Students Want An Inquiry on The Privatization of State Assets

The Zambia Students Union has officially petitioned President Lungu to establish the provision of Section 2 of the Inquiries Act – setting up a Commission of Inquiry into the alleged looting of national assets that they believe has occurred in Zambia under the banner of ‘privatisation.’

ZANASU President Misheck Kakonde says it is clear that State assets worth billions of dollars were deliberately sold by those tasked to do so at paltry and give away prices.

Mr. Kakonde said Zambia’s biggest plunder of national assets done under the guise of Cabinet-approved privatization policy.

“For example, the total purchase price of the 218 companies in the not including ZCCM assets was K18.4 billion, converted to $154.6 million dollars for companies that were worth in excess of $5 billion. ZIMCO and INDECO appeared on the Forbes 500 listing of multinational companies worth billions of dollars. For example, KCM, valued at $650 million by international firms hired by the World Bank, was sold for $25 million. Hotel Intercontinental Mosi-o-Tunya valued at $20 million was sold for $5 million”, He said.

The PF spokesperson has pointed the finger at opposition leader Hakainde Hichilema, in an attempt to pry attention away from Lungu’s cabinet ministers. However, it is becoming increasingly clear that since President Sata came into office members of the PF party and their friends have benefited increasingly from the sale of mines, generators, agricultural land and natural resources.