A Rabo bank executive had a tough time explaining the composition of the Zambia National Commercial Bank board to the Sebastian Zulu led Commission of Inquiry on the sale of the bank.
Appearing this morning before Commission of Inquiry, Kuijpers Arnold had difficulties in explaining whether the board’s composition tally with the shares that both the Zambian government and Rabo bank have in ZANACO.
Mr.Arnold has however described the privatization of ZANACO as successful.
He says ZANACO has also continued to add value to the country’s development process.
He says despite the bank having an international firm as it’s shareholder,ZANACO remains majority owned by Zambian shareholders.
Mr Arnold adds that the process of purchasing the 49 percent stake in ZANACO by Rabo bank was transparent.
He says the bank was awarded the 49 percent stake in ZANACO because it was willing to live to the expectations of the Zambian government.
QFM
Funny that, LAP Green said the same thing…
This story lacks substance!
This grabbing of privatized institutions should be done with the maximum caution it deserves.A government privatised those institutions(whose composition was more or less the same us the current).A government is expected to be responsible for decisions it makes.Because this is really inconveniencing to both current owners and the government itself.If such institutins are going to be grabbed,is there going to be action taken on those who privatized the institutions?
If the government lost colossal sums of money a correction is inevitable. A case never dies. Let the truth prevail.
These transactions were carried out by the Zambian Govt. It does not matter who was in charge then. Whatever happens the current govt has to take responsibility. I mean all regal outcomes from these reversals, this govt has got to act as it acted when the sale was conducted.
But is it realy worth it? This Govt is better off mapping out a way forward strategy than wasting time on concluded transactions such as these. Thieves can still be pursued without Govt direct involvement. How I wish MCS had learned something from world leaders like Mandela!!
@5 man of terrances, be serious with your comments. why should the present govt. take responsibility over rotten transactions done by thieves? no ma bro, that cant happen. all those that took part in these shoddy transactions should bear the consequences. chapwa. not the innocent ones. ifintu fijinja.
what shoddy transactions this transactions looks genuine infact it started in 1998 when MCS was in government there is somthing fishy about this inquiry we know your relatives who wanted to have an interest in Zanaco.tamwaisende sha
My view is to excuse ZANACO as its doing fine and Majority Zambians are the shareholders.. but i hear the majority share holders are the one fighting to get more from Rabo Bank
rabo bank,
once you have been chosen, there is no escape. just count how many times the word gross was used in a press report on the COI findings.
its precalculated .so prepare to exit at loss as shown above on lapgreen
@5 TERANCES FIMOFIMO???? GET SERIOUS. THIS IS WHY ZAMBIA WILL NEVER MOVE FORWARD. Let the truth prevail. I would not Trust any Deals done by MMD, those fallen thieves wanted to Finish ZAMBIA for their OWN POCKETS. Unless you are part of that regime to SUPPORT MMD NONSENSE. EVERY SOUR DEAL SHOULD BE REVERSED. NOTHING LESS.
Im not sure why he “struggled” to explain the composition of the ZANACO Board. 3/5 of its members are Zambian. The executive management team is 7/10 ZAMBIAN. to be fair to Rabo they hold fewer shares now than they did when they bought it in 2007. The bank is undoubtedly in better shape now than it was in GRZ hands…certainly transparency wise that can be said to be true.
Thats already written in stone, ba rabobank. Sorry, you are going.
I am sure you are being sencere about your legally acquired shares, but stop wasting time explaining to PF. thugs dont understand the same language as civilised people.
Sebastian Zulu is a cunning lawyer who is exploiting prevailing political climate to inflict injuries on his perceived enemies. Curiously Zulu is venting punitive actions on fellow Easterners. The PF Govt grabbed Zamtel based on prevailing unrest in Libya, but this regime must realise that Rabo Bank is a credible Dutch institution supported by IMF, World Bank and European Union. This spilt-tongue talk of making Zambia a favourable investment destination whilst bent on generating dangerous mist clouds to hover on Zambian air space will just make genuine investors divert their flights to other countries enjoying safe economic weather patterns. The net result of mismanaging ZANACO has global implications.
Oh My God! Sebastian Zulu is a cunning lawyer who is exploiting prevailing political climate to inflict injuries on his perceived enemies. He is an evil creature. The PF Govt grabbed Zamtel based on exploiting prevailing unrest in Libya, but this regime must note that Rabo Bank is a credible Dutch institution supported by IMF, World Bank and European Union financial bodies. This spilt-tongue talk of making Zambia a favourable investment destination whilst bent on generating dangerous anti-investor mist clouds to hover over the Zambian air space will just make genuine investors to divert their flights to other developing countries enjoying safe economic weather patterns. The mismanaging of ZANACO has global implications with resultant negative impacts on Zambian economy.
the composition of the 49% shareholding by Rabo should be explained…
Unlike Lap Green which is a nuisance to me, the gvt should seat down with Robo Bank and talk on the way forward considering that it is ZPA which erred as per say and not Robo bank. They should re-visit the deal and make another offer. I am sure the bank will comply and pay. If they become adamant and refuse to pay, We kick them out.
zanaco a sucess story, find out and expose what you think is irregular and publish then talk to the robber bank and make sure you agree they are so far doing a gud job.Lets give credit, lets not be greedy.
You chaps where do you get such useless news from? Tumfweko has the same and there is no data! What is the composition of the board you are talking about? Don’t give us half truths, do some research first before you just post!
Iyi iwakulishomo yalatuletelela but ba MMD
I watched the clip of the Rabo official appearing before hangman Sebastian Zulu. Mr Zulu rudely insisted on a specific answer that he wanted, more like the yes or no answers that lawyers insist on when they want to score a point. That is not the same as failing to answer a question.
They should let the courts deal with these issues. Political manouvres are never fair. The Govt may have gone into this with a pre-determined outcome.