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Sale of 51% ZCCH- IH in Mopani should be cancelled

Filed under: Business,Latest News |
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…Presented by Dr. Mbita Chitala and Mwape Mwelwa

The more than 300 Convenors of the People’s Political Consultative Conference (PPCC) from across the country held a virtual meeting at which they analysed the scandalous sale of 51% of shares in Mopani Copper Mines Plc held by ZCCM-IH on behalf of the Zambian Government to Delta Mining Limited.

We the convenors of PPCC are in agreement with many citizens including Hon Edith Nawakwi, Dr. Fred Mmembe, Sean Tembo and others that the purported sale of Mopani Copper Mines PLC to Delta Mining Limited, a purported subsidiary of International Resource Holdings (IRH) that is headquartered in Abu Dhabi, United Arab Emirates was an act to defraud Zambia. The explanation raised by Hon. Kabuswe the Minister of Mines in his defence of this transaction on behalf of the UPND administration is either based on his humble defective education attainments or is simply an expression of a conflicted person trying to defend a fraud against Zambia. Our analysis of the publically available documents show that the UPND government headed by President Hakainde Hichilema are guilty of utilizing creative accounting to commit fraud on Zambia. In other words, the UPND administration have have colluded with Glencore and used accounting practices to misrepresent Mopani’s position. These practices are not only unethical but are also illegal as they simply advanced this scandalous and fraudulent deal.

The UPND administration colluded with Glencore to admit a fake Glencore debt in Mopani of US$1.5 billion that was an investment that Glencore allegedly put in Mopani in 2000-2021 and for which Glencore received billions of dollars from its investment.

They lied that the purported debt would be assigned to Delta and other remaining un assigned from the 1.5billion debt would continue being a debt on Mopani books.
It should be noted that neither Carlisa nor Mopani could lend as they were not registered money lenders in Zambia. Any money they advanced to Mopani could only be equity investment.

No cash money has or will come into Mopani except the US$130 million Bank Guaranteed loan from our own Zambia National Commercial Bank which loan has been guaranteed by Mopani assets and which they have used to put butter on some local creditors such as the councils and conflicted UPND politicians. The whole transaction is a hoax which must be stopped.
Creative Accounting is fraudulent Accounting:
In the context of the Mopani deal, the UPND administration forced ZCCM-IH to accept the unethical and illegal practices to purportedly sale 51% of the shares in Mopani Copper Mines PLC to Delta Mining Limited.

Firstly, in collusion with Glencore, they structured the deal where they kept the major portions of financing or liabilities off Mopani’s Balance Sheet. That is the US$1.5 billion liability. Secondly, they failed to disclose liabilities such as environmental costs.

Thirdly, they used complex financial instruments like derivatives and special purpose entities like Jubilee to take over Kankoyo black mountain and Delta Mining Limited to take over 51% shares in Mopani to obscure the true nature of the deal. And fourthly, they used performance metrics where even the President of the Republic was invited to create a favourable impression at the time of the deal when the deal was not in the interest of Zambia.
Privatization and Ownership of Mopani:
Mopani Copper Mines PLC (also known as Mopani) is a Zambian company that produces and sells copper and cobalt to the international market, and is one of the biggest mines and exporters in the world.

Mopani Copper Mines Plc was originally part of Zambia Consolidated Copper Mines Limited (ZCCM), and was state-owned until its privatisation in 2000 when it was sold to Glencore.

Following privatisation in 2000, the Zambian Government retained a 10% stake in the mining industry through ZCCM Investments Holdings Plc (ZCCM-IH) which continued to hold a minority 10% shares in Mopani.

ZCCM-IH is an investments holdings company owned by the government controlled Industrial Development Corporation (IDC) chaired by President Hakainde Hichilema. It is quoted on the Lusaka, London, and Euronext stock exchanges.

According to the data from the Paradise Papers – Barbados Corporate Registry, Mopani Copper Mines was owned by Carlisa Investments Corporation (a joint venture company comprising Glencore International AG (73.1%) and First Quantum Minerals Ltd (16.9%)) and ZCCM-IH (10%). Minority shareholders were spread throughout the world, in various locations. The point here is that Carlisa owned 90% of the Mopani Copper Mines shares and had controlling interest in Mopani.
The company has mine sites at Mufulira and Nkana, which are located on the Copperbelt in central Zambia. The head office is located in Kitwe near Nkana assets. Nkana has been in operation since 1931 and Mufulira, which has been in operation since 1933 lies 50 kilometres (31 mi) north of Kitwe.
The company operates the Mufulira mine, smelter, concentrator and copper refinery and the Nkana mine, concentrator and cobalt plant.

