ActionAid Zambia is dismayed by a leaked video showing Vedanta Chairman Anil Agarwal mocking Zambia over the privatization of Konkola Copper Mines.
A You tube video has surfaced showing Mr Agarwal speaking at an event in India in March 2014 where he ridiculed the Zambian government for selling KCM at a cheap price of 25 million US dollars.
In the video, the Vedanta founder goes on to reveal that KCM is giving him 500 million US dollars per year plus and extra 1 billion US dollars.
Action Aid Zambia Head of Economic Justice Programme Patrick Nshindano said the video is disheartening and shocking.
“It is disheartening that the KCM boss could talk about buying a national asset for a song with such impunity, Mr Nshindano said.
He added, “For us at ActionAid, this video confirms what we have always said about the privatization of some of these assets. This goes to mean that there was something fishy about the whole process.”
Mr Nshindano said corrective measures must be put in place to remedy the situation.
“This should compel Government to relook at these privatization deals and see whether the country is benefitting from its mineral wealth,” he said.
He also revealed that the civil society is strategizing on how to add pressure on Vedanta and the Zambian Government to review the existing mining agreement.
I know we have been through this route before. Imagine if KCM was being run by State owned firm. All that massive profits would be sitting nicely in Zambian commercial banks. Let government identify local key experts to venture into mining, help them to set up and run at least one mine, give them the $1billion Eurobond. They can pay back that 1 billion in less than 5 years
but mu Zambia there is confusion and st.upidity,,,,, this mwenye is seriously milking 500 US dollars per year in broad daylight while Chikwanda is trotting around the world with a begging bowl….. and president shetani mudyelekezi is busy tossing is ministers around portfolios,,,,, black people when are we going learn to be people??,,,,,!
And ActionAID Zambia where is Pamela chisenga?? who is this guy Patick Nshindano,,, his name sound like he is social misfit
if Sata will fail like always to deal with this kawalala Anil,,,,, i will personally phone kambwili to go grab (mugabe formula) KCM of behalf of Zambia,,,, this is genocide in Zambia,,,, Kambwili is the only one with solid balls in PF even if has he has bear size brain,
@THE CHOSEN ONE: I HOPE YOU WERE CAREFULLY CHOSEN (JOKE MY DEAR)! YOU HAVE A POINT BUT THE PROBLEM THAT WE HAVE IN THIS COUNTRY IS “TOO MUCH HATRED” FOR ONE ANOTHER. IT WILL HAVE TO TAKE SOME TIME TO ALLOW FOR THE CURRENT GENERATION OF TRIBALISTS TO PASS BEFORE THINGS START WORKING WELL FOR THIS COUNTRY. THE HATRED IS SUCH THAT INTELLIGENT MANY TIMES IS BEING COMPRISED BY THINGS LIKE TRIBALISM LET ALONE TRIBAL-BALANCING. YOU CANNOT DO ANYTHING PRODUCTIVE BEFORE ONE STARTS ASKING QUESTIONS ON WHAT TRIBE YOU ARE. TIME WILL SOON ARRIVE WHEN THE MUSONDA HAMOONGAS, THE SITALI MULENGAS, THE KALUMBA PHIRIS, THE MBINJI MWANZAS, THE MWAMBA MPEZENIS AND OTHERS WOULD STEER THIS COUNTRY AWAY FROM WHAT IS HAPPENING NOW WHERE THE COUNTRY’S WEALTH IS BEING LOST JUST LIKE THAT. WHO SOLD KCM ANYWAY?…
Very suppressed brains ama Zambians.
windfall tax on all companies operating in zambia is the easiest solution to all such problems….atleast this guy cn reveal himself,ask yoself how much ùoney airtel and mtn are making from zambians and shifting all those profits……
” Imagine if KCM was being run by State owned firm. All that massive profits would be sitting nicely in Zambian commercial banks. … identify local key experts to venture into mining… ”
There are so many ways to profit from the mines, if the negotiation is done *in good faith*.
The Zambian government should own the mines outright. They can then:
a) Run their own mining company, overseen by Parliament and the ZRA, with monitors to do live reports on production, transportation, etc.
b) Hire a private company to mine on a cost only basis, with maybe some small bonus incentives for punctuality and honesty.
