The Bank of Zambia has revoked operating licenses for Bullion Bureau de change, Golden Coin Bureau de change and Chuvic bureau de change limited.

Bank of Zambia Head of Public Relations Kanguya Mayondi in a statement released to QFM News says this is in accordance with Regulation 14 of the Banking and Financial services Regulations of 2003.

Mr Mayondi says the decision of the Registrar or the Bank of Zambia will remain in force unless reversed by the Registrar or by the Bank of Zambia, as the case may be, or set aside by a tribunal on appeal or by a court.

He states that the revocation of the licenses means that the three Bureaux de change have ceased to operate or conduct any bureau de business.

Mr Mayondi however, states that the revocation of the licenses does not relieve the bureaux de change of any obligations they may have incurred or assumed during the period of validity of their licenses.

Meanwhile, The Drug Enforcement Commission has arrested a Lusaka businessman for being in possession of US Dollar counterfeit notes.

DEC Public Relations officer Samuel Silomba says Mando Chisoke, 62, a businessman of 35/11 Chunga Compound in Lusaka has been arrested for being in possession of US $27,000 counterfeit notes.

Mr Silomba says the suspect was apprehended from Town centre in Lusaka.

Meanwhile, the Commission in Southern province has arrested Rana Vitangi,33,a businessman of Chilenge South for being in possession of obscene materials.

Mr Silomba says the suspect was apprehended in Kazungula for being in possession of 23 DVDs containing pornographic materials.

And in the past two (02) weeks, the Commission has arrested a total of 143 people country wide for cultivating and trafficking in different quantities of cannabis.

Mr Silomba says among those arrested is Lukato Tom, 35, a peasant farmer of Katongo village in Sesheke, for cultivating 200 kilogrammes of cannabis plants.

Also arrested is Kayombo Musangu, 23, of MCLOP Compound in Sesheke for trafficking in 5.8 kilogrammes of loose cannabis.

All the suspects will appear in court soon.

QFM

14 COMMENTS

Rycus May 15, 2012 At 1:31 pm

Why?
Ice_Road_Trucker May 15, 2012 At 1:32 pm

Any reasons? Have I missed something?
Tujilijili May 15, 2012 At 1:44 pm

Good job government
Dankaya May 15, 2012 At 1:44 pm

So what does Regulation 14 of the Banking and Financial services Regulations of 2003 say. Thats what you news people need to enlighten us with. Merely saying according to Regulation 14 of the Banking and Financial services Regulations of 2003 does not help a reader in any way! Learn to search and research what this says and package your news such that no one needs to search for the rules and regs. Ok now I am going to google this so that I understand
sue May 15, 2012 At 2:02 pm

I want to know why. Any reactions from the proprietors
Nkandu Kataya May 15, 2012 At 2:31 pm

Government needs to look seriously into legalising marijuana
Umuntu May 15, 2012 At 2:44 pm

No reasons? Some articles…………….????????
oza timken May 15, 2012 At 3:36 pm

Half baked article. Not informative. Mixed grill stories. Yuziless.
tribunal zambia May 15, 2012 At 3:47 pm

[-([-( hahahahaha
gxl May 15, 2012 At 3:51 pm

this is very shallow ba LT!!!!!!
Pulamasaka May 15, 2012 At 9:35 pm

yaba..these pf thugs are now making sure people suffer!
Zambiance May 16, 2012 At 12:43 am

Note that the bureaus closed are all owned by Zambians! These are people creating employment. Bullion n Golden Coin are the biggest bureaus in Zambia. When are we going to learn to nurture our own people? Guide them instead of sending their workers on the streets. GoldenCoin was the only one open till 22hrs. Now we are back to buying at Katondo in the evening. Is this progressive ba BOZ? You think you are punishing the bureaus? It’s us the public who get stranded. Revisit your decision before you are embarrassed again like on Finance Bank imwe ba BOZ.
Coachez May 16, 2012 At 5:29 am

Good riddance. I was in Zambia last year and some of these kangaroo banks refused to accept my USA bank given $100 dollar bills because they could not accept any bill from 2004 or before. Worse still, these briefcase banks have rates at least K500 less for US$20 and below. I almost reported this to the USA treasury department especially when Finance and Barclays Bank in nakonde refused to accept one of my US$100 because it had a slight tear. The reason they gave me is that they buy and sell to traders and hence would not accept a torn bill. Bapuswikefye pantu ndi mu zambian despitemy being constant touch with Senator John Isakson who welcomed me and others when we arrived in the USA a decade ago. Tupilibuleni tonse because what they are doing is a crime.
3Muskteers May 16, 2012 At 11:09 pm

Why? Please give more details. Bullion is owned by a close friend, I hope he can get back his licence on appeal. He is a good man and it is a big surprise that this has happened to him