KCM Liquidator’s Accounts Seized

The Financial Intelligence Centre (FIC) have seized the accounts of Konkola Copper Mines (KCM) liquidator Milingo Lungu following suspicious transactions being found.

Mr Lungu had transactions blocked as he tried to move money to an offshore bank, a close source confirmed, a move which alerted the FIC who had informed banks and reporting entities to be vigilant of individuals making suspicious financial transactions following the August 12 general elections.

FIC Director General Mary Chirwa has said that they had seized a number of accounts of individuals who were trying to move their money offshore.

“What we wonder is why would someone now be in a panic to move so much money outside the country? Maybe even what you hear is just a drop in the ocean,” Chirwa said.

The Director General has, however, been unable to reveal the names of the individuals that they are investigating.

The suspicious transactions carried out by Lungu have worried Transparency International Zambia (TIZ). As a result, they have welcomed the decision by FIC to freeze Lungu’s bank account.

“TIZ welcomes the decision by the FIC to freeze the bank accounts of Konkola Copper Mines liquidator Mr Milingo Lungu on account of suspicious transactions on them,” TIZ executive director Maurice Nyambe said.

Nyambe added that the organisation hoped that the transactions are not related to the work carried out at KCM.

“Ultimately, our hope is that the liquidation of KCM is a process that has been devoid of any irregularities on the part of anyone involved in it, and if the opposite is found to be the case, then the due process of the law should take effect to ensure that any culprits identified are prosecuted,” Nyambe added.

KCM was handed over to the liquidator in 2019 by the Zambian government, who owned just 20% of the mine.