Zambia should be investing in irrigation, roads, agriculture, manufacturing – health and education would be free of charge throug college. That’s the cost of of…
The only way we shall benefit from these national assets is for government to come up with a deliberate policy to encourage local consortia to venture into this business. Much as it is an expensive venture but these foreigners will never develop our nation.
Who thought corruption could cost Zambia so much? Am appalled, shocked, disheartened & and sickened. How surely can a normal person agree to just give away; not even sale the country! Mwebantu sure!
“In the video, the Vedanta founder goes on to reveal that KCM is giving him 500 million US dollars per year plus and extra 1 billion US dollars.“`
just look at that statement,,,, am asking myself how much tax was paid to Zambia before that money got to him
Say what you want about Mugabe but his intent has always been in the right place. No way should that money be flying out of Zambia like that, if thats not a definition of milking a country, I dont know what is. These guys are not afraid of anything thats why they can brag like that with a straight face and fly into lusaka tomorrow with impunity.
Isn’t King Cobra in the same league with Mugabe? Why can’t he act?
Sata afukililafye docile Zambians. Ningwele fye Sata.
” Say what you want about Mugabe but his intent has always been in the right place. ”
Absolutely – and that is why he has been demonized for the last decade. The example that President Mugabe set, of redistributing land to hundreds of thousands of Zimbabwean families (most of the land corporately owned, like the 117,000 hectare De Beers Deshan Ranch), as well as demanding at least 51% Zimbabwean ownership of the mines – which I think is too little, but still more than what we have – is why a multi-billion dollar campaign was launched against the people of Zimbabwe.
The lesson of Zimbabwe is that there is strenght in numbers – SADC, the AU, need to mount a campaign against the IMF/World Bank/WTO.
What if SADC nationalized the mines all at once? They’d have no response.
A clear indictment on how low people think of you when you think too low of yourselves.
Whereas elsewhere a committee of parliamentarians would swing into action to question this Anal guy, in Zed we will wring and cringe and then fade away into a whimper while the rot continues. I would urge we address this outrage with the competence it deserves.
I remember Larry kalala, Valentine Chitalu, Muna Hantuba and Larry Sikutwa with the backing of a known banker approached Mr. Guy Scott and offered to buy off KCM and promised to pay a minimum tax of $30,000,000 a year.
What is the government waiting for?
this is a situation of taking advantage of an ignorant low education landlord. manipulating him with simple arithmetic and still get away with it. it stinks with pain. it all falls back on the fossil chikwanda
Rich Zambians with no drive and creativity are too blame. We are all to blame for being docile.
lm on the blink of catching fire , I feel intensely hot , if fury wont consume me I will myslf consume some one here due to the fact that I ve read this Agarwal news while standing & slaving in the very country of the plunderer.l ve only one plea to my president, king Cobra. please spit one full eye blinding vernom into agarwal’s eyes, I wnt to see him fell flat & never to insult my people again!
Long live king Cobra!!!!!!!!!!!!!!
Zambians only have two options:
1. Stand aside and watch while the country’s resources continues to be plundered.
2. Stand up and fight by creating our own own industries and investing in our own people.
there is only one option,,,, GRAB back the mine,,, that chap has already made this money period
What….GRAB back the Mine and make it useless again!!?
Let the following explain. Maureen Mwanawasa who was the co – president, the Post Newspapers who were the vuvuzela for Mwanawasa and have transport contracts with KCM, Kaunda Lembalemba who was Minister of Mines, Magande who was Finance Minister and Mr. Jordan Soko who was CEO of KCM . Of course the Task Force on corruption Mark Chona and The current DDP Mr. Mutembo Nchito. This is why PF is not interested in the new constitution, it is because they are protecting these deals and the people behind them. The is a tip of the iceberg. Chiluba corruption was a smoke screen for this great grand corruption to take place. This is it.
@Tubulu, you have done a good job to call people back to where it all started. Experts and some minority shareholders had protested the price and the manner KCM was sold after AngloAmerican Corp pulled out! The same applied to the sale of Luanshya Mine after Binani failed to run it. The price and the company it was sold were questionable. The buyers pulled out quickly in 2009 when copper prices fell and their record of investment is still questionable. We all know when all this happened so we should know that the corrupt have been in governments that have been treating mining companies with kids’ gloves.
