President for Radical Revolutionary Party (RRP)Vincent Chaile says the Industrial Development Corporation (IDC) where President Edgar Lungu is a board Chairman must be disbanded.
Mr Chaile said it is becoming notorious to push capitalist agenda by listing all our parastatal companies to Lusaka stock exchange.
“We do appreciate that IDC is a custodian of all 22 parastatal companies but the rate they are moving raises alot of questions than answers.
He said there reasoning is most parastal companies are insolvent and not making profit due to lack of capitalisation hence listing them at the stock market is a solution.
“But the question is why did IDC purchased Zampalm a private company which is also making loses at $16 millions instead of using the same $16 millions recarpatalise into state owned companies like ZAFFICO and NCZ .
Why did IDC Purchased 76% shares in superior milling when the company was making serious losses than investing into already struggling state owned companies,” he said.
Mr Chaile said if the country is not careful, IDC is not disbanded all parastal companies will be listed benefiting the elite few.
He said Zambians need to ask themselves why IDC is seen to be more powerful than Cabinet and parliament?
According to constitution of Zambia articles 210 (2) clearly state that all major state assets shall be sold,transferred or otherwise dispose of,subject to the approval of the National Assembly signified by the vote of two third of the majority.
