Monday, November 18, 2024

ZCCM-IH’s missing K850 billion: Minister of Mines looking for it in a wrong place-Maxwell Mwale

Share

Maxwell Mwale
Maxwell Mwale

FORMER Minister of Mines Maxwell Mwale says his successor, Wylbur Simuusa, should seek guidance from the Ministry of Finance to establish what happened to the US$167.5 million obtained from the sale of 2.28 percent stake in Lumwana Mining Company (LMC) by the Zambia Consolidated Copper Mine-Investment Holdings.

On Monday, Mr Simuusa alleged that US$167.5 million the country received after ZCCM-IH gave up its 2.28 stake in Lumwana Copper Mining following its acquisition by Barrick Gold cannot be traced or was used for something it was not intended.

However, in an interview yesterday, Mr Mwale said the Ministry of Finance is in a better position to explain how the money could have been used because it handles all the country’s financial resources.

Mr Mwale said if Government wants the truth on what happened to the money received from Barrick Gold, the world’s biggest gold digger, the Ministry of Finance is in a better position to state what the money could have been used for.

The former Mines minister said his successor is looking for the money from the wrong organisation as ZCCM-IH is only an investment holding for Government and does not handle any money.

“My successor should know that the ZCCM-IH is just an investment holding for Government and if he wants to know where the money went, then he should ask the Ministry of Finance,” he said.

Mr Mwale said the Ministry of Finance controls expenditure for Government ministries and institutions but he could, however, not state whether the money was used or not.

Mr Simuusa said calls for a report from the ZCCM-IH to be availed to him on how the funds were used have proved futile and he has since given it a one-week ultimatum to do so.

On June 1, the ZCCM-IH issued a statement in local media announcing that its board accepted an offer to sell its 2.28 percent stake in LMC to Barrick Gold.

[Zambia Daily mail]

48 COMMENTS

  1. I remember Bootfimofimo saying the minister was looking for a big brown “envolope” where the money was.

    Tells you how highly placed in the MMD Bootlicker was!

  2. still not making sense ba mwale imwe. what wilbur is looking for a reports which must be copied to min of mines otherwise how will a ministry exist if its assets are not known to it and its staff are blank?
    twebeni fye

  3. This is what happens when you appoint a person who has no clue about his job…
    Mr Simuusa you maybe a mining engineer but you need to go back to night school

  4. simuusa did a good job by bringing out the issue…if he didnt, no one will have known that there was even such an amount which has been diverted to some projects other than planned.

  5. Even if the ministry of finance handles the money, there should be a vault for ministry of mines as a controlling ministry. The good thing is that you cannot hide money because it can be traced from the source. Which banks handled what and when. The former minister is out of order to comment; it suggests guilty plea …

  6. Hon. Maxewl Mwale, I smile rooten eggs. Hope you won’t be a witness in this million scam. Well done Mr Simuusa. Clean the ministery sir. And expose every wrong doing by the MMD thieves. You can do it we know. Mr has worked for ZCCM-IH. So however thinks he doesn’t know what he is doing, is dumb wrong. Mr Mwale just keep quite and wait for the time to account for the missing monies

  7. Ba simusa and you fellow pf kaponyas stop making noise anyhow tryin to please yo boss when intact you re js shoeing us your ignorance!the former learned minister has explained in black n white that ministry of finance controls all transactions so hw can ministry of mines have vault as being suggested!stop looking for faults just to please whoever you re tryin please we are tired of this nonsense yo kaponya cadres are still counting your 90days crap kaya ngati ni day bwanji iyi???

  8. The money is not missing. It is with Min. of Finance. Stop panicking. All the learned minister has to do, is to instruct his learned PS to provide him with an audit trail. The PS will then jump into his GRZ Nissan Patrol or Pajero, go to ZCCM-IH, go to Min of Finance – and then he can go to the Post. Not vice-versa…..

