‘£240 MILLION LOST IN DUBIOUS MINE DEALS’
By OLIVER SAMBOKO
THE country is losing over £240 million in investment through dubious shell mining companies registered locally and listed on the London Stock Exchange, a Lusaka-based clergyman, Reverend Moses Lungu has said.
Rev Lungu said he is aware that some companies have been registered and acquired mineral exploration licences which they are using to exploit the country’s mineral resources.
He has vowed to ensure that this matter receives necessary attention from the authorities before people destroy the country with shady deals.
Rev Lungu said recently, an online publication, Zambia Reports, highlighted some suspicious dealings which authorities should take an interest in.
He said these dubious companies have been raising a lot of money from the London Stock Exchange, which does not reach Zambia.
Rev Lungu challenged the individuals involved in this scam, some of them with close ties to those in government to tell Zambians where the investment money which they raise from selling shares is taken.
“As a country we are losing a lot of money to crooks who are taking advantage of the country’s rich mineral resources, which if well harnessed, can help to grow the economy,” he said.
He said there is urgent need for the government to carry out an inventory to get the real picture of what is happening in the mining sector.
“For example, KCM alone is worth over $100 billion and can even borrow a bond but there are individuals that are doing that outside the country using our own people who are hiding under the shell mining companies,” Rev Lungu said.
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