How depressing. you see why i hate these so called investors. for your information Vendata is own by Mark rich;Tony blair and other for heads of states do a reseach on these guys
This incident is making it dificulty to walk with ones head up high as a Zambian. I feel badly beaten for the first time! How could such a situation be allowed in this century? Slavery in your own house when you have all the weapons to stop it?, I dont know what to say…………… really sad!
@cindy
this can be corrected,,,, this fo.olish kawalala has revealed how much he gets,,, we charge him the correct tax with penalties otherwise we GRAB back the mine,,,, we have kambwili on our side to wip this chap
When we tell you to WAKE UP, you think its a SONG…these are our grand children’s resources these vultures are enjoying. In fact I’m happy this got out as everyone is always singing about the 1500 casual jobs offered by this company forgetting about the bigger picture.
Ba Jay Jay, you are the same chaps who praised Mwanawasa but you see he sold the mines at a song and thought Sata doesn’t think. Sata had to halt about 2000 workers who were suppose to be laid of by KCM. What happened next: you insulted Sata and called all sorts of names. When Sata tries to tell the investors especially those in the mines, you call Sata all sorts of names and brings in your little economics into discussion that salaries cannot be increased considering that the economy is doing bad. When a minimum wage is enforced you call Sata all kinds of names that he is hallucinating. You see now the revelation.
I think dobo you are right. Since he has revealed how much he has been reaping from Zambia, let the Auditor General’s Office move in and do a forensic Audit on the company and charge them for the default and also take legal action against the company for cheating zabians. Let us have the last laugh if at we are serious
These people were not going to lay off any one. ..it was all mind games. All this talk of only started after the issue of renegotiating electricity tarriffs for the mines was raised.
Ba Nshindano, this is a straight forward issue. This company should be asked to go. Problem in the country called Zambia is that everyone is a political analyst. I want to say this, for as long as Zambians with money are not encouraged or supported to be genuine partners in the mining sector we should forget about genuinely benefiting from it. Zimbabwe, South Africa, Angola, DRC and Botswana have encouraged and supported their citizens from private sector to be genuine investors in the mining sector. We view mine participation from a labourer perspective instead of looking at the $500m profit that the mine has been giving the guy and what that money would do to the 13 million plus Zambians.
The irony about the KCM story is that in India where this chap is from, the Indian parliament revoked cellular phone provider licenses after it was discovered that the whole bidding process was corrupt. The minister of telecoms though retired was arrested. Please google search if you are in doubt. Levy sold this mine fraudulently to make money for his family. Why should Europeans demonstrate on our part and yet we are just docile we are a weird bunch of people
What role did the privatization master hh play in thus one. We cannot forget how he amassed wealth above the luanshya miners who many died of hunger.
ULEIPUSHA SEX YAMBWA NGEIFWELE (you are asking about the sex of a dog as if it is dressed up). just notice the chief ripper’s silence. He’s not commenting as he knows where his money came from. Alizeeee, aleloleshafye. Those who stole during privatisation- did you think your secrets will be buried forever? Now, things have started to come out now.
keep on crying…..in western province more specifically in shangombo oil has been dicovered and mercury in Luyi……only to be exploited after barotseland becomes a state.
HH was just doing his work for the company he worked for it seems you have been misled. If he had committed crime don’t you think sata and other oast president’s could have been locked up you very well know how politicians operate in Zambia. HH has worked hard for his money he never stole otherwise prove it and report to ACC.
This is laughable. You sell your national assets and then you complain about lack of development. It doesn’t work like that. Development doesn’t drop like manna from heaven. Why hasn’t Saudi Arabia, Iran, Iraq, Qatar, UAE, Privatized their oil fields? China has mines why hasn’t it followed zambia’s path? Those countries know that development is best achieved when citizens are involved as partners not bashi mine level as we have on the CB. Zambians will not fleece us dry. In Nigeria, I admire the owner of Dangote Group. Aliko Dangote owns one of the most successful cement manufacturing operations across the continent. In Zambia we have sold a Zambian brand Chilanga to La Farge then we complain at cement yadula. Boma mentality has killed us.
keep on crying…..in western province more specifically in shangombo oil has been dicovered and mercury in Luyi……only to be exploited after barotseland becomes a state.In the barotse flood plains still untapped are minerals laying low.ask sata why zambia they cant exploit in western province?God could not only bless us with sand.
