KCM Liquidator Milingo Lungu’s woes deepen
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Milingo Lungu with Lawyer Sakwiba Sikota
By Rainbow Reporter
Embattled Konkola Copper Mines (KCM) provisional liquidator Milingo Lungu’s troubles are showing no signs of dissipating as prosecutors last week lumped him with six more counts of theft and money laundering amounting to K17 Million.
And a recent Supreme court ruling declaring the 2016 liquidation of the Post Newspaper Limited illegal, may impact on the KCM matter potentially igniting a flurry of counter law suites against Mr. Lungu.
In December last year, the Drug Enforcement Commission’s anti -money laundering unit arrested Mr. Lungu on allegations of theft of more than K 17 Million.
Last week, Mr. Lungu was again dragged to court in relation with the charges.
In a related matter earlier on October 26th last year, Mr Lungu appeared in court on other charges of money laundering and theft of K4.4 million.
According to a statement of details of his arrest by the DEC over the K17 Million theft last year, Mr. Lungu is alleged to have transferred funds from the KCM liquidation account to his law firm’s fixed deposit account between May and August 2021
The arrangement earned him K17,250,000.00 interest which he withdrew and thereafter transferred part of the principal amount back to KCM Plc through a different account.
And in a Landmark Supreme court order for the reversal of the 2016 liquidation of the Post Newspapers Limited rendering the action illegal, Chief Justice Mumba Malila sitting with Judge Albert Wood and Judge Jones Chinyama ordered that Post Newspapers Liquidator Lewis Mosho be joint to the proceedings.
They contended that he be made to account even though he may have finished selling the assets of the defunct newspaper leading to the process of the liquidation of the newspaper.
The bench further ordered that the matter be referred back to the High Court under a new Judge as the earlier one did not follow the law.
Mr Milingo Lungu is back in court on the 8th of March for continued trial.
