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London Stock Exchange Suspends ZCCM-IH Shares Listing as Board Chair Resigns

Filed under: Breaking News,Business |
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Information reaching Zambian Eye is that the London Stock Exchange has suspended the trading of ZCCM-IH shares on the world prestigious Stock Exchange.

Experts say this is happening  for the first since 1964 when Zambia got her Independence from Britain. Last week ZCCM-IH Board Chairperson unceremoniously resigned in what sources close to the matter say excessive and irregular interference from State House.

The suspension according to information reaching us is that the Financial Conduct Authority of the London Stock Exchange, has suspended the investment holding company pending investigations in its recent irregular transactions.

Last week Dolika Banda, a renowned business executive and ZCCM-IH Board Chairperson abruptly resigned allegedly due to excessive and irregular interference from State House.

Banda is the former CEO of African Risk Capacity Insurance Ltd and has held Non-Executive Director positions at Ecobank Transnational and the UK Department for International Development’s Financial Sector Deepening Africa programme and has over 25 years’ experience in international finance.

She has worked in banking and has worked across the world in Africa, Europe, Latin America, the Caribbean and the US. A former Director at the IFC, and a former Regional Director for Africa at CDC Group, Dolika’s involvement in development finance followed a successful career in banking.

Minister of Finance and National Planning, Dr. Situmbeko Musokotwane on Friday, announced the appointment of Mr. Kakenenwa Muyanga as Dolika Banda’s replacement.

ZCCM-IH Board recently approved a proposal from First Quantum Minerals(FQM) to convert Kansanshi Copper and Gold Mine’s 20% shares to a royalty payment where the Company will now receive 3.1% of Kansanshi Mining Plc’s (Kansanshi) total revenue.

ZCCM-IH is also at the centre of detailed negotiations where State House is forcing investors on the Board, such as the corrupt proposal to bring Vedanta Resources back to Konkola Copper Mines and the consideration where FQM may take over Mopani Copper Mines.

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