FIC fingers chief in sale of over valued shares
The latest Financial Intelligence Centre (FIC) report has revealed how three public entities bought over-valued shares in a private company with Asian interests in a transaction that also saw K100 million being shared by a chief, lawyer and director in a government entity.
According to FIC’s seventh money laundering and terrorist financing trends report for 2021 dubbed ‘cash bonanza’, over US$45 million and K500 million was invested in a private entity through purchase of over-valued shares.
The investment was in a company that had been in existence for two years, which was against the investment policy for one of the public entities which required the company to have a cash flow analysis of five years- Zambia Daily Mail