Zambians- this is the lowest you have ever been. Even indians sh!!t on you
Foreigners will continue to plunder this nation. Do you know why? The politicians that you call leaders are corrupt. They will always work in tandem with the plunderers. You have heard of Senegalese mining emeralds illegally but nothing has been done about it. Why? Your guess is as good as mine.This is not a country. It is just some lawless settlement on planet Earth.
No, not that they are corrupt, i think they do not know anything on how then can run country affairs. They sold it at 25 million because they had no ideal it could cost much.they do not know he makes 500 million a year until he reminds them because they dont know how they can monitor him . so i think a word corruption carries more weight coz it shows someone knows what he is doing
superk,windfall tax on all companies operating in zambia is the easiest solution to all such problems….atleast this guy cn reveal himself,ask yoself how much ùoney airtel and mtn are making from zambians and shifting all those profits……
# lets get our country back!
The tag ‘docile nation’ fits like a glove.
Zambians are just good at talking.How many Zambians have their own companies and are doing fine.Most of you here are mere employees sounding to have a know how.
Nkashi bonse U are on same page.I have read some of the comments & are very good & up-building. I do agree that corruption is the main problem here. All the guys who negotiated this transaction knows very well what they did to our beloved nation. I can tell you that every time when you are negotiating a big contract, they`re bonuses that come along with. Magande/MOF, Soko/CEO, Mark Chona, Mutembo Nchito all these guys were promised lots of money to negotiate & finish the transaction.
For me , am not surprised bcoz I well know that Konkola Mine has the best grade of copper ore in the world. A little bit copper ore can produce tonnes of copper. Vedanta company has no interest in helping Zambia. They come from India with Billion + population & take money there. They’re…
Lots of us need education. Okay bragging is cheap and stupid. People forget that KCM was sold twice…we should really be happy that we sold one mine twice, is not clever.
So what is the problem for selling second time at $25m?
If you have nothing sensible to contribute it is advisable that remain quite. It seems that you don’t understand the all issue. The CEO is on record of claiming that they are making loses due to high operational cost. On the other hand the owner of the same mining giant is busy mocking us how he acquired it at a give away price and it is giving him 500 million US dollars per year plus and extra 1 billion US dollars since then. If you cant see anything wrong with this you are not normal.
This man Anil agarwal thinks that he is God and he can buy the whole system.Not to
long ago in 2011 the first president DR kaunda became the ambassedor for Kcm and
started praising the management and how govt should help the company.He brokered the deal for agarwal with sata.The entire system knows that kcm has not
only syphoned money through over invoicing for imports but also transfer pricing
for the sale of copper and cobalt.The vice president was a special invitee to india
by agarwal so he could also keep him in his pocket.There is massive stealing going
on at the moment of copper ore by the membe group using the transport by his company.There is to much corruption in the entire system for them to catch these
plunderers.There is no political will to fight this battle.
Anil agarwal has now kept a muzungu to deal with the zambians because he knows
all the indians in his group cannot deal with these serious money laundring issues
and theft by using tax havens.Even today in india personally him and his immediate
family is under investigations for fraud and money laundring.But he has been trying
to strike a deal by just paying a fine and getting away from imprisonment.This case he has dragged for the last 14 years buying of the judges,prosecuters,and the government.The minister of financeis his partner and his Board director.I think foil
vedanta is doing a commendable job exposing this massive fraudster and crook.
Sometimes we have to fight to get back what belongs to the people.Lets get back
our asset from this crook and teach him a lesson of his…
Zambia being auctioned off like a harlot. Shame!
I repeat: Zambia is where it is today because of the educated. Had the educated bothered to act ethically, and follow the principles we are taught from home, this could not have happened. May be, just may be, we are too many tribes in one place such that no one tries hard to own the country and guard it jealously. We know how stinking rich the guys who worked in the privatisation process; families who are always associated with ZCCM; yet they did not actually protect the interest of every Zambian. Its like mom giving away farm land full of Cassava that we have planted for over 10 years; laughing all the way because she is given an ice cream.
Don’t misuse the word educated; there are more people who are schooled in Zambia I agree. Educated? Not so many. We keep misusing the word to feel good about ourselves for nothing.
This nearly made me cry out loud damning god for endowing Zambians with such a monumental gift of lethargic s.t.u.p.i.d.i.t.y!
Yes, while everybody is entitled to s.t.u.p.i.d.i.t.y, Zambians appear to have taken an overdraft on it!