  9. I hope Mr. Mwale’s statement clears the air. There is no way in this country ZCCM IH can receive Zambian money directly. That functon rests with MoFNP. Simuusa, pls take time to learn proedure, otherwise people will start questioning your calibre to manage public affairs. There are accounts like Control 99 which have certain specific functions. Pls acquaint yourself and stop rushing to the Post to complain about flies in your house.

  10. This is exactly what I said yesterday. Simusa is naive. He is a one term politician from mine management and even his language is that of a mine manager. ‘A report on my desk.’ The report goes to the PS. No one handles government cash save BOZ who through the secretary to the treasury disburses the same through PSs. The former govt said clearly that the road projects were financed by money from the mines. The budget for road projects was derailed when the donors refused to meet their commitments, therefore GRZ had to find money from somewhere. It was all spent for the nation and no one ‘stole.’

  11. Kwena fi MMD cadres infi mbuli yee. I never knew about this moey and yet I am a Zambian and you stupid MMD cadres will come here and start yelling at us? Those transanctions are supposed to be made public. The 2.28 % sale was supposed to be in the print and electronic media as the transanction was proceeding all the way to the end and we should have been informed about what the money realised was intended for. Kabiyeni ku sukulu mwe bambuli mwe.

  12. I find this issue confusing. ZCCM IH was the ‘owner’ of the shares. If the company sells the shares, then the money should logically go to the company. I am therefore left with a question; why did the money end up at the MoF? Yes the government as shareholder in ZCCM IH might get a special dividend after the sale of the shares, but it does not make sense for the whole amount to be given to MoF. The questions being raised are therefore legitimate in my opinion, and require clarification. It does not make sense for ZCCM IH to sell such a valuable strategic asset and not have an alternative investment in which to plough the proceeds.

  13. This idea of rushing to the media before you verify facts should be stopped because it is bringing a lot of embarrasment to PF Government. The issue of relying on rumours should be discarriaged because records are there for verification. An educated Minister should take time to check in the records and also find out who handles Government money before they can embarrass themselves like that. PF should know that it’s now in Government and the idea of relying on the Post for information when they have all the documents on the table to look at should be stopped.

  14. Umwaume, I like you. I like you because you think. Not ifi fi MMD cadre. There is something clearly very fishy here. In the first place, we never even knew that we had this kind of investment because some people wanted to do things in a clandestine manner. Later on they sell the shares and then the money disappears. Now they can not say exactly where it is. The former Minister of Finance is still alive. He should issue a statement and not Mwale. Ubutut mu Zambia ebwatubika apasuma. As if we are poor. Bwana Simuusa, you are doing a wonderful job. Follow them. Why is Mwale talking about MoF?

  15. Iwe KimZ, thats why its called corruption. It involves people who have mastered the art since 1991 when MMD took over power. They cover their tracks and will leave fake documents in their drawers in their offices. Thats why in some cases, it has to be forensic audit. Don’t accept things at face value. Ameno mafupa. You will be deceived. Paper trails can be lost at some point and deliberately so and even if you found them, you might find them with fake signatures. Thats why that “abuse of office close” should come back because it allows for prosecution based on circustantial evidence. Abantu naba pena mu Zambia.

  16. this government will soon set a new record of being the most ignorant and primitive administrators in the history of southern africa, mind you, so far, it is only zimbabwe who is following zambia where pf administration is concerned.

  17. Iwe Maxwell just give a report of how you stole the money dont waste time deffending yourself and you Simusa dont rush into publicising before you get the true facts all else you end up being imbarrased.
    let me ask 1 question does this mean on change of office no reports are handed over? i hate this idea of people dissing each other in public instead of working on development or improvement from the predecessor.

  18. Why is it every little thing turns into a complicated maze? Can some one please tell the minister and us the general public the whereabouts of the money? $167million can’t grow legs and sleep walk away. It must have found it’s way into a bank account somewhere in Zambia. Isn’t this simple information that you can dig up at an instants notice. Should we have a commission of inquiry over this problem?

