There’s no proceeds of crime in my business transactions – GBM

There’s no proceeds of crime in my business transactions – GBM

FORMER minister of defense Geoffrey Bwalya Mwamba says he legally earned the obscene amounts of money deposited into his different Bank accounts.

In his continued defense Mwamba told the Economic and Financial Crimes Court that the transactions were mere internal transfers between his Company GBM milling and himself as the chief executive officer.

Mwamba popularly known as GBM is facing 24 criminal charges among them eight counts of conflict of interest, one count of money laundering and 15 counts of possessing property suspected to be proceeds of crime.

The former defence minister who explained the Source of his income before senior resident magistrate Stanford Ngobola said his company would transfer money to his personal account so that he could get a better exchange rates from other countries.

“Proceeds of crime did not take place these were legitimately earned funds. These were mere business transactions moving funds from one account to another,” he explained.

“The $100,000 was meant for me to go and exchange with the Kwacha it was not the only transaction. The sequence of withdrawals from the time I was paid $100,000 was for us to go and seek for better rates outside the country this is a mere business transaction I see nowhere process of crime should come in when funds were exchanging hands between 60 companies.”

Trial continues on December 11

By Mwaka Ndawa

Kalemba