A lot of factors are at play for the duping we continue getting mainly because the country is not moving with the times. The post independence generation referred to as the ‘Born free’ are a bold enlightened lot most of who would have what it takes to turn the wheels of development for the better given the opportunity, but we continue stagnating with independence era cowardly leadership devoid of understanding current economic trends, an example is the minister of Finance who we all know already once ran the national economy aground still running the show and getting flustered at BBC questioning on performance of Zambian economy! We are too docile even in progressive thinking such that we continue allowing the old guard not to pave way to new generation leadership! Anil’s revelation…
Anil’s revelation is sure a bitter pill to swallow!
Zambians have short memories. You run the mines and ran them to the ground. I personally don’t support the Mugabe way .Just look at Zimbabwe now. They cannot even feed themselves and are even begging Zambia to feed them. Most Zimbabweans are now outside the country looking for jobs . They don’t even have a currency as the zim dollar collapsed. How many Zambian companies running. Even the mutende group collapsed. Let us not be illogical about it and start making ideas that don’t work . Look at venuazela, they don’t even have bread due to nationalisation
You are right.
However, can you imagine any of our “learned” (lol) parliamentarians to be capable and willing to put the interest of the people above their stomach interest?
Can you imagine our bright and super intelligent duly appointed S.C., Hon. Minister of Justice to promote legislative framework which should regularize foreign investment to benefit people of Zambia?
If you base your beliefs about Zimbabwe on media reports, that is what the mines want you to do. The same for the whites only CFU, they just want their giant estates back.
Zimbabwe has always had periods of food importation, throughout it’s history.
If you want to real facts about Zimbabwe, go to
Google: zimbabweland
Or read: Zimbabwe’s Land Reform – Myths and Realities, by prof. Ian Scoones.
Google: tobacco zimbabwe bloomberg
(BLOOMBERG) Mugabe Makes Zimbabwe’s Tobacco Farmers Land Grab Winners
Bonus Matashu points to a three-ton truck he bought for $15,000 in cash and says President Robert Mugabe’s often violent program of seizing white-owned farms and giving them to black Zimbabweans turned around his life.
Continued…
(Google: tobacco zimbabwe bloomberg)
“This is the best thing that could have happened to me and my family and the generality of black Zimbabweans,” the former machine operator said at his six-hectare (15-acre) farm near the tobacco-farming town of Karoi, 93 miles north of the capital, Harare. “I now lead a far better life.”
” During the turbulence of the farm takeovers, tobacco production in what was the second-biggest exporter of the top quality variety of the crop known as flue-cured plunged to 48.3 million kilograms in 2008 from a record 236.7 million kilograms (521.8 million pounds) in 2000, according to the Zimbabwe Tobacco Association. Now it’s making a comeback, with this year’s 166.7 million kilograms earning about $612 million. “
ActionAid this would make more sense if you provided a link to the video. You are just speculating. As for the Zambians, vote wisely next time. Twalemyeba !
It is not about voting; it is a national psyche. You cannot tell me those active youngsters indulging in corrupt ways to get to what they call success are a result of a ‘wise’ vote. Some of our parents warned us in the 70s about the repercussions of so-called free things and wamuyaya mentality. We also think we can have laws and ignore them. It has never been the vote – it has always been the sheer ineptitude and mindsets biased towards freebies…
Contact Muvi TV it was shown on 18.30 news
President Michael Chilufya Sata, make a pronoucement on your facebook page or through George Cheela that have taken over the mines and you have appoint Dr Mwape Chuungu Kampamba as the CEO, then order Mumba Malila to compansate Vandetta US$25m less unpaid taxes. Give all those expertriate workers 24 hours to leave the country. There is sufficient evidence of International Fraud.
You did it over Zamtel, I can assure your second term will be guaranteed. MUKUBA(Copper) is a wasting asset and we need to preserve it for the unborn children
I agree with you 100%, well said BABY POLICE.
Let Maureen Mwanawasa, Magande, Kaunda Lembalemba, Mmembe, Mutembo Nchito, Mark Chona, Mumba Malila and Jordan Soko explain how they moved from the asking price of $400 million to $25 million, and for Mr. Chikwanda to explain the inability of ZRA’s to appropriately tax the US$ 13.5 billion that KCM has made in the past 9 years. They were making US$ 1 billion in transfer pricing and US$ 500 million in profits per year. Further Mr. Chikwanda should explain why this is not confirmation of incompetency and reason for him to resign.
