By MUKWIMA CHILALA
AN investigation into the acquisition of Marcopolo Tiles by the DEC is welcome because it will finally put the untruths, misrepresentations and fake news coverage about the investment to rest, the Industrial Development Corporation (IDC) has said.
IDC Corporate Affairs manager Namakau Mukelabai said the corporation’s investment into Marcopolo Tiles had been unfairly marred by a lot of untruths, misrepresentations, and fake news.
This follows the announcement by DEC that it was investigating the 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 MarcopoloTiles at a cost of US$44.8 million, which has been a point of contention.
IDC’s shareholding in Marcopolo Tiles is 22.61 percent, while NAPSA and WCFCB acquired 16.39 percent and 10 percent respectively.
Ms Mukelabai however said IDC was confident that the interest by DEC into its investment would put the untruths and fake news to rest.
She said the corporation had upheld the law in all its business transactions and that its investment decisions were guided by its investment policies, strategies and procedures as approved by the Board of Directors.
“The IDC welcomes news of the DEC’s investigation into its investment in Marcopolo Tiles Company Ltd. The investment has been unfairly marred by a lot of untruths, misrepresentations, and fake news from some sections of the media and some members of the public,” Ms Mukelabai said.
She said the IDC was satisfied with its investment in Marcopolo Tiles Ltd which was already yielding returns to which the company recently declared a dividend of K72, 000, 000 to its shareholders.
Ms Mukelabai also said the company had advertised for hundreds of new jobs for the expansion project which underpinned its investment decision.