. That was never the main thrust.. it was always about the treasonable decision to sell such a high value, security asset totally again public opion and interest, ciminal liability mis-conduct in the process followed by all parties(which includes valuation amongst others) and ultimately the VOID status of any agreement to sell..

19. paid PF cadres paid to comment on this blog. This report is crap substandard, one sided and plain useless, something like a letter written to a girlfriend. I thought I would see alternative bids.And even people listed in the appendix,no RP capital rep, or LAP green reps or even those that lost the bid.

20. This report is a disgrace to our image as zambians and a total shambolic piece of squalid junk.

    And how much was paid to produ e this load of rubbish called a report? This is total plunder of national resources

21. This report is a disgrace to our image as zambians and a total shambolic piece of squalid junk.

    And how much was paid to produ e this load of rubbish called a report? This is total plunder

22. @Starved man, you are a disgrace yourself to begin with? Are u a Zambian? let’s us look at Britain? Who owns British Telcoms? If u are a foreigner, then i understand if u re. Zambian national assets belong to Zambians! Lets look at South Africa. Who owns Telkom? Im asking you simple questions. Umwana ashenda atasha nina ukunaya ubwali, that’s who you are? Do you know mwembesh earth Satellite u? Tell me, would u like it to be in the hands of a foreign company compromising our national security? Do u even know what an earth satellite is? think before u blog?

23. U should get back our company.Corruption is corruption wether by foregners or by Zambians.We don’t care who bought Zamtel thru corruption but what we want is transparency .Why is situmbeko pleading with da govt not to reposes ?is he crazy?We told MMD not to sell Zamtel.Therefore we need Zamtel back.We zambians gonna run the company.

24. @14 & 15, Global Citizen: Baba, don’t be so daft!!! Have you read the report or you are just barking without facts even though facts are plainly stated in the report?! Check this out you moron:

    TERMS OF REFERENCE:

    1. To determine how the sale of Zamtel was conducted.

    2. To ascertain whether all the required procedures relating to the sale were
    complied with.

    So where does it say this COI was given the mandent to acertain the issues of whether Zamtel was fairly valued? Did you expect the COI to go outside its mandate and produce a separate valuation report? Where does the terms of reference say they were supposed to do this? What is wrong with some Zambians? Even when facts are so obvious, they still want to twist things and appear smarter than they really are, geeeeeezz!

25. Any way, reading this report, no wonder Dora Siliya has allover a suden developed a terminal disease—-the Chiluba syndrome at play ka! This “soft bum” is in deep sh!t!!! She even lied to the Chirwa tribunal which was constitutionally mandeted to look into the Zamtel saga? At a mininum, she pujered herself and that alone is enough to send her away for a considerable amount of time.

26. Let us all agree that this report is crap. If you can’t see that it is no wonde3r you keep voting crappy leaders into office. For once, the report is very one-sided, is very very very thin on detail, apart from the fact that it has managed to amplify a few actions into 100 pages. If Sata was fair he should have asked a independent team to conduct a professional review of the whole transaction. What Sata has done producing this report is not any different from what the people involved in the transaction did: both Sata and Dora and others are against the interest of Zambia. PLease stop insulting our intelligence, we already know you are not worth the job you have been given…we are by far more intelligent than you. In another 5-10 years the stinky truth behind this report will emerge!

27. Thanks a lot Yambayamba #24, 25. I have noted over time that a lot of us Zambians want to argue without a premise, hence the incessant arguments that quickly escalate in obscene expletives. Wherever you have terms of reference and a premise the way is clear. This report, to me, based on what they were mandated to do, has done justice. The next step is to apply the findings to justice and due diligence.

28. @ 24, Yambayamba, you are right – valuation was not part of the TORs, but then how does the COI conclude that “the price at which Zamtel was sold clearly shows that the company was grossly undervalued and GRZ paid more than it received”? 

    Else, there is lot to go through, but am so far struck by the vitriolic and condescending language. Normally, you would expect a COI to present some kind of balanced picture with points on both sides before drawing its final conclusion. This one, however, only seems to be about proving PF’s presuppositions – and with little justification for why they recommend the immediate return of 100% of Zamtel as the best course of action. What if any alternative actions did they consider or was that also was not part of the TORs?

29. Wow!

30. The report makes a very depressing reading. I can’t believe it happened with people who supposedly are guardians of zambia’s wealthy. And the fact that RP staff prepared letters for the president-how low can one sink?

31. @26 Gokigo Milazhe

    Have you looked at the composition of the committee? Do you need you need to know their individual qualifications? What in your opinion is 1 sided about this report? What I see is a lot of facts with traceable Audit Trails.Presented with the same facts what opinion would you come up with? I believe strongly you would come up with the same opinion. When everything is said and done, If you squeeze oranges, you will absolutely get orange juice. Don’t misunderstand me for at the end of the day you are entitled to your own opinion. My only plea is that we remain above board and do not defeat the objective LUSAKA TIMES BLOG was instituted for. Lately, we have just almost lost it.

