DEC ARRESTS KONKOLA COPPER MINES (KCM) PLC PROVISIONAL LIQUIDATOR MILINGO LUNGU FOR THEFT
Lusaka, Thursday, 3rd December 2021
The Drug Enforcement Commission (DEC) through its Anti-Money Laundering Investigations Unit has arrested the Konkola Copper Mines (KCM) PLC Provisional Liquidator Milingo Lungu for theft involving K17,250,000.00 contrary to the Laws of Zambia.
Particulars of the offence are that Mr. Milingo Lungu, a 45 year old male of Plot No. 22763, Mulungushi Road in Lusaka, jointly and whilst acting together with other persons unknown, on dates unknown but between 6th May 2021 and 30th
August 2021, and in his capacity as Provisional Liquidator for KCM Plc.transferred funds from the Liquidation Account to his Law Firm’s Account and instructed the Bank to put the said funds on fixed account deposit. This arrangement earned him interest of K17,250,000.00 which he withdrew.
Thereafter, he transferred back part of the principle amount to KCM Plc (in liquidation) through another account.
The Commission has since seized K136,828,795.00 in connection with these transactions and has charged and arrested Mr. Lungu for theft contrary to Section 272 and 278 of the Penal Code Act, Chapter 87 of the Laws of Zambia.
The suspect has been released on police bond and will appear in court soon.
Public Relations Officer
Drug Enforcement Commission