UA-55300619-1
slide 1
slide 1
Image Slide 2
Image Slide 2

HH selfish and showboating politician- M’membe

Filed under: Latest News,Politics |
1,268 Views

Socialist Party President Dr Fred M’membe has charged that President Hakainde Hichilema (HH) is a selfish and showboating politician.

Dr M’membe says the return of Vedanta at KCM after its Indian owner Anil Agarwal parted with US$200 million, endorses the betrayal and disrespect President Hichilema has for the people on the Copperbelt.

He says President Hichilema has spat in the face of the people of the Copperbelt, especially the miners, who braved the meandering queues to cast the ballot and put him in office.

This is contained in the article below by Dr M’membe posted on his Facebook page seen by Zambian Eye.

HICHILEMA HAS BETRAYED THE COPPERBELT ON VEDANTA

The return of Vedanta at KCM after its Indian owner Anil Agarwal parted with US$200 million, endorses the betrayal and disrespect Mr Hakainde Hichilema has for the people on the Copperbelt.

This particular move has a revealing effect on what type of a leader Mr Hichilema is and how he views and treats the people on the Copperbelt with low value. By this decision alone, Mr Hichilema has spat in the face of the people of the Copperbelt, especially the miners, who braved the meandering queues to cast the ballot and put him in office.

As usual, Mr Hichilema has made known to the Zambian people the poor masses of this country are not anywhere near the equation, and as such deserve no place, value or respect from his government. Like we have always said, Mr Hichilema is here to protect mining transnational capital and not the working masses. And we shall validate our standpoint stated above by highlighting the facts that led the Zambian government to initiate a liquidation order in 2020 so that citizens can see and judge for themselves.

Under Vedanta, KCM faced various operational difficulties, which included:
1) the mine failed to meet it’s financial obligations to the workers thereby subjecting them to poor working conditions;
2) the mine failed to honour its debts with contractors and suppliers;
3) the mine was highly indebted and threated of insolvency, to the extent that as of September 30, 2013, KCM’s total liability stood overwhelmingly at US$1.5 billion, surpassing its asset base by US$123 million. This situation definitely made it unfeasible for the mine to meet its financial obligations. For this reason, KCM defaulted on its US$700 million loan signed with Standard Bank. By the way, this particular loan was secured on the KCM assets;
4) Vedanta failed to live up to its pledge to inject a sum of US$397 million foreign direct investment in the mine but resorted to diverting funds it was generating locally to other ventures thereby choking the mine and leaving it with no resources to inject in its operations;
5) Vedanta lamentably failed to operationalise the Konkola Deep Mining Project despite making numerous pledges and commitments over the same; and
6) Vedanta never invested in its own equipment. It was merely sub-contracting its works. This made it extremely expensive to run the mine.

Above are just some of the many reasons the Zambia government repossessed the mine and opted to find another investor. Now, with all that we have stated above, we ask a question: which principled and decent leader would surrender back such a key national asset to a dishonest investor like Vedanta?

Clearly, Mr Hichilema is a selfish and showboating politician. But all this won’t end well. It shall soon catch up with him because Zambians are not fools. Already the atmosphere is that of exhaustion. People are fatigued of his lies, inconsistency and self-serving attitude. Let him know that this country is way too bigger than him and so he must stop playing with people’s livelihoods and the country’s future by dishing out key national assets willy-nilly like sweets in a market parlour.

Fred M’membe
President of the Socialist Party

Facebooktwitterredditpinterestlinkedinmail

One Response to HH selfish and showboating politician- M’membe

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.