Mopani or MCM produced 134,800 tonnes (148,600 short tons) of copper and 2,040 tonnes (2,250 short tons) of cobalt in 2003. Copper production from internal sources was supplemented by the purchase of some 18,000 tonnes (20,000 short tons) of copper in high-grade oxide concentrate bought from the Democratic Republic of the Congo, and 185,325 tonnes of copper concentrate toll treated from Copper-miner Equinox in 2007.

Between 2000-2021, Mopani or MCM invested in a number of oxide copper projects at several of its properties, including an in-situ leaching project at Mufulira and leaching at Nkana, and has achieved significant production increases at its underground mining operations in Kitwe and Mufulira. The company installed ISA smelt furnace, Matte Settling Electric Furnace, oxygen plant, at the Mufulira smelter during 2004 and 2005, at a total cost of US$213 million.
All in all, the company’s assets were more than US$9 billion according to some estimates.
The Plunder of Zambia’s Minerals:

Since 2000, Mopani has produced and sold an average of 134,800 tonnes of copper and 2,040 tonnes per year of cobalt between 2000 and 2021 and made billions of dollars which it sent to its foreign owners. These windfall gains included other minerals. As is well known, during the electrolysis, several precious metals were produced. These included gold, silver, platinum, selenium, palladum and others.

These would settle along other impurities at the bottom of the cells and the Glencore management would remove and collect them at the end of the anode circle, this product known as anode slime would then be washed, dried, packed and exported by Glencore management at Mopani for recovering these precious metals. The Glencore management of Mopani would then export these slimes at great benefit to Glencore at the expense of Zambia.

It is not known with exactitude what Glencore benefited from its Zambian operations between 2000-2021. What is known is that MOPANI never declared any dividends to its shareholders and always reported losses in its final accounts.

This was despite the high prices of base metals on the international market. Zambian authorities foolishly allowed this to continue happening as they removed all exchange controls and allowed Glencore to loot Zambian minerals.

There is one report of fraudulent trading which appeared in the documentary entitled “Zambie: A Qui Profite le cuive” online alleging fraudulent dissimulation of thousands of million dollars by MCM.

The company was put under investigation and the President of the European Investment Bank (EIB) instructed the banking services in Europe to decline any further financing request from this company or its subsidiaries. It is this together with some report that Glencore was at that time facing operational challenges which may have compelled the foreign shareholders to decide to exit MOPANI Copper Mines PLC and surrender it to Zambian authorities for a $1.

Mopani resolved to put the company on care and maintenance and declare more than 6,000 of its employees redundant. This was not acceptable to Zambian authorities, as they approached the 2021 general elections.

The foreign owners Glencore decided to surrender the Mopani asset to Zambia for a dollar (US1$) and exited the ownership in the company.
In 2021, Carlisa surrendered its shares in Mopani to ZCCM-IH for US$1.

This meant that Carlisa/Gencore relinguished their 90% ownership stake in Mopani as they no longer saw value in holding shares in Mopani. By Carlisa/Glencore surrendering their shares for US$1 to ZCCM-IH, they gave up their ownership in Mopani together with any potential future value or dividend related to those shares.

All Zambians were happy at witnessing the end of that Glencore-Zambia exploitative relationship and hoped ZCCM-IH would now play its developmental role of owning a large mine for the benefit of Zambia. Regrettably, this did not materialize. Glencore in collusion with Zambian administrators entered into some fake agreement that Mopani still owed Glencore US$1.5 billion it had allegedly invested in Mopani between 2000-2021 and US$100 million Glencore alleged had provided security for Mopani’s Letters of Credit from 2021-2024 together with interest. This was a fake transactional agreement which should have been repudiated by Zambian authorities ab initio.
The Fake 1.5 Billion US$ Debt:

Glencore was able to collude with Zambian authorities and agreed that the US$1.5 billion it had invested in Mopani between 2000 and 2021 should be considered a Glencore debt in Mopani and not part of its equity. The collusion meant that this so called transaction debt of US$1.5 billion would be restructured and be repaid to Glencore through a scheme of very devilish ways which culminated in identifying Delta Mining Limited as a nominee to the scheme.
It was claimed by Glencore that the US$1.5 billion debt was independent of the Glencore investments in Mopani. Glencore argued that the US$1.5 billion was money borrowed from Carlisa which was a subsidiary of Glencore. It was therefore a stand alone debt to Mopani.

