ACTING FINANCE MINISTER STRUGGLES TO CLEARLY EXPLAIN HOW K65 MILLION WAS INTRODUCED INTO THE BANKING SYSTEM.
………as Leader of Opposition bemoans inconsistencies in the Ministerial statement.
LUSAKA………Thursday, 22 June 2023 (Smart Eagles)
Acting Minister of Finance and National Planning Eng. Charles Milupi was at pains trying to explain when the K65 million forfeited by Faith Musonda was introduced into the banking system.
HON Milupi who produced some slips on the floor of the House said it was irrelevant to demand for deposit slips if the money was transfered electronically.
“After the boxes in which the money was loaded were delivered to the Bank of Zambia, the keys were kept by the police and at a later date, the police went back to have the Money counted and authenticated.
On the 5th of November, 2021, the money was deposited at the Bank of Zambia suspense account, that is when this money was introduced into the Bank of Zambia. That is when it was necessary when the ACC, asked for the money to be transferred into their forfeiture account at ZANACO bank rather than getting the same cash, they used electronic transfer. That is how the forfeiture account was credited with K65 million.”
And Leader of Opposition Hon Brian Mundubile has bemoaned the inconsistencies in the manner the Minister delivered the statement surrounding the K65 Million.
Hon Mundubile said what was expected was not a lengthy and protracted explanation which was meant to confuse people.
He said what was needed was to show how the money changed form from its physical state to being electronic.
He said Hon Milupi failed lamentably to show how the money was introduced.
Hon Mundubile said it is very disappointing to hear the Minister render a statement full of inconsistencies.
“All we wanted to know was at what point the money was introduced into the banking system. To change form from physical to electronic, it needed to be deposited, that is the point we wanted. Instead he came up with a concocted story that the money had gone to the Bank of Zambia, then suddenly it was dissolved in electronic form,,” he said.
Hon Mundubile who is also Mporokoso Lawmaker further explained the inconsistencies noted in the delivery of the Ministers speech.
“As the money was sitting at the Bank of Zambia, that was the money for ACC, that is the entity that was supposed to deposit. To show the inconsistency, the money both in dollar and kwacha was confiscated at the same time. Why is it that in his report, he seems to be suggesting that the $57,000 was delivered to ACC in cash, while the other money was transferred. The money that was purported to have been delivered in cash, is the money for which the deposit slip we actually saw. We saw a deposit slip for ZANACO, why wasn’t the dollar treated the same way the K65 million was treated,” he said.
Hon Mundubile has also described as disturbing the move taken by the speaker to answer a question on behalf of the Executive.
“What was disturbing was the speaker start answering questions on behalf of the executive. The minister had proper custody of the documents. MPS are demanding that the documents need to be authenticated. To admit them into evidence we would have wanted the managers to have been subpoenaed into the house. We are told that they were, God knows when and where,” he said.