Listing of ZAFFICO on LuSE does not make business sense, Zambians must wake up – Chaile

Opposition Radical Revolutionary Party (RRP) leader Vincent Chaile has urged Zambians to “read between the lines” in the ongoing controversy surrounding ZAFFICO.

Chaile says the gesture by the Chinese mining company NFCA of Chambishi to buy 612 ZAFFICO houses for sitting tenants must be regarded with suspicion as there is no free lunch.

Government has vehemently denied allegations of planning to sell ZAFFICO to Chinese investors, stating that the company will be listed on the Lusaka Stock Exchange to afford citizens an opportunity to buy shares in the entity but Chaile is not convinced.

“Last month, a Chinese mining company NFCA of Chambishi bought 612 ZAFFICO houses for sitting tenants from govt at $270,000. The houses were handed over to ZAFFICO employees by Felix Mutati and hon Kampamba Mulenga,” said Chaile in a statement.

“Few days later we saw an advert on Industrial Development Corporation (IDC) website for a tender for provision of transaction advisory services for listing of ZAFFICO on Lusaka Stock Exchange.

“Could this be a coincidence for Chinese mining company buying ZAFFICO houses for $270,000 for free and listing of ZAFFICO on the stock market?”

Chaile, a natural resources management expert, argues that it does not make business sense for government to state that citizens will have an opportunity to buy shares in ZAFFICO.

“As an expert in natural resources management there are no profits in forests as compared to huge capital injection or investment,” Chaile said, explaining that worldwide, forests are mainly used for environmental conservation – as carbon sinks to fight against global warming not for profit making.

“Surely which Zambian can invest into ZAFFICO when the returns are too minimal or nothing in a long run. Which capitalist or a Chinese would plant a tree today and wait for years to harvest?

“Let truth be told this is a business conspiracy, it is the Chinese who are interested in the forests land and not forests itself.

“Under those ZAFFICO forests there is high grade of copper and other minerals. It does not make sense for a mining company to buy houses for forest employees when they own employees are homeless. LETS THINK OUTSIDE THE BOX.

“Zambian lets wake up and protect our environment and our resources.”