Reverse ZNS shareholding in Eagles Holdings Limited – SP
Socialist Party deputy secretary general Antonio Mwanza writes:
According to the Minister of Finance (Incorporation) Act Cap 349 of the Laws of Zambia only the Minister of Finance has the power and authority by law, to acquire and hold in that name lands, Government securities, shares in any company and securities for money of behalf of the Republic of Zambia.
So how come, individuals by their own names and not even by designation are holding shares on behalf of Zambia?
Indeed, politicians never learn. Have they forgotten the case of Mr Cyprian Chitundu vs ZESCO Ltd were ZESCO sued its former managing director, Cyprian Chitundu over the 10,000 shares he held in the Kafue gorge lower project?
This is in a matter in which ZESCO sued Cyprian Chitundu for holding on to the shares in Zesco’s special purpose vehicle known as Kafue Gorge Lower power development corporation limited.
Judge Newa ordered that Chitundu should relinquish his share holding in the company by signing share transfer.
Why can’t Government use the Ministry of Finance as official shareholder of Government shares in Eagles Holdings Ltd to avoid complications and implications of individuals? This is taxpayers money we are dealing with hence care and adherence to the highest levels of good cooperate management must be observed at all times.
We demand that this shareholding transaction be reversed and the Ministry of Finance take over as rightful shareholders in Eagles Holdings Ltd with immediate effect.
Issued by
Antonio Mwanza
Deputy General Secretary
Socialist Party
