The Drug Enforcement Commission (DEC) and Bank of Zambia (BOZ) have ordered ONO Savings and Credit Association (OSCA) to pay investors the money they deposited with interest.
According to a joint statement released by DEC and BOZ on Friday, a plea agreement has been concluded with promoters of ONO persuant to which the seizure on Accounts has been lifted by DEC.
“The Drug Enforcement Commission (DEC) and the Bank of Zambia (BoZ) wishes to inform the public that there has been substantial progress made in the matter regarding Ono Savings and Credit Association (OSCA) by the office of the Director of Public Prosecutions (DPP). A plea agreement has been concluded with the promoters of OSCA pursuant to which the seizure on the accounts has been lifted by DEC following a directive from the Director of Public Prosecutions (DPP),” reads the statement.
“Under the Plea Agreement, Ono Savings and Credit Association has been ordered to pay the investors the money they deposited into the company inclusive of interest.OSCA is also required to recover the loans owed to the entity.”
According to the statement, the terms of the Plea Agreement include the requirement for Ono Savings and Credit Association to periodically report to the Anti-Money Laundering Unit of the Drug Enforcement Commission and to the National Prosecutions Authority (NPA) on the status of its obligations under the said agreement.
“Members of the public with claims are advised to contact Ono Savings and Credit Association,” reads the statement.
“The Drug Enforcement Commission and the Bank of Zambia calls upon the promoters of Ono Savings and Credit Association to comply with all the terms of the Plea Agreement and ensure that the interests of investors are duly protected.”
Meanwhile, the Comsave case is still under consideration by the Director for Public Prosecutions.
What is this ono organization and who is the owner?
What is this ono company and who is the owner
Sounds to me like they have been found with NO case to amswer and now permitted to continue with there normal course of business. However, its reputation and goodwill amoungst its clients has probably suffered irrepairable damage that it wont be able to recover. There will be a run on its deposits and borrowers will nnot repay their loans.