Fri, 07 Dec 2012 16:05:00 +0000
December 7 2012
The Bank of Zambia is making frantic efforts to cover-up massive thefts and looting of funds from Access Finance Bank and Tedworth properties which it has been maintaining since their sequestration by the Task Force against Corruption in 2003.
An internal audit by the Central Bank has revealed that Billions of Kwacha have been looted over the years to the extent that K1.5billion was paid to witnesses who testified for the Task Force.
Documents accessed by the Daily Nation confirm the thefts which have placed the Bank is in a very serious dilemma as to whether the perpetrators should be prosecuted, which act will be an admission of the mismanagement of the accounts.
The BOZ is also worried that such admission will compromise and challenge the veracity of charges that led to the closure of the Access Financial Services (AFS) and Accessing Leasing Ltd (ALL) . The Bank has been in control of the accounts since 2003 but no financial statements or reports have been provided to the Bank of shareholders.
The Bank has also retained properties belonging to Tedworth in spite of an order from the High Court demanding for an account of the rental proceeds for the properties.
The documents accessed by the Nation include a memorandum (Reproduced below) by Dr. Leonard Nkole Kalinda from the Office of the Assistant Bank Secretary (Legal Services) advising against disciplinary proceedings against
Mr.Marshall Mwansompelo who is at the centre of abuse
allegations as this would expose the Bank to damages and potential legal proceedings against the bank.
The Bank is afraid that is disciplinary measures are taken against Mwansompelo he might become a hostile witness who might jeopardize the case made by the Bank to justify the take over and subsequent closure of AFA and Access Leasing Limited.
Dr. Kalinda is concerned that if the Bank proceeds to charge Mwansompelo in the manner envisaged “May actually hand the opposition the “smoking gun” they are looking for to confirm their allegation that Bank of Zambia mismanaged the liquidation of AFSL and ALL” he says in the memorandums to the Deputy Governor.
This, he said, would result in an unfavorable judgment against the Bank sounding in colossal sums of money.
Any adverse findings against Mwansompelo, he warned, would confirm their allegations and would compromise the Bank’s Defence where the Bank was arguing that there was no mismanagement of the liquidation of AFSL and ALL.
“It could also irreparably undermine what is otherwise a very credible case of the Bank of Zambia having taken supervisory action.”
