Response to Bowman Lusambo Comment, like or share We are told Bowman Lusambo is asking president HH to account for his involvement with Ramcoz mine. First and foremost we would like to state that if Nevers Mumba and Bowman Lusambo were looking for genuine answers to this question, they have could have Googled the internet or gone to national archives of Zambia and could have gotten their answers. However we give them a benefit of the doubt and reproduce information that is already in the public domain; (i) Luanshya mine was sold to Binani Group of India in 1998 during the final phase of the privatisation process embarked on, in the early 1990s, by the MMD government. So Bowman note 1; the mine was sold by the MMD government, your own party. (ii) From the onset, many people wondered how the MMD government could sell a mine to a company that had no mining experience whatsoever. Note 2; People advised MMD not to sell Luanshya mine to Binani. (iii) The mine was renamed to Roan Antelope Mining Company of Zambia (Ramcoz) by Binani after they bought it. Note 3 we include change of name here so that you know we talking about the same mine. (iv) As predicated by many people, Ramcoz struggled to operate smoothly and profitability due to limited expertise and lack of capital by the new owners. Note 4; Ramcoz was struggling financially. (v) Ramcoz obtained an overdraft from Zanaco for working capital purposes. Note 5; Ramcoz borrowed money. (vi) After Ramcoz failed to service its overdraft with Zanaco over a protracted period of time, Zanaco applied to the High court for Ramcoz to be placed under liquidation. Note 6; Zanaco took Ramcoz to court for liquidation (vii) The Court agreed and appointed Christopher Mulenga of Grant Thornton (GT) as liquidator and his liquidation manager was Macheleta. Note 7; Chris Mulenga was the liquidator assisted by Macheleta. (viii) The liquidators role is to ensure that a Companys remaining assets are sold so as to repay (i) creditors (ii) tax obligations and (iii) employees. And the law stipulates that funds be paid back in the order tabulated above. Note 8; Liquidator only comes in after a company has already failed. (ix) HH was running the consultancy arm of GT which had nothing to do with liquidations. Also note that according to the law, the liquidator acts in his own capacity regardless of whether he works for someone else or he is self employed. Note 9; HH was doing consultancy not liquidations. That is your free education Bowman and your pastor Nevers Mumba. We repeat; this is information is in the public domain and can be easily verified.
Posted on: Tue, 12 Aug 2014 04:33:12 +0000
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