Zesco owes $797m to suppliers, made K4.9bn loss in 2019, reveals AG

THE Auditor General’s on the Accounts of Parastatal Bodies and other Statutory Institutions for the financial year ended 31st December 2019 has revealed that Zesco Limited owed local and cross border power suppliers in amounts totalling $797,902,517.54 as at 31st December 2020. And the Report revealed that Zesco had wastefully paid $70,059,280.65 to domestic and cross border suppliers due to failure to adhere to Power Purchase Agreements PPAs. Meanwhile, the report revealed that Zesco Limited’s profit before tax decreased by K4,971,054,000 from a profit of K19,595,000 in 2015 to a loss of K4,990,649,000 in 2019. The Report stated that the over $797 million owed to domestic and cross border suppliers had been outstanding for periods ranging from 366 days to...