Bishop John Mambo says Zambians expect the Patriotic Front Government to correct the wrongs of the previous MMD regime.
Bishop Mambo has cited the sale of Zamtel and Finance Bank as some of the ills that the previous government made.
Bishop Mambo says Zambians want the sale of Zamtel and Finance bank to reversed.
He adds that it is high time sanity was restored in the sale of institutions that are a backbone of the country%u2019s economy.
Bishop Mambo explains to QFM Radio that the current government should also ensure that the corruption levels are brought down.
He says since the majority Zambians spoke through the ballot box, republican President Michael Sata should ensure that he addresses the challenges facing most Zambians.
Bishop Mambo has since wished Mr. Sata the best health and God’s guidance in his presidency.
QFM
Bishop, do you understand anything about FBZ sale?
NEW PF CABINET
New PF cabinet which was leaked and circulating last night, to be announced this morning by Mr. Sata is as follows: Dr Guy Scott -VP. GBM- FINANCE, Willie Nsanda- Defense, Given Lubinda-Information, Nkandu Luo-Health, Edgar Lungu-JUSTICE, Miles Sampa-Commerce, Chishimba Kambwili-Mines,Winter Kabimba-Home affairs,Inonge Wina-Foreign Affairs, Jean Kapata-Tourism,Wilbur Simusa-Gender, Gerry Chanda-Local Govt,Mike Mulongoti-Education, Father Bwalya-Transport,Mumbi Phiri,-Livestock,Bert Mushala-Energy, Mark Mushili-Agriculture, Lackson Kazabu-Sport, Fackson Shamenda-Labour. This list is speculative and may not be true.
It is quite clear that things are being done on people’s whims instead of fundamentals.The central bank governor should have independence so as not to implement politically inspired decisions on financial the sector even from the president.The world over no central banker takes orders from the president or political pressure groups for nationalistic or shortsighted political expediency on financial sector operations.
I bet i have to remove my money from the political Bank,
Just leave Zamtel where it is, The service has improved like 1000X since Gaddafi too over the company. Zambian failed to run a telecom company, that’s the truth no matter how unpleasant it is.
I disagree with the bishop on Finance bank.Let this sale be as it is.As for zamtel, I doubt if the international would agree to your suggestion as zamtel is under the Libyan NTC which is heavily supported by NATO.
@betters, I totally agree the problem is Zambians like to discuss things they dont fully understand. Especially on the sale of Zamtel, the problem was not on the decision to sale so I dont see why that sale should be reversed.
The Bishop does not understand anything about ZAMTEL and Finance Bank as it seems. The BOZ is mandated with the regulation of the Financial Sector. One of the risks in the Financial Sector is contagion. This is a situation where one run on a bank causes panic which leads to further runs on other Banks.
For example if there is a run on Finance Bank, this reduces confidence, people panic and runs on other Banks like Stanbic, Barclays begin. So a run that started on one bank spreads to another bank…etc. Contagion caused the great depression in the 1930s. The BOZ is mandated to stop this. If FBZ was heavily mismanaged, it is imperative that BOZ acts in the interest of Zambians by stopping a Meridian Bank from recurring. This is something that should be obvious to everyone.
Nov05 Thanks for the advice Kevin and Fred. Now what if you do have a saingvs account with a different bank than where your loan is held but would rather not disclose the cash to the bank which you are doing the short sale with. Would you need to create an LLC or separate entity and transfer your saingvs there in the case the bank won’t do the short sale? My friend has lost a tremendous value on her home and no longer wants to pay for the large payments anymore.
(I waited a week to elxpain, partly because this isn’t the Explaining Jeff’s Sense of Humour 101 blog, and partly because it riled all the wrong feelings and responses given other community discussions about sexism and feminism.I found it amusing while reading my upgrade logs that misandry wasn’t in the dictionary / word list and that it was worth an upload to rectify. Rarely, if ever, do changelogs focused on software releases provide such whimsy.Just because I find it funny doesn’t mean I find it funny about you or your issue and by you I very much mean it in the plural, my dear harried commenters.)
Concerning ZAMTEL, it was inefficient and on the brink of Bankruptcy. It did not make sense to bail out such a company with tax payers money. The better option was to sell it. In fact ZAMTEL is more efficient under private hands than it ever was under govt hands. Zambians do not miss the old inefficient ZAMTEL but like the more efficient and innovative private one.
