THE Financial Intelligence Centre (FIC) has disclosed that a company failed to execute works on a K350 million infrastructure development contract, awarded by a public institution in 2019, despite receiving a K75 million down payment. The FIC’s 10th Money Laundering and Terrorist Financing Trends Report further revealed that this company was also awarded another contract worth K45 million by the same public institution in another part of the country but did not execute the works. “The FIC analysed a suspicious transaction report in 2021 relating to Company D which was awarded a contract in 2019 worth ZMW 350 million by a public institution for infrastructure development in the construction sector. The contract was to run for a period of 18...
