Q FM Africa's Modern Radio
The Drug Enforcement Commission (DEC) has arrested Konkola copper mines (KCM) plc provisional liquidator Milingo Lungu for theft.
DEC public relations officer Mathias Kamanga has told q news in a statement that Mr. Lungu was arrested by the commission’s anti-money laundering investigations unit for theft involving k17,250,000.00 contrary to the laws of Zambia.
Mr. Kamanga says the particulars of the offence are that Mr. Lungu aged 45, of plot no. 22763, Mulungushi road in Lusaka, jointly and whilst acting together with other persons unknown, on dates unknown but between 6th may 2021 and 30th august 2021, and in his capacity as provisional liquidator for KCM plc, transferred funds from the liquidation account to his law firm’s account.
Mr. Kamanga adds that Mr. Lungu further instructed the bank to put the said funds on fixed account deposit.
He says this arrangement earned him interest of k17,250,000 which he withdrew and thereafter transferred back part of the principle amount to KCM plc through another account.
Mr. Kamanga says the commission has since seized k136,828,795 in connection with these transactions and has charged and arrested Mr. Lungu for theft.