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The Director of Public Prosecutions (DPP) has petitioned the Economic and Financial Crimes Court (EFCC) to confiscate assets worth millions of Kwacha belonging to Kamono Farm Initiatives Limited (KFIL), citing allegations that they were proceeds of crime.
The assets in question included funds held in various bank accounts, vehicles, and a farm reportedly acquired through public deposits disguised as farming investment opportunities.
Investors were allegedly promised predetermined returns on their contributions.
In an affidavit, Given Sakala, a senior investigations officer with the Drug Enforcement Commission (DEC) under the Anti-Money Laundering Investigations Unit (AMLIU), stated that KFIL, registered in March 2015, was managed by directors Mirriam Soko and Enock Chibutu, alongside shareholder Fanwell Zulu, among others.
Sakala alleged that KFIL employed questionable practices, treating client investments as sales and profits after deducting operational expenses.
Investigations revealed that the company’s farming operations were minimal, with only three of seven inspected farms showing proper crop management.
Livestock on these farms reportedly suffered from malnutrition and infections.
The seized assets include:
1. Over K6.7 million held in a Zanaco account and K1.2 million in a SPENN Zambia account.
2. Multiple vehicles, including a Massey Ferguson tractor.
3. Livestock, which has been auctioned under court orders, generating K299,100 from the sale of livestock and an additional K18,372 from other animals.
The funds from the auctions have been reportedly deposited into DEC and court accounts for further legal proceedings.
The DPP’s application argued that these assets violated provisions of the Banking and Financial Services Act No. 7 of 2017 and the Forfeiture of Proceeds of Crime Act No. 19 of 2010.
The properties, including cash, vehicles, and livestock, have reportedly been identified as proceeds of fraudulent schemes.
DPP Gilbert Phiri had requested the court to declare the assets forfeited to the State.
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