  19. #22 GK, i agree with you that forensic audit should be done but until then, someone should not go on top of the mountain and shout before facts are gathered. Issues of corruption are very complicated and at some point, lives have been lost in trying to cover up and so it should take a sober mind to be able to handle them. The problem with PF Government is that they believe by shouting people will think that they are working and yet they are not. They promised a lot of things in 90 days but up to now, nothing has taken off apart from making decisions and reversing them the following day.

  20. It is a way of life in Zambia for the country’s huge finances to disappear without a trace and it is done by people entrusted to safeguard them. The problem is that when the people of Zambia demand investigations on these losses the guilty will quickly cry, ‘that is a witchhunt’. Now, can the former minister of finance shed some light on this issue?

  21. I smell rat. Ministry of mines need to have a report too. Did Former do a report? While Ministry of Finance handles the funds, the funds still are suppose to reflect in the accounts under Ministry of Mines Department in the overall picture of Govt income sources.

  22. The problem with these novices in Government are to eager to talk the press in a bid to expose the previous administration but it’s all backfiring. All questions are being asked through the media. All suspicions are being aired through the media and none of this is fit for very senior members of Government. 

  23. Iwe KimZ, there is no government that developed a country in 90 days. Thats baloney and nothing will change. The PF government will just put structures in place to e able to begin to deliver at the end of 90 days. Thats common sense naiwe boyi.

  24. The Engineer, you are very dull! How can ZCCM IH authorize the sale without paper work for the  transaction? No wonder the auditor general had problems with MMD, selling country assets like Pa Kateba without any proper documentation and accountability and you call yourself educated. 

  25. Iwe GK, please don’t defend them bane. They promised to do everything in 90 days including putting more money in our pockets. They did all this as if they were promising kids. Let them fulfil their promises or else the Kaponyas on the copperbelt will not forgive them. You and i know that it is impossible for all the work to be done in 90 days but an illiterate person out there will not understand and this will cost them people’s confidence. They will learn that winning elections through promising Heaven is not a good thing and this will come to haunt them badly. I am sure even you at some point will stop defending them.

  26. Mwale is a charlatan, an incompetent but he wants to show Simuusa a thing or two !! LOL

    Mwale pretended he was not aware that First Quantum Minerals (FQM) had kept in its accounts about US$300 million unpaid dividends to ZCCM-IH (now $500 m), of which it owns itself a 20 percent stake in (FQM) during the Cape Town conference!!! LOL LOL

    Concerning barrick money, its totally ILLEGAL, zccm-ih is a private company !

    The main shareholder (the grz 87,6%) cannot appropriate these $167 m without the consent of the board and shareholders (AGM)

    Minority shareholders (12,4%) could take Mwale, zccm management, Musokotwane to court !! LOL

    They could claim the lost interests !!

    Unfortunately Mwale is a retard…

  27. Mwe bantu, I once worked for the ministry of mines and I can assure you that if Mr Simuusa is alert and pays more attention to what was happening to the ministry during Maxwell Mwale’s reign as minister and Godwin Beene as his PS, you will be shocked. Members of staff were victimised, transfered, forced to go on retirement just because they wanted to do the right things in the ministry. Mr Mwale should be careful how he is responding because very soon things will start resurfacing. Mark my words.

  28. Those of you who are saying Simuusa should go back to school will swallow your own words. First of all Ministry of Mines is the mother body of all mines in the country and there is no way it cannot have records of any such transactions, its not about who handles or who handled the money, but RECORDS which the ministry should be the custodian of. Staff changes happened frequently at the ministry to suit Mwale and Beene’s activities. Wait and see is all I can say.

  29. @ Kabwe

    “…because very soon things will start resurfacing” => I hope so ! we know twin crooks are bought and paid for by foreign mining companies

    but the wind of change has come and Simuusa will make a clean sweep ! :-)

  30. continued

    Beene the evil… I remember that

    Treasury officials sent packing
    By Times Reporter

    THE parliamentary estimates committee yesterday sent back the team led by acting Secretary to the Treasury James Mulungushi because they did not present satisfactory explanations on the new mining tax regime. Dr Mulungushi was in the company of Zambia Revenue Authority (ZRA) Commissioner General and other senior members of staff from the Ministry of Finance and National Planning.

