Provisional liquidator of Zambia’s KCM denies theft, money laundering
The state-appointed provisional liquidator of Zambia’s Konkola Copper Mines (KCM) on Tuesday appeared in court and denied charges of money laundering and the theft of 4.4-million Zambian kwacha ($257 450).
Zambia’s Drug Enforcement Commission, which also handles money-laundering cases, last month arrested liquidator Milingo Lungu and charged him with money laundering and the theft of more than $2-million.
But when the case came to court on Tuesday the amount was lowered to 4.4-million kwacha, which Lungu was accused of having stolen and laundered between May 2019 and September this year.
“I deny the charge,” Lungu told magistrate Felix Kaoma when the charges were read to him. The case was adjourned to November 29 for the trial to start. Lungu’s police bond was extended.
Zambia’s previous government handed control of KCM to the provisional liquidator in May 2019, triggering a legal battle with Vedanta Resources, KCM’s parent company.
The government accused Vedanta at the time of failing to honour licence conditions, including promised investment. Vedanta has previously denied KCM broke the terms of its licence.
