KCM Provisional Liquidator Milingo Lungu arrested for theft

 KCM Provisional Liquidator Milingo Lungu arrested for theft

By ALICE NACHILEMBE
The Drug Enforcement Commission (DEC) through its Anti-Money Laundering Investigations Unit has arrested the Konkola Copper Mines (KCM) Provisional Liquidator Milingo Lungu for theft involving K17, 250,000.

DEC Public Relations Officer Mathias Kamanga said particulars of the offence are that Milingo Lungu 45, of Plot No 22763, Mulungushi Road in Lusaka, jointly and whilst acting together with other persons unknown, on dates unknown but between May 6, and August 30, 2021, in his capacity as Provisional Liquidator for KCM transferred funds from the Liquidation Account to his Law Firm’s Account.

Mr Kamanga said Mr Milingo also instructed the Bank to put the said funds on fixed account deposit.

“This arrangement earned him interest of K17, 250,000.00 which he withdrew. Thereafter he transferred back part of the principle amount to KCM through another account,” he said.

He said the Commission has since seized K136, 828,795 in connection with these transactions and has charged and arrested Mr Lungu for theft.

The suspect has been released on police bond and will appear in court soon.

 

Alice Nachilembe

https://tiozambia.com

Alice Nachilembe is a Journalist who yearns for a better country with leaders being accountable to their mandate without oppressing the governed.