Maravi

Kabwe explains how he acquired ZSIS properties

Kabwe explains how he acquired ZSIS properties
By Noel Sichalwe
Friday July 04, 2008 [04:00]

FORMER Access Financial Services Limited (AFSL) chief executive officer Faustin Kabwe yesterday explained how he acquired about seven properties on behalf of Zambia Security Intelligence Service (ZSIS). This is a matter where former president Frederick Chiluba is separately charged with AFSL directors Kabwe and Aaron Chungu.

Chiluba is charged with theft of about US$488,000. Kabwe told Ndola High Court deputy registrar Jones Chinyama, who is sitting as trial magistrate in Lusaka, that former ZSIS director general Xavier Chungu had instructed him to purchase the property named as 26F Cheetah Road, Kabulonga and Mulungushi Service Club in Chamba Valley.

Other properties that he identified included that of plot number 5614, Lufubu Road in Kalundu, which was previously owned by Finance Bank.

Kabwe said Xavier Chungu further instructed him to purchase DGH Poly Products Limited from Poly Packers at the cost of about K800 million.

Kabwe said Xavier Chungu also instructed AFSL to purchase Avalon Motors, which was later renamed as Motor City at the cost of about K1 billion.

He further named two properties, one in Makeni and another in Lilayi that they purchased on behalf of ZSIS.

He said the money for the purchase of the properties from AFSL accounts and some of the properties were registered under Lusaka Trust Corporate Services, a company he owned together with Aaron Chungu.

Kabwe said during the transactions, he was dealing with ZSIS director general Xavier Chungu his deputy JK Lungu, another senior officer Yotamu Zulu and another officer named Mandona.

However, Kabwe said ZSIS also dealt with other officers of AFSL without his direct involvement.
Trial continues today.

Labels: CORRUPTION, COURTS, FAUSTIN KABWE, ZSIS

posted by MrK @ 4:22 AM