I wonder if anyone would like to cast a forensic eye on
ZCCM-IH (Zambia Consolidated Copper Mines - Investment Holding),
which is a Zambian government owned (87%) holding
company, which owns around 20% to 30% shares
in various mines around the country.
Copper is back at it's historic highs (over $8,000/tonne).
The problem is that they have not received any
kind of dividend payments, and I suspect various
government ministers are involved in making cushy
deals with the various international mining companies.
At least in the US, it is illegal to bribe a foreign government
official, so any information on that would be interesting too.
I would like to prove it.
I would like to know:
* Why ZCCM-IH has not received any kind
of dividend payments that are on a par with
the value of their holdings
* If the shareholders are being defrauded, how
this is being done.
* What laws are being broken, if any.
* Who should go to jail.
70% of the people of Zambia live on less than
$1,- per day, even while foreign mining companies
are expatriating at least $2.5 billion a year, without
paying any significant taxes ($50 million) and are
apparently not paying any dividends even to ZCCM-IH.
These resources belong to the Zambian people,
but foreign mining interests seem to have bought
the ear of their elected representatives. (Sound familiar?)
So you're doing a good thing exposing these crooks.
What I would like to have, is a professional opinion
on how they're doing it.
They have a website, and have been late in filing
ZCCM-IH Home page:
Corruption And Swindle At ZCCM-IH
From The Guardian:
Vedanta plots London float for Zambian copper offshoot
Billionaire mining boss keen to slash borrowing at Vedanta
and realise the value of subsidiary KDC
(1) Richard Wachman The Observer, Sunday 17 October 2010
Vedanta Resources, the mining empire headed by Indian billionaire
Anil Agarwal, has drawn up secret plans to float its £4bn Zambian
copper subsidiary on the London stock exchange.
The group's Zambian offshoot, KDC, could seek to raise £500m in
a London listing that may bring on board blue-chip British and
Agarwal wants to slash borrowings at Vedanta. Analysts at Liberum
Capital expect the group's debt to soar to £7.5bn (higher than
Vedanta's £6bn market valuation) once the firm gets Indian
government approval to acquire a controlling stake in Cairn India's
oil operations, in a deal under discussion since August.
Agarwal, who owns a home in London's Mayfair, feels the value
of KDC, which has the capacity to produce 200,000 tonnes of
copper a year, is not reflected in Vedanta's stock price and is
keen to float it separately. The Zambian government owns a
small holding, but is not expected to raise any objections to a
Agarwal's plan is supported by Vedanta's investors, which
include Legal & General, Standard Life and Fidelity.
Agarwal owns a 62% stake.
Vedanta, a UK-listed company headquartered in London, has
come under fire from environmental campaigners. It was
recently ordered to scrap plans to develop a bauxite mine in
an area of southern India deemed sacred by local people.
And two weeks ago, it had to shut a copper smelter because
of concerns over pollution.
Agarwal's parallel move to spend £4.3bn on a 51% stake
in Cairn India, controlled by Edinburgh-based Cairn Energy,
has upset some investors, worried that the company has
no experience in oil and is taking on too much debt. Agarwal
is keen to make Vedanta an "Indian natural resources
champion", competing on the world stage with titans such
as Lakshmi Mittal.
The tough regulatory stance taken by the Indian authorities
has made it more difficult for Vedanta to secure financing
for the Cairn India deal. But RBS and Standard Chartered
are understood to have agreed to provide Vedanta with
a bridging loan.
According to Forbes, Agarwal who was born in India's
Bihar region, is close to breaking into the ranks of the
world's 100 richest people, with a fortune of £4bn. He
left school at 15 and started a scrap-metal business in
1976, building it up through acquisitions.