PF vultures out to devour KCM – HH
UPND leader Hakainde Hichilema Hichilema says he does not support the PF government’s move to place the troubled Konkola Copper Mines (KCM) under liquidation.
Hichilema says while the company had been mismanaged by its owners to the extent where government intervention became necessary, liquidation was a wrong option as it will not protect the interests of the workers and suppliers.
The opposition leader argues that government should have instead placed KCM under curatorship.
“We do not agree with the liquidation of KCM,” Hichilema said during a live radio interview on Radio Christian Voice this morning. “I know some PF media
“PF should have opted to place KCM under administration in order to protect the interests of the workers and suppliers. Liquidation means that the Company’s assets will have to be sold and monies paid to ‘ranking creditors’, in order of priority while workers and suppliers will be considered last. In liquidation Banks and big creditors with debentures take the lion’s share.”
Hichilema explained that placing KCM under curatorship would have allowed the company continue operating as new buyers were being sought while liquidation entails that the company is wound up and assets are sold.
He accused the PF of behaving like the vulture waiting to feed on a carcass of a dying animal.
“ZCCM-IH which represents Government are part owners of KCM and sat on their board. They knew the extent of the problems in KCM and did nothing about it until it was on its knees,” Hichilema pointed out. “Why didn’t the government through ZCCM-IH deal with these issues and not wait until the animal is about to die? It’s because they are vultures! Look at the issue of lack of skills transfer in KCM…there are a lot of foreigners coming in. Instead of some jobs being done by Zambians, they are done by foreigners. Where was the government of Lungu through ZCCM-IH? They were sitting on the board. How were they allowing these things to happen?”
Hichilema’s sentiments echo those of opposition NDC and Socialist Party leaders Chishimba Kambwili and Fred M’membe, both of whom have expressed fears that President Lungu and his associates will use the liquidation process to loot KCM assets.
Lawyer Milingo Lungu, who is a member of the Patriotic Front legal committee, has been appointed as provisional liquidator and has since moved in to take over operations at KCM.
Meanwhile, Hichilema has suggested that his visit to the Copperbelt forced President Lungu into the knee jerk reaction with regards to KCM.
“We know Mr Lungu panicked after our visit to the Copperbelt that’s why he decided to act without thinking. Now they’ve put a friend with limited experience as liquidator. Do they understand what a liquidator…his capabilities and skills are? And I hear Lungu’s advisors are now advising the liquidator. What advise are they rendering to the liquidator? This is a technical field!”