HH calls Eurobond biggest financial scam as Chipimo demands full disclosure

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Leader of the opposition UPND Hakainde Hichilema has described Zambia’s issuance of a USD 750 million Eurobond as the country’s biggest financial scam.

And NAREP President Elias Chipimo has challenged the Ministry of Finance to disclose how much was paid to the book runners, lead arrangers and transaction advisers for the sovereign bond.

Mr. Hichilema said Zambians are being made to celebrate the acquisition of a sovereign debt which he said will eventually cost the nation.

He said Zambia may only benefit around USD 450 million from the reported USD 750 million when transaction fees and amortization are considered.

Mr. Hichilema was speaking this morning when he featured on Radio Phoenix’s Let the People Talk radio programme on the topic, “the role of the opposition in a democracy.”

“This is the biggest financial scam that Zambia has ever seen. The PF is celebrating Kaloba because they have a huge appetite for reckless borrowing,” Mr. Hichilema said.

Mr.

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