If I recall very well Dr. Pastor Nevers Mumba was the Vice President when the transaction took place.
I am very scared of the revelations and people we want to entrust this nation to.
I have with immediate effect resigned from the MMD shadow government and will accept a position from PF or join UPND or FDD.
Bye Bowman and Nevers will meet you in 2016
Wasn’t HH heading Zambia Privatisation Agency at the time these mines along with the Roan Copper Mines was being Privatised? This should be a wakeup call for you *****s that blindly support Horrible Hater, HH is just a liar that is cheating you..the man caresonly for his pocket and will certainly plunder Zambia if God forbid he ever becomes President.
You pufta are in love with HH.
Get your facts right jerk.
This mockery is shocking! Are there no brains amongst us to frame charges against this mines owner? This an ethical issue andthia man has really entered a legal play field. He can pay back a lot. He cheated, he is cheating, he is stealing, wants to fire worker when he makes so much, tax avoidance, has not built any school hospital, houses, roads, he just taps and now starts mocking us. Are our legal brains only good at political rebuttals? Come on govt, get something out of this company.
S 100 (1)(d)(ii) as read together with S 98 of The Income Tax Cap 323 of the Laws of Zambia empowers the Commissioner General to arrest and charge the Chief Executive Officer. I would encourage people holding offices to be professional and have the courage to do the right thing, and if their efforts are stifled by powers that be, lets see them resign with their heads high. Laws are there!
But who sold the mines at such a cheap price????? MMD????
First it was Tiny Rowland “buying off” KK and Zambia now it is Anil Agarwal getting KCM for a song and mocking the inept government! No wonder we are still underdeveloped despite all the wealth.
What about Varun (Pepsi) who get moneys from Zambian consumers to prop-up their cash-flow with RB, Musokotwane and Mutati blessings?
Shame. Busy fighting useless political battles while a coolie is busy stealing from us. This is how radicals come into being, seeing that their leaders are ineffective and concentrate on fighting each other for the national soup bowl. ‘Top soup’ we used to say at boarding school those days.
Can my son HH comment on the cheap sale of one our best dependable mines in Zambia. Your comment Sir?
Thats what have always said , we will not develop until we run these things ourselves
You been running and ruining this “things” yourself before. Remember?
This is what Your HH did with Kafupi and you waste more money building him a musoleum.
Ba Jay Jay, you are the same chaps who praised Mwanawasa but you see he sold the mines at a song and thought Sata doesn’t think. Sata had to halt about 2000 workers who were suppose to be laid of by KCM. What happened next: you insulted Sata and called all sorts of names. When Sata tries to tell the investors especially those in the mines, you call Sata all sorts of names and brings in your little economics into discussion that salaries cannot be increased considering that the economy is doing bad. When a minimum wage is enforced you call Sata all kinds of names that he is hallucinating. You see now the revelation.
It is very unfair for anyone to generalize that all Zambians are to blame for this mishandling of our national resources. Politicians and the Presidents are the ones who represent the majority of the Zambians and make stupid decisions like selling the mines for a song. I and I as a Zambian citizen is not to blame for this mess! Blame your silly and stupid politicians….
I am surprised WHY IS ANYONE TALKING ABOUT THE CONSTITUTION? You national interest surpasses the constitution. Kabimba was right when he said that there are more important and pressing issues than the constitution. But off course others yapped and condemned him.
I meant why is anyone NOT talking about the constitution?
Perfect example of a country that is POOR BY CHOICE!
KCM was sold by the MMD lead by our late president Levy P. Mwanawasa who hosted this kawalala.
The owners of Kagem mining in Kitwe made 250 million dollars annually before it was sold to Gemfields in 2008 after the death of its CEO. All the foreigners are becoming rich while I struggle to send my children to a good school. What is this Zambia?
The former CEO of Kagem was a great man. He provided accommodation and company cars to his management. He also took care of the Mine workers union much better than what it is today under the management of Gemfields. There was never strikes at Kagem unlike what happened at the end of 2013. God bless Mr Bhattacharya.
Agarwal mocked the Zambian government for giving him VVIP treatment when he came to acquire the asset and eventually becoming majority owner of KCM at the current 69 per cent.
