{"id":17708,"date":"2022-03-07T19:32:57","date_gmt":"2022-03-07T19:32:57","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/court-hears-how-milingo-received-k600-million-from-kcm"},"modified":"2022-03-07T19:35:04","modified_gmt":"2022-03-07T19:35:04","slug":"court-hears-how-milingo-received-k600-million-from-kcm","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/court-hears-how-milingo-received-k600-million-from-kcm","title":{"rendered":"COURT HEARS HOW MILINGO RECEIVED K600 MILLION FROM KCM"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>The Lusaka Magistrates court has heard how Konkola Copper Mines (KCM) provisional liquidator, Milingo Lungu\u2019s Bank account was credited with K600 million, being a transfer of funds by order of KCM.<\/p>\n

In a testimony before Magistrate Jenniffer Bwalya, ZANACO Bank Acacia Park Branch Manager, Saniyo Gumbo has told the court that the said account was opened on May 5, 2021 and no money was deposited at the time of opening.<\/p>\n

Mr. Gumbo however says on May 21, 2021, the account which is under a law firm belonging to Mr. Lungu called Lungu Simwanza and Company, received K600 million, a funds transfer by order of KCM.<\/p>\n

Furthermore, the witness says on May 24, 2021 there was a debit of the same money from the Law Firm\u2019s account to an investment account after instructions from Mr. Lungu to the Bank relationship manager to open a fixed deposit account. Mr. Gumbo says the money was then transferred from the main account to the fixed deposit account for 60 days and would earn 12% interest per annum.<\/p>\n

In this matter, Mr. Lungu in his capacity as KCM provisional liquidator is alleged to have transferred funds from the KCM Liquidation Account to his Law firm\u2019s account and instructed the Bank to put the said funds on fixed account deposit. This arrangement earned him interest of K 17, 250, 000 which he withdrew.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. The Lusaka Magistrates court has heard how Konkola Copper Mines (KCM) provisional liquidator, Milingo Lungu\u2019s Bank account was credited with K600 million, being a transfer of funds by order of KCM. In a testimony before Magistrate Jenniffer Bwalya, ZANACO Bank Acacia Park Branch Manager, Saniyo Gumbo has told the court that the […]<\/p>\n","protected":false},"author":84,"featured_media":17707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12,16],"tags":[234,235,233],"class_list":["post-17708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nCOURT HEARS HOW MILINGO RECEIVED K600 MILLION FROM KCM - Zambia<\/title>\n<meta name=\"description\" content=\"The Lusaka Magistrates court has heard how Konkola Copper Mines (KCM) provisional liquidator, Milingo Lungu\u2019s Bank accou ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/court-hears-how-milingo-received-k600-million-from-kcm\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COURT HEARS HOW MILINGO RECEIVED K600 MILLION FROM KCM\" \/>\n<meta property=\"og:description\" content=\"The Lusaka Magistrates court has heard how Konkola Copper Mines (KCM) provisional liquidator, Milingo Lungu\u2019s Bank accou ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/court-hears-how-milingo-received-k600-million-from-kcm\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-07T19:32:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-07T19:35:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/03\/img-62265e30cf735.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"516\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/court-hears-how-milingo-received-k600-million-from-kcm#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/court-hears-how-milingo-received-k600-million-from-kcm\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"COURT HEARS HOW MILINGO RECEIVED K600 MILLION FROM KCM\",\"datePublished\":\"2022-03-07T19:32:57+00:00\",\"dateModified\":\"2022-03-07T19:35:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/court-hears-how-milingo-received-k600-million-from-kcm\"},\"wordCount\":240,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/court-hears-how-milingo-received-k600-million-from-kcm#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/03\/img-62265e30cf735.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/court-hears-how-milingo-received-k600-million-from-kcm#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/court-hears-how-milingo-received-k600-million-from-kcm\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/court-hears-how-milingo-received-k600-million-from-kcm\",\"name\":\"COURT HEARS HOW MILINGO RECEIVED K600 MILLION FROM KCM - 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