Q FM Africa's Modern Radio
Opposition Alliance for Democracy Development President Charles Milupi says he is still worried that the Industrial Development Corporation (IDC) may not be viable.
Commenting on government’s decision to transfer all shares from other parastatal companies to the IDC which will soon go on the capital markets to raise an initial US$500 million for investing in none hydro power generation projects, Mr Milupi says parastatals such as IDC remind him of parastatals such as ZIMCO that failed to perform.
Mr. Milupi tells QFM News in an interview that history confirms it that companies that government has control over such as parastatals only prove to be an avenue for people in government to reward their relatives and political cadres.
He says from his experience, he has come to the realization that when relatives and political cadres are appointed to be Directors of parastatals it becomes a prerequisite for their bad performance.
Mr. Milupi states that this implies that whether or not the IDC will be used to raise revenue for investing in the energy sector he doubts very much that it will be efficient.
He believes that parastatals can only work in an environment where the government is accountable and where those who get appointed to be Directors are appointed on merit and are equally accountable for their actions besides not looking for political patronage.