Speaking to the Jain International Trade Organisation in Bangalore, India between March 22 – 23 this year, Agarwal told the cheering crowd how he bought KCM for a song, rather than the US$400 million asking price.
In the 3:58-minute video, a bragging Agarwal describes his surprise at receiving a VIP welcome to the Zambian Parliament, and ridicules the then Zambian president Levy Mwanawasa for claiming that Vedanta would improve the lives of Zambians, especially those in Chingola and Chililabombwe.
Agarwal reveals how he duped late president Mwanawasa on their first meeting that 30 members of his delegation missed…
KCM was privatized under MMD rule
The sad truth is that all that money wouldn’t really go to the people but to a few politicians. We can’t really get mad at Anil Agarwal he just profited on greed of local politicians.
Without doubt , Agarwal understands the gravity of what he just started. Against the cobra he has just announced his own fate and humiliation . There is no turning bck he has shown himself the exit door. No one in fresh and blood humiliates the king cobra and his people that way and gets away with it ,he will prove me right that the God he kept praying to when he bought the mine will not rescue him from the Cobra no matter what. However, Zambia will thank him because he has initiated the beginning of the end of stupid investors in zambia. Tata ba Sata twamitulila umulandu no musalula wa uyu mpulamafunde Agarwal mukwai.
Ka Nevers Mumba ati MMD is a better economic manager! It should be laughable if it was not for its financial impact on Zambia. LPM was the President of Zambia and MMD when KCM was sold for a song at $24m.
Ka Anil Agarwal’s fortune is a staggering £4,100 million or 4.1 U.S. billion pounds and he is the tenth richest man in the UK where he resides. Last year he used the excuse of laying off workers at KCM because of high labour costs and yet the truth of the matter was that he was having financial problems in his native India after tribals (something like aborigines in Australia or red Indians in America) opposed his plan to mine bauxite in eastern India where he had invested $8 billion in the aluminium project that stalled for lack of raw material, which impacted on the running of KCM. Most of this money must have come from KCM.
seriously i m lost of words……dont know what to say
S 100 (1)(d)(ii) as read together with S 98 of The Income Tax Cap 323 of the Laws of Zambia empowers the Commissioner General to arrest and charge the Chief Executive Officer. I would encourage people holding offices to be professional and have the courage to do the right thing, and if their efforts are stifled by powers that be, lets see them resign with their heads high. Laws are there!
I wanted some leant guys to please tell me what will happen to $1.5b kcm owes various entities should GRZ grab the mine from these mwenyes. Who pays? By the way these guys have kicked out our acting Zambian CEO replacing him with mwenye and reporting directly to fugitive Kumar. Middle mgt guys has no increament this year reason beingthat there is no money, but there’s always money for ????
This is how we Zambians can be rated by foreigners very cheap in our dealings all those who had signed this deal must be proud of these revelations right, indians are came and crooked us in a day light we were in even forefront to say “balifybwino” at that price.
Its time to make amends onto the mistakes we undertook so that we are not laughed again
Shame on you Anil Agarwal for stealing
I have always said that since the mines were given away by the FTJ and his MMD, Zambia will never benefit a thing from those mines. The best thing to do is go the Mugabe way and we encourage our farmers to increase the crop period. All we need is food and keep our minerals until that time we are able to make serious decisions that can benefit the local people. Otherwise shut down the mines or someone please arm the jerabos period. So frustrating seeing the country being wasted, shanty compounds growing meanwhile someone is getting rich on the expense of our country. Is our government and leaders really that f00lish and stuupid!
We my have all this information but what then are we going to do about it?Just another bar counter talk and live will continue as usual .The foreign rich infestors go
unpunished and the poor patriotic small indegenous investors have to pay for it.THe law gets tight on the defaulting marketeer old lady failing to make returns of a month amounting 20 k because she cant afford yet the mines go free an smiling all the way.What are we going to do abut it now that we know or rather now that it is public knowledge?
Errrr…..where are the ‘valued’ comments from Mushota et.al???
All Indians should be visited in our COUNTRY ZAMBIA, thats y Lusaka has become as dirty as bombey and they think like we are stupid,Thats y Idia mini DADA the Ugandan PRESIDENT chased them in 24 hours, these ones in Lusaka town shold pent the buildings and improve there workers salaries, or we will RIOT and make them pay 4 their SINS.