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Green Party (GP) President, Peter Sinkamba, says the resignation of ZCCM-Investments Holdings Board Chairperson, Dorika Banda, and the subsequent suspension of trading of shares of the Company on the London Stock Exchange is a huge blow to the credibility of the company.
Sinkamba said with corruption having been cited as one of the reasons for the delisting of the company, this will affect the viability of ZCCM-IH as most investors particularly minority shareholders are likely to pull out their investments.
He has warned that no credible investor would want to hang around when their money is at risk of being abused through corruption.
“The Authorities should therefore go to the bottom of the problem and act against the people who have triggered the delisting of the ZCCM-IH on the London Stock Exchange adding that government should disclose the full reasons why the Chairperson resigned and who the people assigned to control the board leading to her resignation were,” Sinkamba said.
He said that this is a sad development which requires serious interrogation to understand its origin.
“Zambians want to see how the new dawn government will deal with this matter of corruption which has been disclosed by an independent institution thereby denting the credentials of the company,” Sinkamba said.
Read More:Financial Conduct Authority suspends trading of ZCCM-IH shares on London Stock Exchange
The ZCCM-IH has notified its Shareholders and stakeholders that as a result of the non-compliance with Financial Conduct Authority Disclosure and Transparency Rules Sourcebook which pertains to the publication of audited financial results, the trading of shares of the Company on the London Stock Exchange has been temporarily suspended by the Financial Conduct Authority of the United Kingdom.
This suspension is as a result of the non-publication of audited financial results for the years 2021 and 2022 within regulation time, which is four months from the financial year end.
Kakenenwa Muyangwa, a mining and financial expert has since been appointed new ZCCM-IH Board Chairperson effective 5th May 2023 replacing Dolika Banda who served as Non-Executive Director and Board Chairperson of the company.
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