Central Bank confirms DBZ insolvency
THE Bank of Zambia (BoZ) has approved the Statement of Affairs for the Development Bank of Zambia (DBZ), which is currently under its possession. In July 2023, the Bank of Zambia took over the Development Bank of Zambia (DBZ) and Betternow Finance Company Limited. This action was taken because the BoZ determined that DBZ was…...
Court grants bail to 2 Chinese accused of gold smuggling
THE Lusaka Magistrates’ Court has granted bail to two Chinese nationals who are alleged to have smuggled 29.9 kg of gold and US$200,000 into the country. The accused have each been granted cash bail of K100,000 pending the determination of their case. Lusaka Chief Resident Magistrate Davies Chibwili has also set September 9, 2024, for…...
ZCCM-IH acquires additional 10% shareholding in Lubambe
ZCCM-IH has announced that it has acquired an additional 10 percent shareholding in Lubambe Copper Mines Limited at US$1, bringing its total stake in the mine to 30 percent. ZCCM-IH Corporate Affairs Manager Loisa Mbatha says the transaction is expected to be finalised within the next six months following an agreement with JCHX for the…...
Mopani has paid all its contractors – Matambo
COPPERBELT Minister Elisha Matambo says Mopani Copper Mines has paid all its contractors and suppliers. And Bank of Zambia (BOZ) Deputy Governor Operations, Dr Francis Chipimo, has reiterated that the dollarisation is meant to promote the use of the Kwacha. Speaking when BoZ board members led by Dr Chipimo paid a courtesy call on him,…...
Police object to Kapyanga’s notice of protest, citing security concerns
POLICE in Mpika have objected to the notice of application by Mpika PF MP Francis Kapyanga to hold a peaceful protest on September 9, 2024, citing security concerns. But Kapyanga says he is considering making an appeal to the Minister of Home Affairs and Internal Security, Jack Mwiimbu, on the matter. In a letter dated…...
Prolonged load shedding due to power import challenges from Namibia – Zesco
ZESCO Spokesperson Matongo Maumbi has attributed the prolonged emergency load shedding in some parts of Lusaka to challenges with power imports from Namibia. Speaking on Phoenix FM, Wednesday, Maumbi explained that in the last few days, Namibia had been failing to supply the right amount of electricity that Zambia had purchased. He hoped that the…...
Society Business Park construction was shockingly terrible – Milupi
INFRASTRUCTURE, Housing and Urban Development Minister Charles Milupi has described some of the construction works which were done at Society Business Park as terrible. On Tuesday, National Pension Scheme Authority (NAPSA) closed the Society Business Park (SBP) with immediate effect, until further notice. Addressing the media, Tuesday, NAPSA Board Chairperson Shipango Muteto said the decision…...
HH should mention those who said govt is against Catholic Church – Fr Mukosa
ZAMBIA Conference of Catholic Bishops (ZCCB) Secretary General Fr Francis Mukosa says President Hakainde Hichilema should mention the individuals who said government is against the Catholic Church. On Tuesday, President Hichilema said it was a fallacy to state that the UPND government was against the Catholic Church. He said never should the Catholic Church feel…...
It’s easy for criminals to launder their money by trading in minerals, notes FIC
FINANCIAL Intelligence Centre Inspection Department Manager for Undertaking Anti-Money Laundering Dennis Chisenga says the FIC has observed that criminals find it very easy to launder their money though trading in minerals. And Chisenga recalls that in 2020, FIC discovered that that two prominent influential people holding positions in public institutions were involved in illegal mining,…...
Kasanda out on bail, sues DPP
LUSAKA High Court Judge Geoffrey Mulenga has ordered the release of businessman Sedrick Kasanda following his habeas corpus application. His lawyer, Timothy Sapato, who confirmed his release, has indicated that Judge Mulenga has ordered the surrender of his passport as one of the bail conditions. On Tuesday, Kasanda asked the Lusaka High Court to grant…...
