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Tuesday, August 4, 2020

DEC places a seizure notice on 41 Madison Capital Limited Properties

General News DEC places a seizure notice on 41 Madison Capital Limited Properties

The Drug Enforcement Commission (DEC) placed a Seizure Notice on 41 properties constructed by Madison Capital Limited. The Notice was served on the Chairman of Madison Capital Mr Basil Nundwe.The DEC is said to have informed the company that they were carrying out an investigation following a complaint by a member of the public.

When reached for comment Madison Capital Limited confirmed that the Seizure Notice had been served and stated that the properties in issue belonged to third parties who had purchased the properties or had been assigned the properties against funds held by Madison Asset Management Company under the Fixed Income Fund. The Fixed Income Fund was available from 2008 until December 2018 when the Regulator Securities and Exchange Commission (SEC) advised market players to discontinue such products which offered a fixed return to investors. Madison Capital Limited insisted that the 41 properties were constructed by Madison Capital and sold or assigned to third parties and do not belong to Mr Nundwe.

In a seizure notice dated 29th April, 2020, the DEC stated that the properties have been seized pursuant to Section 15 of the Prohibition and Prevention of Money Laundering Act No. 14 of 2001 as there are reasonable grounds for believing that they are liable to seizure.The DEC warned that the seized goods may be declared to be forfeited to the State under Section 17 of the Prohibition and Prevention of Money Laundering Act No. 14 of 2001.

Some of the properties seized from Madison Asset Management Company

30 COMMENTS

  1. Is this not the same Lawrence’s group of companies LSA which was alleged to have been dissolved and later Lawrence disputed the allegations? Anyway, lessons to follow those PF mafias who think they’re untouchable right now. The day is coming to comb out corruption and the one to come will be more serious than what we saw in Mwanawasa time and which I believe was not handled properly by Nchito brother and Mmembe cartel. PF ministers hsve stolen more than the FTJ Chiluba regime. PF must go!

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  2. Let the authorities carry out investigations and then you will know out come and reasons for this in the first place. You cannot expect to be told what is going on in an ongoing investigation. This is to avoid tipping off those that may be involved. I suggest we remain calm and avoid making false assumptions and rumours. Especially you from diaspora. Mwalikwata umuloma kwati isabi. Kz

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  3. There a lot of inaccuracies in the LT report. First of all fixed income or fixed return investments are not illegal. Government bonds in Zambia are fixed income investments and pay a fixed interest to investors until the capital sum is redeemed. Secondly, DEC has no power as far as I know to seize private property without due process. They hv to prove to a court of law that a crime was committed in the acquisition of the suspected property. Let’s wait for facts to emerge.

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    • I suppose there is evidence for money laundering with the very properties in question as it was tip off by member of the public. DEC comes in if there is reasonable suspicion of drugs or proceeds of drugs, economic crime(money laundering) to purchase movable or immovable properties. So DEC seizure is line with the law and if it was any other crime, we could have heard ACC. PF must go!

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  4. @nemwine and lazi please refer to my comment above. Yes I suggest you await the facts from the authorities. My office is receiving updates about this but as usual I am not going to spill any information as that would risk putting the investigation in disarray. Exercise patience and you will soon find out.

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  5. Very depressing! Syed Walid has told us who the real criminals are but they’re not a subject of investigations. Why can’t the PF disband all law enforcement agencies so that it’s free for all? DEC can’t recover the money that soldiers have lost because it isn’t a debt recovering agency, it’ll just worsen the situation

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  6. KZ

    “…..Exercise patience and you will soon find out….”

    Yeah right , if more serious issues like the PF gassing of our people remain a PF secreate up to now, no word on investigations , why would PF police bother to update on money laundering issues ???

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  7. When it comes down it to, Sikutwa must not support the PF! He would be untouchable right now, and if he had any cases, they would have discontinued them.
    GBM was being dragged to court left and right, and the moment he rejoined PF all cases were discontinued and his transportation contracts with gvnmnt resumed.
    With that being said, I do hope Lawrence has been following the law, Madison Group has been a beacon.

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  8. Madilu System: U don’t know wht you’re talking about. In life I do accept that there are those who think they know, there are those who really know and those who don’t know and know that they don’t know and want to seek the knowledge. U are among those who think they know. Mwanawasa died in office and couldn’t complete wht he had started.

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    • Don’t contradict yourself, in your above article you mentioned that DEC has no Power to seize private properties but I’m telling you that they have power if those properties in question are suspected yo have been purchased through proceeds of drugs or money laundering.

