By MUKWIMA CHILALAThe Drug Enforcement Commission (DEC) is investigating the Industrial Development Corporation (IDC) over its alleged financial irregularities in the acquisition of shares into Marcopolo tiles Company.In August 2020, the IDC, NAPSA and Workers Compensation Fund Control Board (WCFCB) partnered to acquire shareholding of 49 percent in Marcopolo Tiles at a cost of US$ 44.8 million following a comprehensive due diligence and independent valuation.IDC’s shareholding in Marcopolo Tiles is 22.61percent, while NAPSA and WCFCB acquired 16.39 percent and 10 percent respectively.IDC Group Chief Executive Officer, Mateyo Kaluba earlier said that the US$44.8 million payment by IDC, NAPSA and WCFCB was made to Marcopolo and to the original shareholders to buy off the 49 percent shares and for expansion of the company not as a bribe.He said the valuation was transparently done by independent profes¬sionals before the corporation bought shares.The enterprise valuation of Marcopolo Tiles Company Ltd done by the experts was $127.5 million while […]
DEC PROBES IDC OVER ACQUISITION OF MARCOPOLO TILES SHARES
