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GOVERNMENT MOVES ON SALIMA SUGAR COMPANY

Government has taken action following preliminary report findings of the forensic audit made available to the shareholders of Salima Sugar Company Limited (SSCL).

In a statement signed by Secretary to the President and Cabinet, Colleen Zamba, the government says In April 2023, the Shareholders of SSCL jointly commissioned a forensic audit of SSCL with a view to:

(a) Verify the share capital equity contribution into SSCL by the majority shareholder, AUM SAL;

(b) Investigate the utilisation of the share capital contributed into SSCL;

(c) Establish how the proceeds from State guaranteed loans obtained from or through CDH Investment Bank, and extended to SSCL were utilised; and

(d) Ascertain the Kwacha values and the source of AUM SAL contribution towards the share capital.

In view of the above, Zamba says the Government as a co-shareholder of SSCL has duly considered the preliminary findings of the forensic audit and in the interim makes the following directives to apply with immediate effect:

1. All matters relating to the business of the Company must be directed to the Executive Chairman of SSCL.

2. State security be deployed to secure the SSCL facility and personnel until the final report is released.

The statement further indicates that the government guarantees the security and freedom of all personnel of the company.

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