1. Strong commitments and promises
In his inauguration speech at the National Heroes Stadium on 24 August 2021, President of Republic of Zambia Hakainde Hichilema made commitments to the Zambian people and the stakeholders on a number of points, some of which are of particular interest to us :
– We are determined to free our country from the ills of mismanagement and malpractice,and promote that which is better (…)
– The days of political interference in public institutions and parastatals are over (…)
– We need morality, integrity and accountability (…)
In the Spring of 2020, Candidate Hichilema Hakainda’s spokesperson Anthony Bwalya contacted me to find out the views of minority shareholders on the various issues surrounding ZCCM-IH, such as gold mining and copper mines, etc… We had a lot of discussions. Few weeks before the 2021 presidential elections, he wrote to me : « For the record, we will be looking to strengthen our partnership with the minority shareholders as the UPND government to ensure its run as a
completely independent entity » (…) « the governance independence of ZCCM-IH is a key ».
2. The fine promises went up in smoke
For more than three years, we have witnessed incomprehensible non-business decisions in the management of ZCCM-IH and the resignation of our esteemed Chairperson Dolika Banda amid rumours of political interference.It is with bitterness and anger that we recently obtained proofs of this political interference with the dismissal of the competent Chief Legal Officer and Chief Investments Officer of ZCCM-IH orchestrated by IDC CEO Cornwell Muleya and Cabinet Secretary Patrick Kangwa, as stated in the documents sent to the court.
Do individual investors from Zambia, but also from many other countries, have to put up with the deplorable Zambian habit of finding good places for one’s ‘mbuyas’ or tribal cousins ?
Certainly a position as head of department at ZCCM-IH is a position that makes many envious.Unfortunately, this detestable habit never considers the interests of the company and therefore, in our case, of all Zambians.
What is more, once such a clique is in place, it will be easy to milk the cow. Let us not forget their motto: It is our time !
The rights of both Zambian and international minority shareholders are being totally flouted. We are extremely surprised and shocked that the decision and pressure could have been imposed by the highest level of government, namely Cabinet Secretary Patrick Kangwa. Clearly the promises have not been kept.
Where are the President’s fine promises of non-interference ?Is the so-called ‘new dawn government’ finally nothing more than a sham ?
President Hichilema must keep his promises and political interference must stop. A company listed on three international stock Exchanges cannot be subject to bad eggs whose actions are contrary to the interests of its shareholders, in particular the Zambian people.
Issued by :
Thierry CHARLES
President of ZCCM Defense
FRANCE
HH is a Politician….they’re all liars and conmen…Politicians work for themselves and the people who sponsored them…..HH is now working for his donors just like Trump is now working for Elon Musk..HH doesn’t care about the voters in Chawama or Misisi….
KK warned us that this one will destroy the country but we never listened. I guess what it surprising about this president is the lack of respect for his own people and country. The man is so focused on growing his business empire as if he will take it with him to his grave. He will probably be the firs former president of Zambian to live abroad.The Europeans have done a job on him but he underestimates how quickly he will be discarded when he comes to the end of his usefulness.
That’s what makes socialism as impractical as teeing a golf ball with a badminton racket. It’s impossible to constitute competent management – due to competing interests by the powers that be.