President Rupiah Banda has described the sale of Zamtel to Libyan firm LAP Green as the single most successful transaction since the MMD commenced the privatization process of parastatals in the country.
President Banda has also revealed that the sale has enabled the Government to raise a total of 384 million US dollars.
President Rupiah Banda said this when he officially opened the first session of the third House of Chiefs in Lusaka today.
The President further described the sale of ZAMTEL as professional and transparently done and has since called on Zambians to refrain from politicizing the sale and wait until the results of the sale start showing.
And President Rupiah Banda said a substantial amount of the total proceeds from the sale of Zamtel will be allocated towards settling the terminal benefits of Zamtel workers as agreed with the unions.
Through the Chiefs the President assured Zambians of transparency in the settling of the terminal benefits of the workers.
He added that LAP Green is a competitive and reputable firm in Africa that will offer modern communication solutions to Zamtel which was on a brink of collapse.
QFM
Of bwezani its successful – you, your sons and dora are getting some big kickback, I bet your hands are dripping with oil (zambian blood)!!! Onse ma companies mwagulisa sure?????
What a f..k..g pi.s taker he is!! He’s really got guts this Lupiya!
Already the spoils from Zamtel are showing…the Bwezani kumbuyo is buying expensive suits from kicks he got from the sale…enjoy while it lasts..you and dead walking kunda are really hard hearted..
So in a country with high levels of poverty and high unemployment and dizzying levels of inflation with a currency that maintains its value like a cholera patient holds food in his stomach, I can tell this privatisation is a life saver. Things can only get better; I was beginning to worry.. I mean it is not like Zambia is known for anything apart from exporting copious amounts of book-learned serfs who are increasingly finding it challenging to do anything in Zambia. So nothing good is going to come of this sale. I am yet to see the benefits of the countless privatizations that have already happened. Zambia, your a$$ is totally owned by foreigners. Can’t wait for my share! this is the big break I have been waiting for. Can we just declare ourselves slaves already? all but in name huh?
Ichalo chabakabwalala fye mwe lesa sure?:((
what company are we going to find when we come home sure? RB and MMD you have fopped us too much repent and believe in the Gospel it’s never too late:-?:-?:-?:-?:-?:-?:-?:-?:-?:-?:-?
Sure this was most successful especially after the Libyan govt donated tractors to state house a while ago. By the way, where are those tractors? Are they the ones that produced the bumper maize harvest being sung about?
Does RB know what he is talking about??? How does he define success??
RB takes us for retards… !!
Successful for his friends and his own interest not for the Zambian people
I bet he will sell zambian oil resources for a song to his personal lawyer, Christopher Mundia, also CEO of Barotse Petroleum
it’s a foregone conclusion 🙁
why meeting business associates in secrecy? Like the Chad presindent who visited Zambia at night like a thief. And stayed in Mfuwe???
I am with Jutsu! it boggles the mind that they think they can pull something like this and think that people will not notice! then they say the made a partial sale, PARTIAL SALE! it’s 75% of the company that they sold! Partial woulh have been 2%. it’s not Zamtel anymore it’s LIBTEL! what were they thinking???!!!:-t
RB is saying all privatisation done by Chiluba is nothing compared to this sale of Zamtel. Any comment from kafupi?
successfully put more zambians out of employment you mean.
He is just kicking it in,driving it all the way till it hurts no more,he knows some people are talking about the kickbacks he got,meanwhile he’s acting it all up,mockingly and laughing all he way to the bank
Meanwhile the unemployment continues to swirl up
I am non partisan but very objective and level-headed.
I agree that based on the settlement price, Zamtel is the most successful privatisation ever done in Zambia!
Vision says: you are very useless. You claim to be non partisan, you are partisan because I know who you are. You are my neighbor here in the US. You are a a 56 year old man studying at a community college. You are sick in you mind that is why it has taken you 17 years to finish a two year program.
My goodness!! I thought LapGreen would take care of the workers retrenchment packeges!
Looks like a gift just fell in LapGreen’s laps! Plus the entire of the Zesco Fibre Network, it was a sweet deal indeed for the foreigners. Sad, sad reading for every patriotic Zambian. We don’t own anything. This is colonialism.
Another win for IMF/World Bank. It has yet again managed to shift resources from Sub-Saharan Africa.
Yet another day-light robbery at the behest of the Bretton Woods capitalist thugs.
Just like chiluba was a “damn good president”
Just like the Zambian people “accepted Chiluba’s acquital”
Just like the Zambians accepted Dora Siliya
So the great problem solving strategy is this: sell off every national asset that we can’t manage ourselves regardless of how valuable it is. Give it others who know how to manage things to run them.
