The Lusaka Magistrate Court has heard that more than 60,000 U.S dollars was allegedly transferred without proper justification from Ultimate Insurance dollar Account at ABSA Bank Zambia, to Nchito and Nchito Law Firm between mid-last year and early thisy year.
The 2019 Financial Intelligence report revealed some law firms were being used for money laundering.
ABSA Relations Manager, Mabinga Mwiinga has told the LUSAKA Magistrate Court that the transaction was allegedly made between May 2019 and early 2020.
Ms. Mwiinga told the court that though the money was allegedly transferred as legal fees, there were no justifiable details over the same.
She was testifying in a matter where three Marshlands Consortium Limited Directors, Nachi Musonda,33, Richard Lubemba ,31 and Tibias Milambo ,48, are facing 15 counts of obtaining money by false pretence and uttering false documents, pertaining to the owners of Ultimate Insurance Limited.
The trio purported having been appointed as Directors of Ultimate Insurance whilst in fact not.
However original owners of Insurance Company, Justini Phiri, KLEIN SYAMPONGO, and MAYBIN SILAVWE, recently testified before Lusaka High Court Judge KAZIMBE CHENDA that the company was sold to Lusaka businessman CHANDA KATOTOBWE.