Correction ba Bishop majority of electorates.
I think that the Bishop is looking for a job as minister of religion or catholic affairs.
“He says since the majority Zambians spoke through the ballot box”
Oh ya!
To Mambo 1.1 Million votes is majority in a country of 13 million+ with a voters register of 5.1 million.
If the US government had done to Lemann Bro and Fanny May what BOZ did to Finance Bank, the world would not have plunged into a financial crisis. Banks must be supervised and closely regulated. When they break the law, they go. This casevis subjudice, so here is the first example of the rule of law by the new govt, firing the Governor of BOZ and reversal of the sale. It is obvious now that Mattani will walk.
Sata should not reverse the sale. Zamtel is obviously doing much better and run much much much more efficiently than before.
What is required is an indepth criminal investigation into the sale process itself and find frauds. Dora, Henry Banda, etc.
Zamtel should not be touched as it’s a much better run institution than it was under government. The disposal process and the procurement of RP Capital as advisors however need to be investigated. Similarly, the sale of FBZ should not be reversed but the process itself should be investigated. The sale of Zamtel was an open tender whereas that of FBZ was not.
Yes there is need for a through investigation into Dora and her colleagues Henry Banda etc. As people are saying why are you reversing these things when we have a clear example that things have improved as is the case of Zamtel. I am sure even conditions have been improved. That is the problem we have as Zambians one person says this then everyone just follows saying the same without researching and analyzing the issues. Bishop Mambo is just another opportunist like Joyce Nonde
Mambo Sata himself should subject of investigations remember Billions in the trank meant for the convention in Kabwe ,Mezaf Flats in Chilenje, government money he deposited in his personal account in Standard bank ,the reckless closure of medical stores etc .Remember he has no numbers in parliament so be careful what you talk about.
The bishop is forgiven for his sentiments because he is not a commerce expert and can say things like that!
Majority of Zambians? PF 60 MPs, MMD 55 MPs and UPND 28 MPs may mean something else. Figures dont lie. Were Finance Bank and Zamtel election issues?
We need to strengthen institutions so that they handle privatisation and bank supervision professionally. Leaving stuff to politicians is not the right way of running our country. Aggrieved parties can seek legal justice.
No. 19 you are right about the numbers and they don’t lie so now Sata has appointed the MMD Nyimba MP as deputy minister maybe to buy support but the truth is that PF do not have an overwhelming majority.
that something like 45% of them rieman unredeemed for over a year).This means that I would have to explain the three-year-planness (and the best laid plans etc) to anyone I gave the vouchers too. And keep them informed of where/when the shop was popping up for the next year.I think there’s something here, but main market is for people who understand the shop and it’s aims — question I suppose is is that market big enough to make the admin etc worth the time?
the finance bank sale was an open tender it was advertised in the papers locally and there was about 5 or so banks who bid for FBZ BOZ just has to come and explain the whole thing clearly otherwise there will always be a cloud of suspicion on the whole transaction. So was Caleb fired to selling off FBZ?
PF does not have an overwhelming majority – what does it matter?? That is how the election process works and they won. In order to say that PF did not have an overwhelming majority, you should make sure you vote yourself or get other poeple to vote. In any case, it does not matter. The party that takes most votes wins. What do you want, to hold the elections again?? They won the election regardless of whether it was ocerwelming or not. If you pass your exams to grade 10 by one mark, you have passed. No one should have you repeat grade nine!
Navigator no one has suggested that elections be held again, the comment on overwhelming majority was just that they may have a problem in getting votes (or whatever they are called in parliament) for the bills etc they want to pass. This is why Mr Obama is now a lame duck president because Democrats are not in majority. I am not saying its going to happen here but it could be a possiblity so all the good things the government has planned could be stopped by opposition not agreeing.
It will be very unfortunate if our MPs will act in a manner that will draw Zambia backwards. The best would be to leave party politics behind and work on the common goal, that of developing our country. The common man wants food on his plate, drugs in the clinic, clean water and motivated teacher for his child, not who has so many MPs in parliament. Zambians, this is our country, let us put things right and build a future for our children.