To be consistent, Mr President, you would also need to privatize your own government to another government that can prevent this country that is also on the brink of collapse.
EDIT:To be consistent, Mr President, you would also need to privatize your own government to another foreign government that can save this country that is on the brink of collapse. Its only logical. If you can’t run anything government asset well, how can we trust you to run our hospitals and schools? What can you manage successfully without handing it over to foreigners to do the job we hired you to do?
#15(Vision)
Iam with you.This is the most successful privitisation ever done in Zed.This is a slap on the face to HH’s RAMCOZ handling.
Compared to the previous privatizations, I will agree. This is the most successful privatization Zambia has ever had.
When he addressed the House of Chiefs recently, President Banda said a substantial part of the Zamtel sale proceeds ($257M for a 75% stake) would be used to pay terminal benefits of Zamtel employees. Now that’s a whole load of nonsense because employees’ benefits are owed by the company and not government. Anyone that buys a company (or a stake therein) buys the business as a going concern and therefore takes over its assets and liabilities (such as retirement benefits). Why should government treat this differently and use the little funds raised from this sale to pay off Zamtel’s debts?
all I can say is this country is sh*t and our leaders are worse,Zambians are docile and lazy mostly,so the blame not only falls on these sick politicians,but on non-hardworking zambians as well!!!
why is there so much insults from the opposition supporters, nothing is good for them, can somebody comment on ZANACO which is doing fine for everybody to see.
Anybody who sides with RB is insulted to be shallow minded, sick in the head etc, etc,
Politics and science cannot mix there is just too much politics in zambia
I long for the PACT TO rule so that i CAN lough the loudest if THE POOR will REMAIN POOR
PLEASE REMEMBER THIS IF YOU ARE POOR,BLAME YOUR MOTHER AND FATHER….
There is no benefit to the zambians apart from RB, his Sons and Dora. Thats why Dora now can fly directly to South Africa from Petauke without passing Lusaka International Airport. Its a SHAME!!!!!!!!!!
But one day you will pay for this lest be assured!
:-w:-w:-w:-w
Mines,Zimco Group,Niec group,zamox,national drug company,UBZ,Zambia Airways,zanaco etc are all gone but we yet to see real growth in our economy except politics!
#16
To set the record straight, I am not who you think I am.
Back to the issue: Zamtel has been sold at a higher value than all mines combined. Let us stick to facts and not just malign authorities anyhow. This is the best value for money ever received under a privatisation. What remains now is to leverage operational effeciencies and efectiveness. So far, the price is a good start.
” He added that LAP Green is a competitive and reputable firm in Africa ”
It is wholly owned by the Libyan government.
” that will offer modern communication solutions to Zamtel which was on a brink of collapse. ”
This is why the MMD failed (refused?) to run it properly. So they could sell it and receive kickbacks. After all, what money could they make from a successfully run parastatal?
Privatisation creates all kinds of perverse incentives for government not to do it’s job.
# 20 and # 30 …I am with you .
……Why do we have leaders who are thick in the head ,and looking at the picture above , who we worship like gods? it looks like we still have a very long way to go for the common people to appreciate that these are just human beings like everybody else. I find it hard to understand how, in this day and age, we find it acceptable that we can’t run a telecomms company . No .!..it is not acceptable ! We are always going on and on about development . Well , if we can’t run a telecomms company in this day and age , then we are never going to develop. Never ever.
I know there are smart Zambians out there who could run Zamtel profitably. But why, is this not happening?…No wonder we havn’t got a national airline..!…..Thick leaders ..!
#26. Understand that no-one is against privatisation but the way the whole process was handled. However you seem to be speaking from an ill-informed perspective therefore i cetainly hope other bloggers will not take you down for this. The process undertaken to privatize Zamtel was flawed as it was started by Rupiah’s son whose major interest in it was to profit through introductory commissions etc. His name came up so many times during the tribunal that was set up to look into allegations of impropriety. We (Zambia) did not need RP Capital to carry out the valuation of Zamtel as we have enough qualified indiginous ZAMBIANS who could have taken up the challenge. Understand the company was grossly undervalued. Hence the country as a whole has lost out. The scope for growth of zamtel is…
People who are complaining, why didn’t you do something about it rather than just sitting on your PC typing? Before you start throwing insults at me, I must state that I am neither MMD or PACT. They are both as useless as each other.
The fact is that as Zambians we are dull and as long as we don’t personally get involved in making change happen i.e. how many of you petitioned against the 75% sale of Zamtel? How many of you wrote to your MP asking them to oppose the sale? How many of you expressed an interest to invest in Zamtel? Look at yourself in the mirror, if you didn’t do any of the above then you have no grounds for complaint and can’t blame the politicians from taking advantage.