It will be interesting to see the terms of this purported debt which was sourced from a sister company and this raised the unacceptable conduct by multi national corporations of insider trading and cheating possibility.

The above claim was of course not correct. Carlisa/Glenore invested in the business of Mopani as equity shareholders that owned 90% of Mopani. Any investment in Mopani from its shareholders could only go towards the advancement of the shareholders equity and could not be defined as debt.

In the Mopani case, Mopani had residual interests in Mopani’s assets and profits and its investment in Mopani could only be part of its equity and not debt.
Furthermore, Carlisa/Glencore were estopped by law to lend to anybody as they were not financial institutions regulated by Bank of Zambia or a Zambian entity authorized to conduct money lending
It is evident that Mopani did not borrow the US$1.5 billion from Carlisa/Glencore partnership and that any advances from these partners could only be converted into equity (shares) in Mopani. This is consistent with the laws of Zambia.
However, utilizing creative accounting tricks, Glencore also forced or colluded with UPND authorities in January, 2021 to recognize this Glencore investment in Mopani as a debt liability of US$1.5 billion to be repaid to Glencore.

This was pure criminality as Glencore invested this money in Mopani between 2000-2021 and in return received billions of dollars as profits which it externalized to its foreign jurisdictions.

It was a fraudulent act that Zambian authorities forced ZCCM-IH to take over this US$1.5 billion in debt even as they knew or ought to have known that this debt was outside the Glencore exit terms and was an odious debt.

The initial acceptance by the Zambian government in 2021 of the purported Glencore debt of US$1.5 billion to be a debt on Mopani and the subsequent acceptance of this fake debt by the UPND administration in 2024 was unlawful. This acceptance was induced by either corrupt conduct or ignorance as the purported debt was illegitimate.

Furthermore, this illegimate debt was odious and could not be enforced or transferred to subsequent governments or generations as it was fake. Such a debt in international law cannot be enforced and should have been repudiated by Zambian authorities.

Because of its fake status, the minority shareholders of ZCCM-IH called for investigations into the purchase of the 90% shares of Mopani Copper Mines (MCM) by ZCCM – Investments Holding and the fake debt from Carlisa Investment valued at $1.5 billion.

The minority shareholders of ZCCM-IH wrote to Chairperson of the Anti-Corruption Commission Board Musa Mwenye and Director General Gilbert Phiri over their proposed investigations into the transaction. The group further wrote to Attorney General Mulilo Kabesha asking his office to review the detailed sale agreement.

Spokesperson of minority shareholders of ZCCM-IH Thierry Charles said buying Mopani and accepting a debt of $1.5 billion in 2021 was too exorbitant.

“The Mopani $1.5 billion deal must be investigated in the light of the above-mentioned elements which we question, we ask Chairperson of the Anti Corruption Commission Board Musa Mwenye, Director General Gilbert Phiri and Attorney General Mulilo Kabesha to launch investigations regarding the conditions under which the contract for the purchase of shares in MCM was negotiated and drafted: to look for any undisclosed adverse clauses that explain the inconsistencies in the figures and to question all those who negotiated the exorbitant $1.5 billion deal,” Charles wrote.

The origin of this Glencore debt is also very questionable as it was as a result of insider lending between sister companies Carlisa Investment Corporation lending to Glencore who allegedly passed the investment to Mopani as equity. It is not known how the loan or series of loans or investments were contracted or passed to Mopani and on what terms.

The purported US$1.5 billion debt in Mopani should have been contested by both UPND administrators and the ZCCM-IH as it was not possible for Mopani to contract such debt on grounds of statutory provisions as well as on Mopani’s capacity.

The UPND Single Sourced Delta Mining Limited was illegimate:
President Hakainde Hichilema and the UPND administration single sourced Delta Mining to purchase the 51% shares originally assigned to ZCCM-IH in Mopani claiming that Delta Mining Limited was a subsidiary of IRH.

It is not known who the shareholders of Delta are as it has no website. It is not known whether Delta Mining Limited is a registered Zambian company or whether there was any consideration for these share transfers.

