Drug Enforcement Commission’s anti-money laundering unit has arrested the liquidator of Konkola Copper Mines (KCM) Milingo Lungu for the theft of more than 17 million kwacha ($953,748).
The PF government put KCM into the hands of the Mr. Lungu in May 2019, triggering an ongoing legal dispute with Vedanta Resources, KCM’s parent company.
The Drug Enforcement Commission said in a statement that MR. Lungu, 45, transferred funds from the Liquidation Account to his Law Firm’s fixed deposit account between May and August this year.
“This arrangement earned him interest of K17,250,000.00 which he withdrew. Thereafter, he transferred back part of the principal amount to KCM Plc (in liquidation) through another account,” the statement said.
The Commission said it had since seized close to 137 million kwacha from Mr. Lungu in connection with these transactions.
Mr. Lungu had been released on a police bond and would appear in court soon.
On Oct. 26 Lungu appeared in court and denied other charges of money laundering and the theft of 4.4 million Zambian kwacha ($257,450).
Mr. Lungu’s lawyer Sakwiba Sikota said the anti-money laundering unit should have investigated the matter and placed all the charges against his client instead of bringing them separately.
“They are behaving like gamblers in a casino who are never sure of their bets and will spread their bets to have a better chance to win,” Mr. Sikota told Reuters.
Mr. Sikota also denied claims that Lungu’s account had been seized, saying there had been no court order for the forefiture of any of his client’s accounts after his arrest.
He must have read some chapter in the Gospel of Mathew
Milingo Lungu is now planning with his lawyers Sakwiba Sikota, Makebi Zulu and the rest of them how to come up with a plausible argument to justify how the money was moved that way. The prosecution should should anticipate what that explanation is now so that they’re ready with a rebuttal in court. Getting Milingo Lungu jailed is half way to getting the other Lungu.
“Mr. Lungu’s lawyer Sakwiba Sikota said the anti-money laundering unit should have investigated the matter and placed all the charges against his client instead of bringing them separately.”
How can Sikota say this when the investigations are still ongoing…I am surprised DEC never picked up on this initially…I am surprised that someone can freely transfer that huge some of money with impunity to his account just to cream off the interest then transfer it back. I suspect his law firm was also used to route money to PF officials.
And this man is still the liquidator reporting for work I bet you he is shredding evidence everyday in the office and then the govt will seal off his office after one month. This Milongo Lungu was appointed by Lazy Lungu why is the current President not removing him or the state applying to the court to have him suspended. It seems Milongo was trained by the worst crooked laws out there …I mean who can leave such money trails and paper trails.
Deja Vu – So what’s that chapter in the bible for some of us who have not memorised one book called the bible?
I think Mulambo Haimbe is being childish in the manner that the issue of KCM and Milingo Lungu is being handled. Why can’t he sort out the status of Milingo Lungu at KCM before any of these actions? Milingo is Government’s representative at KCM, if his position is compromised and that there’s proof why not follow the Law to separate him from KCM then deal with his alleged criminal activities. KCM issued a statement to defend Milingo during his first arrest, doesn’t that constitute a conflict of interests? How does GRZ continue with Milingo as liquidator when they have accused him of serious crime? This is under 5 politics! You’re embarrassing us
Milingo hiring fellow hyenas. Who will sue the government for $50 million like Tutwa and Chi Chitalu.
Sakwiba little-le, let’s see if Mumba Malila will dismantle these Lusaka cliques he belongs to.
The sophistry and crookednes that this guy possesses is appalling…too bad he got caught he’s the black version of bernie madoff….
So this boy is 45 ..look at his photo he looks 55 years its the same What-app group with Chitotela ..we should watch what we are eating stop eating that processed food from RSA!!
If this guy walks then just forget about the corruption fight …he is a lawyer and he is lawyering up paying them with the money he stole, I wonder how much police bond was.
Mathew 25 vs 14 to 30. Read also Luke 14 vs 1 to 15.
5 Tarino Orange for number 10
Political arrests instead of doing what they promised the people. Tarino you don’t need to flood this website with your f00Iish comments which no one even bothers to read. Stop acting like the Internet is new to you, you f00Iish upnd cadre.
Indeed, Milingo Lungu’s position as KCM so-called liquidator is no longer tenable. He’s supposed to represent ZCCM-IH interests in the liquidation. But ZCCM-IH is a state controlled mining investment company. How’s Milingo Lungu then supposed to work with the same state that is prosecuting him? Milingo Lungu should approach ZCCM-IH to enter into an agreement that would allow him to go to court and apply for termination of his appointment. He would then have to prepare a hand-over report and leave KCM. ML doesn’t want to do that because he’s scared of the questioning that will follow from his report.