Zambia News

Konkola Copper Mines liquidator Milingo Lungu arrested again

The Drug Enforcement Commission (DEC) through its Anti-Money Laundering

Investigations Unit has arrested Konkola Copper Mines (KCM) PLC Provisional Liquidator Milingo Lungu for theft involving K17,250,000.

And the Commission has since seized over K130 million from Mr Lungu.

DEC public relations manager Mathias Kamanga said Mr Lungu, 45 of Plot

Number 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 2021transferred funds from the Liquidation Account to his Law Firm’s Account and instructed the Bank to put the said funds on a fixed account deposit.

He said the arrangement earned Mr. Lungu interest of K17,250,000 which he withdrew.

“Thereafter, he transferred back part of the principle amount to KCM Plc (in liquidation) through another account,” he said.

Mr Kamanga said the Commission has since seized K136,828,795.00 in connection with the transactions.

He said Mr Lungu has been charged and arrested for theft contrary to Section 272 and 278 of the Penal Code Act, Chapter 87 of the Laws of Zambia.

“The suspect has been released on police bond and will appear in court soon,” Mr Kamanga said.

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