To actualize the sale, Carlisa/Glencore purportedly assigned US$400 million of its US$1.5 billion purported debt to Delta Mining Limited on terms not disclosed by Glencore.
In a normal transaction, Delta should have paid the US$400 million to Glencore to liquidate the US$1.5 billion purported debt in Mopani pursuant to discount conditions. This was not done and Glencore continued to hold a lien on this Us$400 million.

However, the purported assignment was used as evidence to enable ZCCM-IH transfer its shares in Mopani to Delta Mining Limited without paying any money as the US$400 million was deferred.

In February 2024, Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) on behalf of the UPND administration approved the acquisition of a 51 percent stake worth 25.5 bn kwacha (US$ 1.1 bn) in Mopani Copper Mines Plc by Delta Mining Limited, a purported subsidiary of International Resource Holdings (IRH) that is headquartered in Abu Dhabi, United Arab Emirates. The transaction was completed the following month.

This acquisition was a fraudulent transfer of shares by law. However the transfer of shares was assisted by the collusion of some UPND big wigs who prevailed on PACRA to make the unlawful share transfer. The transfer of shares was unlawful as no shares were paid for by Delta Mining Limited to Glencore. On the contrary, all payment for the shares was deferred which rendered the PACRA transfer of shares untenable and evidently fraudulent.

In this matter, Glencore in collusion with Zambian authorities simply used Delta Mining Limited as an arms length nominee or agent to hold shares in Mopani on behalf of Glencore which had a lien on the assets of Mopani.

This whole transaction contradicted President Hakainde Hichilema’s earlier announcement where he had announced that the US$1.5 billion debt had been redeemed.

Thomas Biesheuvel and Taonga Mitimingi quoted President Hakainde Hichilema in Bloomberg of December, 22 2023 that the UPND administration had negotiated the US$1.5 billion debt to Glencore down to US$400 million. In other words, the debt was to be discounted to US$400 million payment to Glencore and this action would result in cancelling or expunging the purported US$1.5 billion debt from Mopani’s balance sheet.

This however was not to be as the US$1.5 billion debt was not expunged.
It should be noted that the US$ 400 million with share premium has been deferred until certain milestones are met under the PDP. The US$400 million is considered as Delta Shareholder loan to Mopani but is still owned by Glencore and this amount is required to be paid by Mopani from its future cash flows. In other words, the Arabs in Delta who have not paid anything to Glencore will only pay later from the earnings of Mopani to redeem this discounted debt.

Furthermore, it should be noted that the US$1.5 billion had been discounted to US$400 million. Therefore the US$400 million debt to the shareholders of MOPANI by IRH should expunge the US$1.5 billion Glencore debt obligation. This debt had been written down to US$400 million before IRH came into the picture and therefore , it is shocking or an act of fraud that what is being quoted as the Glencore debt is still US$1.5 billion. That is why Hon. Nawakwi claimed that the UPND big wigs may have sold all this to themselves.
The UPND Compelled ZCCM-IH to Sale 51% of Shares in Mopani to Delta/IRH:

With a new UPND government installed in August 2021, indications of a policy shift on ownership were floated with the leadership advising they intend to create an enabling environment that will attract both local and international investments.

Contrary to expectations, the UPND administration tragically followed in the PF administration’s footsteps and recognized the validity of the fake US$1.5 billion debt purportedly invested in Mopani by Glencore between 2000 and 2021.

In the sales agreement between Glencore and Delta Mining Limited or its representative, it was agreed that an amount of US$400 million debt in Mopani would be assigned to Delta to acquire shares in Mopani and that Delta Mining Limited would pay Glencore to redeem the part of the purported US$1.5 billion debt to Glencore. It was assumed that this situation would enable Delta Mining Limited to acquire 51% of shares in Mopani.

It was further agreed that, the payments for the shares in Mopani by Delta Mining would be deferred and would only be paid in instalments when certain milestones under the PDP were met.

It is also noted that this US$400 million would continue to be Glenore’s debt in Mopani and which would later be part paid off by Delta Mining Limited and acquire the 51% shareholder’s equity in Mopani. It was agreed that Delta Mining Limited as majority shareholder in Mopani would use Mopani’s mineral sales to generate money to purchase these shares.