  9. @Nemwine I am trying to find where in the article it suggests Fixed Income Fund is illegal? Where are you reading? All I see is Madison Capital Limited saying the seized properties belonged to third parties who had purchased the properties against funds held by Madison Asset Management Company under the Fixed Income Fund. a practice that has since been discontinued.

  10. English Teacher: Re-read second paragraph second sentence and it begins” The Fixed Income Fund was available from 2008………whn the SEC advised market players to discontinue … products which offered a fixed return to investors “. I hope u’re now convinced.

  11. The problem with upnd is, they are used to do their investigation on facebook with their chief justices being the diasporans and judges from bweengwa southern provic, surely you are told investigation are ongoing but you want the matter to be concluded on facebook, thats the problem of having a leader with no idea on how the govt is run,

  12. Madilu System: I hv not contradicted myself. If a crime was committed, is punishment for that crime merely to seize property? Hw will the crime perpetrated be punished if DEC doesn’t go to court? I repeat, DEC has no power to seize public property without a court decision that says that their seizure of the property is lawful. Trouble here is u think u know but you really do not know. U’re even bringing in the Nchito brothers, people u don’t know. I can tell u that I know them not from reading about them in newspapers but from breaking bread with them.

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  13. Out in the garden and swimming pool enjoying time with my family. What are you bloggers doing ? Remember to take a break from blogging and spend time with your loved ones. Life is too short

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  14. @Madilu System, It appears LT journalists are misleading the general public over this matter without in depth investigations before publishing. Their source of news is compromising with journalistic standards where what is published is denied, rebutted and taken as false happening by the person at the centre of their story. Yet, we now read the seizure notice served of properties in question by DEC. This news is false as NEMWINE above alludes to, that DEC hasn’t got powers to seize properties or assets before establishing crime committed and that happens before courts of law.
    @NEMWINE, you have rattled thieves – see how KZ reacts to prison awaiting him and others who have stolen from Zambians – more prisons to be built.

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  15. Small correction: I hv written that “DEC has no power to seize public property….” That’s a nonsense. I meant to say private property. Sorry.

  16. Are these the famous 41 houses?
    Why you PF like number 41?
    41 Fire trucks for $41million, instead of just $1million.
    41 Ambulance for how much was that?

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  17. Munadekh haha rattle me ? Are you a clown? Only the guilty are afraid. I am busy working on winning yet another election while you continue praying for my down fall. Even when I retire, having served my nation diligently, you will continue wondering why I am not behind bars. Your phd won’t bring me down. You cannot keep a good man down. I suggest you concentrate on campaigning for upnd otherwise come 2021 you will cry again ati batu jata election

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  18. Imwe does anyone know the whereabouts of cat power? I have not seen him in ages and wanted to know how his mother is doing as he said he was going to blame our government if the mother he abandoned died.

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  19. After decades of marriage, I still get that hot fuzzy feeling inside when I see my lovely wife regina in her swimming costume. Very nice to see all my kids and wife playing in our garden. In diaspora I hear it is rare for people to have swimming pools at home . With covid 19, how will you people go about swimming in public pools.?

  20. One can read between the lines. The operative word are SEC Authorities issuing an order, they would not be second guessing the need to sieze the houses. Ok , so something is afoot.

    The second hint of most probable money laundering is the shoulder shrug is the nonchalant comment that “third parties who had purchased the properties or had been assigned the properties against funds held”. There is no doubt if someone purchases property. Assigning it to someone else is dubious to say the least. Sorry to judge, ……..but thats money laundering right there. The whole Madison set up is a Ponzi scheme.

  21. It’s a Ponzi scheme, creating all these businesses under the umbrella of Madison and collecting money selling financial products to take money while economy is working. First sign of recession the whole house of cards comes tumbling down.

    ANOTHER BERNARD MADOFF PONZI……..except the players are different! Let’s wait and see…

  22. Investigate the 48 mansions also, we’re at the edge of our sits waiting to know the owner n also pay the pensioners, my uncle wants his money …act swiftly as he’s 72 yrs old.

  23. One is given to wonder what manner of mental affliction has infected Kainyo Zulu, did God forget to endow this lunatic with a sense of common sense whilst on the table of creation? I mean, to float alongside @chagwa-no-vision so relentlessly says much about Kainyo, ngu suntwe pa!

  24. My question is why do Africans rashes to building flats and big house why not build factories??? Farms etc why are always thinking the opposite way, even to cope is a problem? Yaba yesu

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