The State-appointed provisional liquidator of Konkola Copper Mines (KCM), Milingo Lungu, has been arrested and charged with laundering more than $2-million, Zambia’s Drug Enforcement Commission, which also handles money-laundering cases, said on Wednesday.
“The money is said to have come into his possession by virtue of being the Provisional Liquidator for Konkola Copper Mines,” the commission said.
Lungu did not immediately respond to Reuters phone calls and a written request for comment.
The commission alleged that Lungu, acting with others, “did engage in theft” involving 110.4-million Zambian kwachas and $250 000 between May 22, 2019 and August 15, 2021, and “obtained money by false pretences” amounting to $2.2-million.
“He has also been charged for money laundering for the said amounts,” the commission said.
Lungu’s appointment at KCM in May 2019 triggered a legal battle with Vedanta Resources, KCM’s parent company.
Lungu has been released on police bond and will appear in court soon, the commission said. MiningWeekly