This arrangement was outright fraud. What kind of equity investment is done through a shareholder loan (US$400m)? Why did the UPND not ask Zambians to purchase these shares if they were patriotic? Unless they sold to themselves, this is a grey area of the transaction worth investigating.

It was claimed that the IRH, through its wholly owned subsidiary, Delta Mining Limited, will, subject to certain conditions precedent, provide an equity investment of US$620 million through the subscription of new shares in Mopani or MCM. Delta would thus subscribe for 7,181,633 shares (“Investor Shares”), issued at $86.33 a share of which $85.33 per share is share premium (the “Subscription Price”).

This was fake as Mopani had never been valued. The Zambian negotiators were guilty of repeating the same mistakes they did to KCM when they sold the KCM assets for US$25 million to some Indian investor when the copper alone in transit was valued at more than US$100 million. In the matter for Mopani, some analysts value Mopani’s assets at motre than US$9 billion.

The US$100 Million Purported Debt is fake:
Additionally, Glencore claimed that Mopani Copper Mines had a debt exceeding US$100 million owed to associated members which had accrued over six months. These were purported Letters of Credit guaranteed by Glencore for Mopani between 2021 and 2024. Glencore treated them as debts owing to which Mopani was liable. This was a pure attempt at fraud as the so called letters of credit were redeemed by Mopani in its normal business when they crystalized.

Glencore was enabled by UPND TO Still have a Lien on Mopani Assets was illegitimate:

In addition to the above, in support of the transfer and write down of the purported Glencore debt to Delta Mining Limited, Glencore and the UPND administration compelled Mopani to enter into a royalty agreement with Glencore where Mopani would provide Glencore with upside participation in the profitability of Mopani in the event the copper price exceeded US$12,000. Furthermore, Mopani was required to make an additional payment to Glencore of US$150 million as detailed in the Glencore Payment Covenant which has never been disclosed.

All these actions in the so called sale of shares in Mopani shows that Glencore never exited Mopani for US$1. It still has lien on the on the assets of Mopani and will for many years be in control over the affairs of Mopani Copper Mines PLC.

This is a very poor deal, nay a fraudulent deal against the interests of Zambia which must be re-visited and cancelled out rightly as it continued the plunder of Zambia’s resources by Glencore.
Mopani’s Odious Debt of US$1.1 Billion Investment 2000-2021 is fake:

According to the ZCCM-IH Transaction Announcement Regarding Mopani Copper Mines published on 1st February, 2024, the IRH were to invest up to US$1.1 billion into MCM to fund MCM’s project development plan (“PDP”), provide working capital and as part of the restructure of certain existing Glencore liabilities. However, there was and will never be any no money transfer as this purported US$1.1 billion was still part of the old purported US$1.5 billion investment in Mopani allegedly invested between 2000 -2021.

This is simply fraudulent reporting that new money would be introduced when in fact there was no new money.
Of the purported US$1.1 billion which money had been invested in Mopani’s PDP by Glencore they want to claim it as a debt and that of this US$620 million will be assigned as new equity capital in return for a 51% stake in MCM in the form of the Investor Shares.

These shares will be for all purposes and intents be for Glencore or assigned to their nominee Delta Mining Limited.

ZANACO Loan of US$130 Million facilitated by UPND is illegimate:
It is also planned up to US$130 million shall be advanced to Mopani prior to closing of the Transaction via an interim financing loan to assist with Mopani’s immediate short term capital commitments. This interim financing loan is guaranteed via a bank guarantee provided by Zambia National Commercial Bank Plc.

Obviously since Delta Mining Limited has no assets to use as guarantee for the Bank Guarantee, it follows that as controlling shareholders in Mopani, they will use Mopani’s assets to guarantee the collateral for the bank guarantee.

It is also intended that Delta would provide another amount to Mopani up to US$90 million making altogether US$220 million at the closing of the transaction. This will be seen but it is doubtful as Delta is simply a desk company with no assets.

In fact the US$130 million interim financing loan from ZANACO is structured as a short term debt instrument to allow Delta to provide funding to Mopani prior to closing of the Transaction, and will be converted into equity upon closing of the Transaction (comprising partial payment of the US$620 million equity subscription); and US$19 million of the US$220 million will be applied as partial repayment of the bridge facility agreement dated 20 January 2023, presently between ZCCM-IH as lender and Mopani as borrower .
It should be noted that the interim financing loan will be guaranteed by Mopani assets.

