31% SHARES POLICY FOR NATIONAL: THE POLICY OF MAKING RICH RICHER AND POOR POORER.
By Azariah Maduk
At your first glimpse and retort to that title up there, you might have formed your opinion already about me or about the topic that I am about to take on slowly but sure, of which I don’t want to daunt you from, but the truth is that South Sudan after signing of CPA saw a great increase in investment that had never existed since God created heaven and earth, which also witness another hike in 2011 after South Sudan became independent.
There is much destruction by this development then we see, everyone have his/her own view so let me express myself clear. Putting some questions across to set us on the topic, here we go; are we all equally capable of buying the 31% in big companies like Ezentus, KCB, Coke or any other company? Are these shares sold on equality bases?
Based on those two questions we have posted up there let’s see what we got in South Sudan, not every south Sudanese have the potential to buy shares in big companies like mentioned earlier and this make the few lucky individual more richer by buying shares in every company that come their way and that might explain partially why most government official are corrupt (because they want to be rich by buying shares), others may say what is the problem with that if they can afford to buy? Here is the problem big brother/sister, if we allow this to happen now; then in twenty to thirty years to come we will be complaining of great/wide financial gap between the poor and the rich which is facing many countries in the world today, which is hard to deal with at the later date after it has taken roots in the society and leading to social classes (1st class and other classes of life) which we fought against in the first place.
Now, what can we do about it? I know economists will not agree with me but at a time we have to go against some rules to solve our domestic issues; I personally suggest that government should play a great role in this shareholding issue; how? Thou we are advocating for free market economy, I will better go for command economy where the government has control over some essential commodities or activities, here I will suggest the government to buy the shares from this big companies for awhile (say maybe 10 – 30 years) then sale them off at later date slowly by slowly, this way we could have help in mitigating the tendency of wider financial different. And by the time government will be selling the shares they had held previously, there need to be regulations to control the number of shares individual can buy from each company.
Coming to the second question about the equality in selling of shares and transparency thereafter; this is the funniest part of the episode of companies in South Sudan. All the major companies playing the lead role in south Sudan have one syndrome which I called “Godfathership syndrome” because what the look for in the shareholder is not his or her money but his/her influences on government officials and this narrow down the contenders for the shares to only these two: High government officials and high ranking military officials (Organized forces in general). These people are used as shield against rules and orders in south Sudan and that is why there is no any effective legal system because the same law makers and big fish are the owners (criminals) of this companies. So! Where is the justice supposed to pass here my poor brother? (Go knock yourself off, or hang yourself, nobody give damn about you).
I doubt if Gen. Kiir knows how things are played underground where the underdog don’t have chance in their own country they bought with precious blood of their love ones, if the same guys who fought for the justice, equity and prosperity turn against it like pig eating their piglet and dog licking their vomited stuff; where is the promised south Sudan, the New Sudan we all eagerly waited for, where is it? For Christ sake!!
With these godfathers, all the companies get away with their crimes untouchable, and this is why all the government commissions and organs concerned with justice are toothless dogs. Where the locals are mistreated in various private companies and no one lend ear to brothers crying for help! Where foreigners abuse their rights and no one dare to touch them! Where foreigners act like superiors knowing no one will sue them! Where drivers give bribe to Traffic police and other police to set them free event thou they are wrong on expense of poor south Sudanese! God knows where (the hell) we are heading to.
Do these, so call shareholders know that they are being played? Do they understand how these companies operate? Do they really know the income after taxes? Do they know how their dividends are calculated?
My advice to the shareholders (if they will take it and understand it) is to let the justice take its course if your company is a victim of the situation and to our toothless legal system they should start to behave like professionals and have independent mind or else we are just another Khartoum regime in another clothes and that will not last long before you see the dust of dissatisfaction because south Sudanese are not people to play with.
Long live the flimsy SOUTH SUDAN.
The author is a concerned south Sudanese who writes from Juba and can be reached azariahm@ymail.com
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