A statement from President Michael Sata on the new Industrial Development Corporation : I wish to announce that the Industrial Development Corporation, (IDC) which has just been incorporated under the Companies Act is a 100% government owned corporation which will be the holding company of all state owned enterprises that are incorporated under the Companies Act or the Banking and Financial Services Act. Its initial authorized capital is K20 million of which K10 million is already paid up using funds from the Privatisation Revenue Account as sanctioned by Section 39 Subsection (2) (J) of the Privatisation Act, Cap 386 of the Laws of Zambia. To this effect, I will soon be appointing the Board Members of the IDC. I have also directed that a Sovereign Fund, which will initially be supported by the IDC after Parliament passes a statute to give effect to the Sovereign Fund be constituted with due dispatch. I have further guided that 75% of the dividends from the IDC itself and its subsidiaries be paid into the Sovereign Fund. Some of the balances of the Privatisation Revenue Account which are substantial will provide the initial capital stock of the Sovereign Fund. I feel that the negative culture of a hand to mouth existence is injurious and inimical to the long term interests of our nation. It’s my strong belief that there is need to safeguard and secure the interests of our future generations. I want to maintain that the Sovereign Fund will and should be an inescapable duty and obligation of a responsible nation. The Sovereign Fund constitutes our positive legacy to posterity. With this among other measures, I can assure you that our country is headed for unprecedented economic prosperity. (Source : President Satas Facebook Page) QUESTION : Are you in favour of the new IDC/INDECO?
Posted on: Thu, 23 Jan 2014 21:35:26 +0000
Trending Topics
Recently Viewed Topics
© 2015