It is shameful that a Bank Guarantee will be provided by ZANACO PLC which is a local bank and not from the land of the so called new Arab investors. In other words, there is no money coming from the Arabs.

They will use this debt from ZANACO to further pay for their shares as well as pay some local suppliers whose accounts according to Hon. Mpundu of Nkana Constituency have been garnished by the ZRA and have failed to get their money. As a result, there is little happening at Mopani.

Another fake US$400 million from the Odious debt of US$1.1 billion is illegimate:

Mopani will also still have on its books purported debt belonging to Glencore from the US$1.5 billion purported debt. This will be another amount of US$400 million of the share premium which shall be deferred and paid in instalments when certain milestones under the PDP are met.

This US$400 million is part of the odious debt which should have been expunged but has been resurrected by the UPND big wigs to be a Glencore debt on Mopani which shall be redeemed from future earnings of Mopani.

Another US$80 Million as Sweetener that will never come:

There was also an undertaking that the new shareholders would advance MOPANI up to US$80 million which may be made available to Mopani through additional shareholder loans if required, based on the future working capital requirement of Mopani. This is a baseless sweetener as Delta Mining Limited has no money but is simply a desk company.

The Purported Sale of 51% of shares by ZCCM-IH to Delta Mining Limited is very Bad and should be reversed.

The total consideration which the UPND administration accepted is the fake odious debt which Glencore had Glencore had been demanding following the sale of Mopani to Zambia for US$1.00.

The UPND administration colluded with Glencore to resurrect the fake US$1.5 billion and assigned part of it to Delta Mining Limited to hold as a nominee 51% of shares in Mopani.

It will be interesting to know who owns Delta Mining Limited by conducting a forensic audit. It will not be surprising to discover that Delta Mining was owned by the UPND bigwigs.

This UPND administration collusion to sale shares in Mopani to Delta Mining Limied was also not in the national interest.

Firstly, the transaction was unconstitutional as the Zambian Constitution provided that any asset sold must be approved by Parliament of Zambia by two thirds majority voting. It is the Zambian Public Enterprise ZCCM-IH which had 100% shares in Mopani which purportedly sold 51% of its shares in Mopani.

It is not Mopani selling shares as was wrongly and intentioned lied consistently by Hon Kabuswe the Minster of Mines.

Secondly, the purported identification of a buyer for the shares was not transparent and violated the procurement laws of Zambia as the purported bid that finally won the tender is known to be not amongst the ten that bid through ZPPA.

Thirdly, the Assets of Mopani were not valued. Presently, the Mufulira Mine employs about 5,000 people directly. Assets include: a concentrator, a refinery and a smelter; and produces 35,000 tonnes of contained copper in ore each year through the process of open stopping.

The copper is then taken to the concentrator. The value of the assets exceed US$9 billion according to some estimates.
Fourthly, the Sale of Mopani violated Procurement Laws:

There were several companies that tendered to buy controlling interest in Mopani.

In March 2022, the Canadian High Commissioner to Zambia Pamela O’Donnell, indicated that Canada, through Barrick Gold and First Quantum Minerals expressed interest to invest in the Mine.

There were other bidders from China and Australia who was to invest in Mopani.

The search for a local investor appeared to be going well in earnest and patriots like Prof.

Clive Chirwa showed interest in organizing Zambians to acquire Mopani.
Four other bidders were short listed and these did not include the Delta or IRH.

For sure, those short listed must have tales to tell. The UPND administration decided to single source IRH at great disappointment of the short listed companies.

However, in February 2024, Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) on behalf of the UPND administration approved the acquisition of a 51 percent stake worth 25.5 bn kwacha (US$ 1.1 bn) in Mopani Copper Mines Plc by Delta Mining Limited, a subsidiary of International Resource Holdings (IRH) that is headquartered in Abu Dhabi, United Arab Emirates. The transaction that was completed the following month violated procurement laws of Zambia.

This MOPANI sale is not in the interest of Zambia as it smacks of fraud. It must be investigated and the culprits be brought to book as provided for by our statutes. Zambia must reclaim its God given assets to eradicate poverty and underdevelopment.

We would further submit that until a judicial commission is appointed to enquire on how our disastrous privatization of our Public Enterprises was done, our country will never learn to respect public property and the same people who cheated on Zambia will continue cheating on our country.

Issued On Behalf of the Convenors of the People’s Political Consultative Conference (PPCC)

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