Couldn’t Zambian citizens have bought Zamtel for $500 million? How much did Zambians pay for Zambia Sugar Co.? How about ZANACO? If the MMD government is serious about empowerment, they should begin to teach Zambians to invest in stocks and shares for the long haul. The government must sell the remaining 25% shares as soon as possible before the value of the company rises too high to afford. If 100,000 Zambians paid an average of £5000 each, ZAMTEL could have been well capitalised. Sorry, but the government is wrong here. I usually support the government, but I do not agree with THIS sale.
Well one thing we can hold on to is faith. Everything has its appointed time. They may fool us for now, but wait until true compatriots of the Law emerges and the law begining to follow these thieves.
I think Dora’s pussy has confused the old a lot that he can’t think rationally!
I meant to say Dora’s puusay has confused the old man that he can’t think rationally!
Sale of Zamtel was long overdue. Whether the sale was transparent, only God knows. Zambia is made up of shortsighted and incompetent leaders. Managers are fake and they can not run big businesses in todays world. Parastatals in Zambia were the hive were govt used to honey corosal amounts of unaccountable cash. CEOs of the these companies would say nothing otherwise they would face a sucking boot. FTJ kabwalala and LPM the quiete thief used to syphone from Zamtel.
Thanks RB for selling Zamtel. You just sold a arm that used to feed your campaigns as MMD. You could syphone no more hence the welcome sell.
Again I would like to thankyou especially that it has not gone to the Chineese. Imagine a purely techinical firm being run by an accountant.
Wow!! that sucks!! Next Zesco. Iam wit U.;;)
To: SATA and HICHILEMA
Guys, I think you and I know for sure that a Zambian CEO is the waste in term of executions of duties. Chaps have limited education and as such they cannot march their foreign counterperts. They have messed up Zambian companies massively. Yes they speek very good English but in the offices they are busy surfing videos and pics with unproductive content on the internet and playing cards at the expense of production. They have too much pride and they have zero solutions to problems dogging the companies in the 21st centuary.
Tell the nation what you would have done. Would you have maintained these lazy n’ corrupt CEOs?
Probe Zamtel and Zesco today, they are full of Uncles and Cousins, Unties and Nieces in the name of nepotism with Zero perfomance. To be contd.
To: SATA n’ HICHILEMA
contd.
My children and their friends with good qualifications are wandering up and down the streets looking for employment while family paracites are busy sealing and filling in any gaps in these companies.
If I had my way, I word redcardize all Zamtel employees, probe and screen them and then re-engage them on merit. Otherwise LapGreen will inherit an incompetent workforce.
Now, whether employees are happy or not I don’t know boss. While it hurts me that Zambia will remain with no native Telecoms company unlike other countries, I am at the same time deligted that Technologically Zambia will move forward. Zamtel was standing in the way of development of this sector. Today, zambians should be enjoying fast internet, engage in online studies, watch TV…
Contd.
through video streaming like most radio stations are now online. Universities , Colleges,High and basic schools, Churches name them (institutions) should be connected. Instead of enjoying 3G services, the company settled on GSM. Competitors left alone enjoying competitive advantage. Matter of fact, the company failed to capitalize on its monopoly in landline services. Now that protectionism will be the thing of the past, I would like to beseech RB to fully liberalise this sector.
All these years, you, politicians appointed incompetent and wrong chaps and ruined the companies through unrealist and evil hand-dipping in the company coffers. You should be ashamed of yourselves. Like one blogger previosly put it, after the sale of all parastatals, please go ahead and sale the…
Contd.
Zambian Cabinet and Parliament.
I rest my case.
:-?:-?:-?:-?:-?:o:o:o=d>=d>=d>:)):)):-??:-??:-??:-??
I remember a nursary raym when i was youny boy ,we said jokingly by resiting the meaning of ZCCM zambia cipuba caonaula mine. Dr Kaunda had Zambia at heart he is a real Zambian ,Kafupi a foreigner from musangu Ndala from Zimbabwe. These are abanch of leaders we have allowed to reap the resources of the nation . 2010 kuya bebele
I wish I could scream at Mutati and RB boys. We all know they sold ZamTel at a better price than the ZCCM. However, we observed some underhand methods from Siliya and the RB boys thats the fact. At least we know Mutati got a pice fo the pieand he thinks we are stupid enough to to understand the ZamTel valuation report, I thought 80% of the Zedians can read and write, then what can we not understand, OPPS! we cant get how the stole the agent profits we all know someone was paid for facilitating the sell, RB boys and Mutati for sure. Tuka poka fyose ga mwafumapo, mu 2010 or whenever, we will not forget u and ur chinese deals.