Golden Party leader, Silavwe, claims Kamono Farm framed by unnamed banking cartel

Leader of the opposition Golden Party of Zambia (GPZ), Jackson Silavwe, says Kamono Farm Initiative (KFI) is a victim of a very powerful Zambian banking cartel which must be stopped by those in authority.

The Drug Enforcement Commission (DEC) had arrested and charged three Directors, the Chairperson and Treasurer of Kamono Farm Initiative Limited over alleged fraud and money laundering activity amounting to more than K130 million.

Silavwe told Zambia Monitor on Saturday in Lusaka that the banking cartel in Zambia had gone after Kamono because they were taking in more money than the bank deposits and that this must be stopped and dismantled.

He said this was the same cartel that influenced the closure of ONO and Comsave in Mazabuka and Heritage coin resources which was housed at downtown shopping mall in Lusaka.

“Zambians want to invest in viable business ventures with good returns but who will invest in a bank investment plan where one invests K100,000 and get less than K10,000 (Less than 10% interest) per year,” Silavwe said.

He said the mainstream Zambian banking sector lack attractive investment banking packages like in other progressive countries.

“If it was my government (GPZ government), I would have instructed the attachment of both agriculture and business management experts to Kamono to study their business model in-depth to seal up any loopholes and provide them with government funding to scale up their operations to benefit more citizens,” Silavwe said.

He said Kamono Farm Initiative has a great business plan that needs a bit fine tuning.

Silavwe said the ones the DEC should be arresting and forcing institutional reforms is the Zambian banking sector and its cartel to make attractive investment packages for Zambians.

“What Kamono is doing should have been part of the investment packages from Banks,” he said.

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