Zambia Railways Limited says the 2017 Auditor General’s report highlighting its troubled financial status paints a picture that has been over-taken by events.
Zambia Railways board chairperson Lubinda Linyama says the loss positions highlighted in the latest Auditor General’s report were as a result of two parallel pay rolls that the company was managing consisting of retirees and active employs.
Mr. Linyama says his company has since managed to pay off all retirees, hence, extinguishing the second pay roll which he said was a strain on the company’s financial status.
He said Zambia Railways has put in place a number of interventions measures aimed at dismantling historical liabilities with statutory entities that were affecting the company’s balance sheet.
Mr. Linyama mentioned that the company has entered into a time- to- pay agreements with National Pensions Authority (NAPSA) and Zambia Revenue Authority (ZRA) among others with a view of demolishing the historical liabilities which will help clean up the company’s balance sheet.
He said contrary to the impression that has been created that the company’s locomotive strength was gloomy, his company has made a lot of strides such as the introduction of new locomotives secured from its partners to help turn the fortunes of the company.
He added that Zambia Railways has embarked on re-manufacturing of locomotives within its workshops which have enhanced the company’s capacity to move cargo.
Mr. Linyama further said his company has revised its strategic plans which will run from 2018-2025 in a bid to improve its performance.
He expressed confidence that Zambia Railways was on the right track owing to the number of measures that have been put in place to over-turn its fortunes.
Mr. Lubinda was speaking in Johannesburg, South Africa, after addressing delegates at the South African Railway Association (SARA) Rail conference and exhibition held at the Gallagher Convention Center
This is contained in a statement by Naomi Nyawali First Secretary Press and Public Relations, Zambia’s High Commission, South Africa.