The Sale of Finance Bank to First Rand National Bank (FNB) did not come as surprise to many as signs were already in the air that politics was again at play. What is utterly surprising is the token price of US$5.5 million that the bank was given away at. The question is "Did the Zambian Government act responsible enough in pushing ahead for the sale of Finance Bank?" We believe that many people would disagree with that.
The MMD Government has shown numerous times that they lack understanding of economics and pricing of business and their assets. Does anyone know how the decision to sell the Bank for a chicken feed amount? The whole process is a scam that needs to be investigated, especially by the, hopefully, new Government that will take over from MMD next week.Everyone knows that Finance Bank was worth more than what these stupid people decided to discard it for. The impression one gets from this kind of pricing is that they don't appreciate the value of a dollar when translated into the Zambia currency. The problem is that even the Bank of Zambia has had the tendency of looking at the value in Zambian Kwacha and converting it to dollars. If anything, this approach is idiotic and illiterate. If First Rand National Bank were to sell the newly acquired Bank, the price would shoot out through the roof. For goodness sake, we should learn to give good value to our Businesses and Assets like learned people would or in the manner things are done in economies that attempt to be transparent.
The sale of the Bank clearly shows that the MMD leadership did not and not learnt from the mistakes the Chiluba government made is disposing the mines and other key industries for a bunch of songs. It hurts to see how uncaring successive and current MMD leadership has been and still conducts business. Maybe it is also time we started voting indigenous Zambians into power and not allow foreigners to continue ruling us and in the process mess up things for us all. But then, it is time bid farewell to a corrupt government.
The MMD Government has shown numerous times that they lack understanding of economics and pricing of business and their assets. Does anyone know how the decision to sell the Bank for a chicken feed amount? The whole process is a scam that needs to be investigated, especially by the, hopefully, new Government that will take over from MMD next week.Everyone knows that Finance Bank was worth more than what these stupid people decided to discard it for. The impression one gets from this kind of pricing is that they don't appreciate the value of a dollar when translated into the Zambia currency. The problem is that even the Bank of Zambia has had the tendency of looking at the value in Zambian Kwacha and converting it to dollars. If anything, this approach is idiotic and illiterate. If First Rand National Bank were to sell the newly acquired Bank, the price would shoot out through the roof. For goodness sake, we should learn to give good value to our Businesses and Assets like learned people would or in the manner things are done in economies that attempt to be transparent.
The sale of the Bank clearly shows that the MMD leadership did not and not learnt from the mistakes the Chiluba government made is disposing the mines and other key industries for a bunch of songs. It hurts to see how uncaring successive and current MMD leadership has been and still conducts business. Maybe it is also time we started voting indigenous Zambians into power and not allow foreigners to continue ruling us and in the process mess up things for us all. But then, it is time bid farewell to a corrupt government.
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