Sunday, December 26, 2010, 13:05

http://www.zambianwatchdog.com/2010/12/26/dec-arrests-director-for-money-laundering/

The Drug Enforcement Commission has arrested a proprietor of TCM Logistics and Construction for money laundering involving slightly above K180 million.

Stephen Ngilishe Chatora 36 a Managing Director of TCM Logistics and Construction whilst acting in his capacity as Director with other persons unknown did steal money amounting to K182, 363, 087 as cheque payments he collected from Chainama Health Sciences, Namwala District Hospital and Siavonga District Hospital.

This is disclosed by DEC Assistant Public Relations Officer, Theresa katongo in a press statement made available to q fm news.

Ms. Katongo says the cheque payments mr. Chatora collected were meant for the extension of the DYRE hostel at Chainama College as well as rehabilitation of the Circumcision theatres at Namwala and Siavonga District Hospitals respectively.

However, of the five cheques he collected and payable to TCM Enterprises Ltd, two were discounted at an Indian shop in Kamwala and three were deposited into his newly incorporated company called TCM Logistics and Construction a company formed to facilitate the thefts and launder of the ill gotten funds.

He has since been charged with theft and money laundering contrary to the laws of Zambia.

The suspect has been released on Police bond and will appear in court soon.

Meanwhile the Commission has arrested 68 people countrywide in the last seven days for trafficking in 200kg of cannabis.

Among those arrested is a 17 year old Zimbabwean national residing in Chirundu for trafficking in 10 balls of cannabis.

All the suspects are detained in Police custody and will appear in court soon.