Observe good biz practices – PACRA
Published On September 8, 2014 » 2286 Views» By Moses Kabaila Jr: Online Editor » Latest News, Stories
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By REBECCA MUSHOTA?-
THE Patents and Companies Registration Agency (PACRA) has urged?Zambian fuel transporters to adhere to good company practices for them ?to access funding to enable their companies grow.
PACRA Assistant registrar Christopher Mapani said in Ndola during the?Energy Regulation Board (ERB) consultative meeting with fuel?transporters on Friday last week that Zambian companies sometimes?missed out on contracts because they did not observe good business?practices like having their records in order.
Mr Mapani said it was important for Zambian owned fuel transporters to observe good business practices in order to access loans and attract foreign partners to observe good?corporate governance.
‘‘The challenge of many Zambian businesses is that once they make?money, they stop observing good corporate governance procedures like?keeping records properly, they start fighting over ownership and stop?paying taxes,’’ he said.
Mr Mapani said bad business management did not work in the long run?and businesses eventually folded.?He said Zambian run fuel transporters should pay their taxes to be?visible and subsequently grow.
Mr Mapani also said that there was no law in Zambia right now that?dictated companies to indicate whether they were Zambian or foreign.
He said the law dictated that a company should have half of its?directors resident in Zambia.

YALUMA

YALUMA

PACRA was, however, working on looking at other classifications which?would in turn help distinguish a company between it being Zambian or?foreign.
In July this year, Energy Minister Chris Yaluma directed ERB not to?issue any more licences to foreign owned fuel transporters and limit?the licences to Zambian owned companies to empower the locals.

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