Sun, 05 Nov 2017 11:52:40 +0000 FINANCE minister, Felix Mutati has put the brakes on excessive spending by chief executives of loss making parastatals. This is long overdue. Thanks go to Mr. Mutati for banning first-class travel on airlines and ostentatious expensive vehicles for chief executive officers (CEOs) of State-Owned Enterprises (SOEs), while their companies continue to suffer financially. This measure has certainly raised eyebrows not only in the parastatal business community where the traditional view of a parasitic existence is becoming more difficult to sustain, but also within the Industrial Development Corporation (IDC) itself. It is impossible to understate the value of low-cost travel for Zambia’s emerging IDC. Well done. What was even more interesting was the revelation that the national Treasury did not have enough fiscal capacity to look after all the state owned parastatals. It is surprising that some parastatals’ CEOs could go to the extent of purchasing Toyota Land Cruiser V8 […]
