• Mr. Lungu transferred funds from the Liquidation Account to his Law Firm’s Account.
• He instructed the Bank to put the said funds on fixed account deposit.
• The arrangement earned Mr. Lungu interest of K17, 250,000 which he withdrew.

Drug Enforcement Commission (DEC) has arrested Konkola Copper Mines (KCM) Provisional Liquidator for theft involving over K17.25 million contrary to the Laws of Zambia.

Confirming the development to Money FM News, Commission Public Relations Officer Mathias Kamanga disclosed that Milingo Lungu, 45, jointly and whilst acting together with other unknown persons, 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.

Mr. Kamanga said the arrangement earned Mr. Lungu interest of K17, 250,000 which he withdrew.

He added that Mr. Lungu later transferred back part of the principle amount to KCM 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,” Mr. Kamanga revealed.

On 30th September 2021, Mr. Lungu was arrested by Drug Enforcement Commission for obtaining money by false pretenses and money laundering involving K110.4 million, USD 250, 000 and USD 2.2 million.