32. Good PF Government is working flat-out clamp on corruption. They will win even more hearts if they extended this to Constituency Development Funds (CDF). Why isn’t development trickling down to the masses in the rural, photos from the provinces tell a sad story of a seriously impoverished society, whilst the people they voted for live like stars in Bervely Hills driving posh cars and drawing graduity at the end of every 5 years term of Parliament. More needs to be done regarding accountability of CDF, this will encourage rural community to remain where they are instead of encroaching on an already over-crowded Lusaka. It will be a test case of how serious Government is on corruption, audit will cover all MPs regardless of which party they belong to. Need serios leaders to serve our people

33. One thing i respect most Zambians is the ability comment b4 reading or understanding a topic (issues) at hand.

    Zamtel is for  libyans. We paid 4 it using our TAX monies.

34. One thing i respect most Zambians is the ability 2 comment b4 reading or understanding a topic (issue) at hand.
    Zamtel is for  libyans. We paid 4 it using our TAX monies.

35. l am mowless ! These  were either frightening levels of incompetence or frightening levels of corruption ! either of which must lead the zambian people to never allow the mmd any where near the nations till for a generation until they cry for mercy! As for dora and henry they must be locked up and the keys thrown away 

36. I have read the recommendadtion… GRZ must move ahead and pay green leaf what they paid and end of story. My friend who retrenched by these Gaddif mecenaries can get his job back.

37. I hope that some of you “educated illiterates” will now submit objective arguments and points since you have now read the report which was readily available 2 weeks ago!! 

38. Sebastian Zulu should stop wasting our time and grab Zamtel….absolute nonsense by Dora Silinyo…she must be arrested immediately. How can you sale a big company at a price equivalent to one locomotive head.

39. Pg 92 states that per Ernst & Young, ZAMTEL’s TOTAL ASSETS were K542billion and TOTAL LIABILITIES K903billion, a negative equity of K361 billion at 31 March 2010.  Therefore, the company was totally BANKRUPT. Then in small print on page 93, the report states that Zamtel therefore had negative equity of K36million!!  What lunacy is this?  Why didn’t the Commission have some accountants on it or at least to review the final document?  This is just a fix to show that the situation was not desperate.

    Why is William Harrington included in Civil Society Organisations in Appendix VII?  Maybe he really is!

    Why were the witnesses predominantly 30-40 something low level former employees  who had large axes to grind against the transaction?  Why do they mostly have Bemba names?

40. I dont even have to read the report to re-enforce my claim that every major deal under MMD had no benefit for the country in the long run. Zambia has been the losser time and time again. Until we have leaders that are nationalistic and patrotic, instead of internationl casino experts masqurading as leaders, we will continue the rot.
    Imagine, under MMDs watch Zambia was lossing more than $500Million/pa because of unregulated gem stone exports. Those foriengers who own the gemstone mines were just paying MMD then shipping out untold wealth unchecked.

41. Jay Jay # 37 don’t ask your friend to go back! It won’t be easy anymore. We are now observing performance with eagles’ eyes. Anyhow, it will good for him to get his job back especially if he has not fared well since. I know of two of my friends who emerged even better as a result! Speaking generally, there is simmering sign from these inquiries about “pressurised to do this and that” or “forced to sign”. I am beginning to wonder whose fault that pressure or force is? Is there any tangible proof to show that that was the case, or is it the usual circumstancial evidence while trying to jump sides? Bloggers, observe, and deduce!

42. #17 Joachrome & #18 Diggas offering alternative views does not make one a cadre of any political party and neither does it make them less zambian than you. are PF cadres yourselves?  anyway, for your information what started all this probing is the popular sentiments that Zamtel was under valued, and the president was trying to  show that this is true. it so happened because of corrupt manner under which the entity was sold.this is what MCS what people to see. this is what i expected to see in the report.
    i expected the commission via peers of RP capital totell us the true value of zamtel at the time of the sale.Ernst & Young found zamtel insolvent.do you think they were corrupt as well.

43.  # 17 &18  if it was undervalued it means zambia lost but if not then we lost nothing of course that is for us how believe in private sector  driven economy. if your issue is that you just don’t want zamtel to be sold at any price,you believe in GRZ should own property on your behalf, then i think we have a problem. 

44. @ 39. Manyani. Mr. Cosmas Mwananshiku was the commission accountant. He is a high profile accountant who was once a partner in Ernest & Young. Negative equity occurs when the value of an asset used to secure a loan is less than the outstanding balance mount on the loan. You probably meant that the values of the assets was less than the liabilities. That is normal in business. However Zamtel was still going concern. But one needs to look beyond the figures to know that was profound negligence in handling the transaction. Take a look at the then Minister’s correspondence. It speaks volumes. Do you that Hon. Mutati went into specific details on LAP Green, but little or nothing on the sourcing of RP e presented his statement to Parliament? We definitely expected the leaders to have done more.

45. I wonder if the President read all this report, or the Doc read on his behalf.

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