THE MMD has announced plans to reverse the nationalization and repossession of Zamtel and surrender it back to LAPGreen should the former ruling party bounce back to power in 2016.
MMD president Nevers Mumba said when LAPGreen took over the operations of Zamtel, the telecommunications company was under-performing and the country was losing millions of dollars.
Dr Mumba said LAPGreen turned around the fortunes of Zamtel soon after acquiring it from the Zambian Government and that it did not make business sense for the Patriotic Front (PF) under former president Michael Sata to have decided to nationalize the institution.
He said in a statement to the Daily Nation that his party was saddened that the PF Government was considering borrowing a further US$300 million to recapitalize Zamtel which he said was currently under-performing.
“I am totally shocked at how much money the PF are wasting. They keep borrowing as if there is no tomorrow. Our total debts, external and local have gone to over US$10 billion and they want to add another $300 million. Zamtel is not likely to improve with the injection of another $300 million . The $300 million shall be siphoned to the PF for election campaigns next year,” Dr Mumba said.
He said soon after LAPGreen took over the operations of Zamtel, the workforce at the institution was reduced and all the employees who were retired were fully paid their benefits while the Zamtel subscribers had trebled, making the telecommunication company the most viable.
Dr Mumba said according to Zamtel annual financial reports, the company had not recorded any profits since it was nationalised in 2012 adding that the telecommunication company had been rundown because government had allegedly not appointed competent personnel to manage the company.
Dr Mumba said it was the policy of the MMD not to interfere with private investment adding that the recent revelations by Minister of Finance Alexander Chikwanda that only seven out of 42 parastatals were profitable confirmed the dangers of nationalising private companies.