Maravi

DEC nabs lawyer for bouncing cheques

DEC nabs lawyer for bouncing cheques
By Chibaula Silwamba
Sun 19 June 2011, 04:01 CAT

LUSAKA lawyer Kelvin Fube Bwalya, popularly known as KBF, has been arrested by the Drug Enforcement Comm-ission for issuing cheques worth K500 million on an insufficiently funded account.

In a press statement yesterday, DEC spokesperson John Nyawali said Bwalya, acting in his capacity as a lawyer at KBF and Partners law firm, issued a total of five cheques to his clients, ROSFIN Solutions Limited, on an insufficiently funded account contrary to the national payment systems Act No.1 of 2007.

Nyawali stated that Bwalya had been released on a K100 million bond and would soon appear in court.

“Meanwhile, the Ndola magistrates’ court has sentenced a sales agent for Zambia State Insurance Corporation to 15 years imprisonment with hard labour for money laundering activities involving K25 million,” stated Nyawali.

“Pumulo Mwamba, 25, was found guilty of 15 counts of money laundering charges he was facing and sentenced to 12 months on each count.

However, Pumulo will only serve 12 months of his 15-year jail term as the sentences will run concurrently.” Nyawali stated that Pumulo was early last week arrested by the DEC in Ndola for theft of K25 million belonging to ZSIC which he had collected from his clients but did not remit to the Corporation.

Labels: DEC, JOHN NYAWALI

posted by MrK @ 3:22 PM