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Restricted assets belonging to Kamono Farms Initiative Limited are alleged to have been transferred to a cooperative company called Algeria Cooperative Society Limited .
The three directors of Kamono Farms Initiative Limited, Fanwell Zulu, 38, Enock Chibutu, 29 and Mirriam Soko, 30, have pleaded not guilty to three counts of Providing Banking Business or Financial Services without a Licence contrary to section 6 of the Banking and Financial Services Act of 2017 of the Laws of Zambia, conducting a money circulation scheme contrary to section 157 of the Banking and Financial Services Act and money laundering involving K7.2 million, contrary to section 7 of the Prohibition and Prevention of Money Laundering Act 14. of 2001 as read with Act No. 44 of 2010 of the Laws of Zambia.
The said offences are alleged to have been committed between March 1, 2022 and April 30, 2023.
Appearing before Lusaka Magistrate, Kasama Mwamfuli, the trio took a plea of not guilty in the tree counts.
The State had made an application asking the court to revoke the police bonds issued to the suspects.
Drug Enforcement Commission (DEC) investigations officer in the anti-money laundering and Investigations unit, Precious Chibesa, backed the State’s application on grounds that the accused persons were tempering with evidence.
“Some assets were put on restriction and they have been transferred to a cooperative company called Algeria Cooperative Society Limited. We feel as the Commission to revoke bond in this case that there are other assets that can be used as evidence in this case. We did not seize the animals but we put a restriction order. They are also threatening witnesses in the matter,” she submitted.
The defence challenged the application contending that the State had not brought evidence to prove the allegations.
Magistrate Mwamfuli reserved ruling on the application to September 19.
Zulu is an agriculturalist while Chibutu and Soko are business executives.
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