    Dr Mulungushi and his team were asked to prepare a fresh report that would satisfy the committee chaired by Itezhi Tezhi MP Godfrey Beene, and present it by tomorrow. Mr Beene described the report by Dr Mulungushi as unsatisfactory and ordered him to prepare a fresh one,

  31. continued

    which should be presented before the committee by tomorrow.

    Mr Beene told Dr Mulungushi that the committee members were not satisfied because THE REPORT LEFT OUT KEY DETAILS OF THE PRPOSED WINDFALL TAX ON COPPER MINES.

    Dr Mulungushi had also said that Government plans to open a special account at the Bank of Zambia (BoZ) to keep the excess revenue from the mines.

    Dr Mulungushi further said that Government has set up a committee to plan on how the projected revenue of US$415 million would be raised under the new tax regime.

    ———–
    sure Beene was bought and paid for by foreign mining companies ! Beene, go to hell !!

  32. It is disheartening to learn that all PF members do not think on their own. They think with a third of their brains allocated to Michael Sata. How on earth can people think that all laws of Zambia are wrong, Lusaka is not where it had been before, Districts and provinces were increased or reduced by MMD. Such is the level of inteligence that once a privatisation sale took place moneys has to be found in a bank or with the individual who was boss of the privatised firm. Failure to meet this diabolical demand amounts to funds having been stolen. My way disgraceful and pathetic anaylsis. Go to school kaponyas or employ schooled chaps and learn to learn.

  33. stupid Zambiano,

    Mwale is a CHARLATAN

    I dont think on my own ?? LOL LOL

    FORMER MINISTER Mwale pretended he was not aware that First Quantum Minerals (FQM) had kept in its accounts about US$300 million unpaid dividends to ZCCM-IH (now $500 m), of which it owns itself a 20 percent stake in (FQM) during the Cape Town conference !

    My third of brain allows me to read and to understand the kansanshi account, subsidiary of FQM, I give your some data

    The minority Interest is the benefit after amortization for the others shareholders in kansanshi mining…
    There is only one shareholder with first quantum minerals : ZCCM-IH

    Kansanshi ZCCM-IH Minority interests (20 percent shares of Kansanshi)
    First Quantum Minerals (80 percent of shares of Kansanshi)

  34. continued

    Minority interests 2004 0

    annual report 2005
    first-quantum.com/i/pdf/2005AR.pdf
    page 45
    Q1 0
    Q2 3,3
    Q3 6,8
    Q4 10,2

    Minority interests 2005 20,264

    annual report 2006
    first-quantum.com/i/pdf/2006AR.pdf

    page 70

    Minority interests 2006 65,697

    annual report 2007
    first-quantum.com/i/pdf/2007AR.pdf
    page 74

    Minority interests 2007 105

    annual report 2008
    first-quantum.com/i/pdf/2008AnnualReport.pdf
    page 62

    Minority interests 2008 79,9

    FQM Consolidated Financial Statements december 2009
    (non-controlling interests = ZCCM-ih)
    first-quantum.com/i/pdf/2009-Dec-31-FS.pdf
    page22
    Minority interests 2009 57,5
    Dividends 2009 -3

    2010
    Q1 30,3 30,3
    first-quantum.com/i/pdf/Q12010FS.pdf
    page14

  35. continued

    amount march 31 2010 358,661
    Dividends may 2010 -18,1

    Amount million U.S.$ 337,561
    (after taxes and amortization)

    And zccm owes the govt $300 million…

    Mwale is a corrupt crook and will go to jail !

    Zambiano and your big brain… up to you for Mopani or KCM !!

    otherwise shup up and go back to school !!

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site - LusakaTimes.com

Subscribe now to keep reading and get access to the full archive.

Continue reading