Saboi frowns at ‘treacherous’ Securities bill 

Date:

Share post:

By NATION REPORTER 

THE approval and taking to parliament of the Securities Amendment Bill No 23 is retrogressive and will have serious consequences on private investment if enacted because politically exposed persons will use the law to grab businesses from their rivals or competitors, National Democratic Congress (NDC) president Saboi Imboela has said.

Ms Imboela said the Securities Amendment Bill No 23 Bill which was read for the second time in Parliament on Thursday was not good for Zambia and that MPs should not go ahead to approve its enactment.

But Finance and National Planning minister, Stumbeko Musokotwane said the Bill was aimed at curbing money laundering and even terrorism financing in the country.

Dr Musokotwane said the introduction of the Bill would ensure that money laundering as they would be risk based supervision was in line with countering things like terrorist financing.

Ms Imboela said once enacted, the Bill would enable the Securities and Exchange Commission (SEC) provide for the commission to take possession of a capital market operator.

She said the Bill was dangerous because it would enable SEC or interested politically exposed persons to run the affairs of a capital market operator and transfer all or part of the capital market operator’s business to another capital market operator.

And Socialist Party president Dr Fred Mmembe has echoed Ms Imboela fears, stating that the introduction of the Securities (Amendment) Bill was an attempt to hoodwink the nation into believing that it was for the purpose of enabling the Securities and Exchange Commission to efficiently and effectively supervise capital market operators. Dr M’membe said combating money laundering and countering the financing of terrorism could be done without targeting businesses of people who would be perceived to be competitors to the powers that be.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

Kenyan teachers held over video of pupils simulating sex

Kenyan police have arrested six teachers from a primary school in the western part of the country over a video shared widely showing pupils simulating sexual acts as the teachers watch.

Zambians face fines for using phone while crossing roads

The authorities in Zambia have passed a law that prohibits pedestrians from crossing the road while wearing headsets or talking on a mobile phone.

Kenya opposition leader faces lawsuit over secret video claim

Kenya's former electoral commission boss has threatened to take legal action against the opposition leader after the politician alleged that the poll team, including the chairman, visited his home during last year's closely fought election, local media report.

Fuel price rise in Cameroon as subsidies scrapped

Fuel prices in Cameroon will rise by about 15% from Wednesday after the government agreed to pressure from the International Monetary Fund (IMF) to cut fuel subsidies.