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(LUSAKATIMES) Magande exonerates himself from ZANACO sale

Magande exonerates himself from ZANACO sale
TIME PUBLISHED - Friday, February 3, 2012, 1:56 pm

Former finance minister in the late president Levy Mwanawasa’s Government Ng’andu Magande says he was too busy with the country’s problems to concentrate on the privatization of ZANACO.

QFM News reports that appearing before the Sebastian Zulu commission of inquiry this morning, Mr Magande who is believed to be the architect of the ZANACO privatization said Zambia was facing many economic problems at the time for him to concentrate on the sale of the bank.

He has however admitted signing the final sale and purchase agreement for ZANACO.

Mr Magande said it would not have made sense for him to preside over a transaction that only involved a few million dollars.

He says among the issues that kept him busy at the time were issues to do with debt burden Zambia was encountering.

Mr.Magande has since denied influencing the privatization of ZANACO.

And Juvelis Tembo told the commission of inquiry that while he was the chairperson of the negotiating team on the sale of ZANACO he was not involved in the bidding process.

He also stated that the sale of 49 percent shares in ZANACO was never discussed.

QFM

Labels: NG'ANDU MAGANDE, PRIVATISATION, ZANACO

posted by MrK @ 12:29 AM