DEC seizes Madison property

DEC seizes Madison property

Lusaka-Saturday 16th May 2020

The Drug Enforcement Commission (DEC) has seized 41 properties from Madison Asset Management Company ( MAMCo).

Board Chairperson, Basil Dudu Nundwe accepted and signed the Seizure Notice.

In a seizure notice dated 29th April, 2020, the DEC stated that the properties have been seized pursuant to Section 15 of the Prohibition and Prevention of Money Laundering Act No. 14 of 2001.

MAMco is a subsidiary of the troubled Lawrence Sukutwa &Associated (LSA) Group of Companies which has been Zambia’s leading private sector diversified financial services group.

The DEC have since warned Madison that the seized properties may be forfeited to the State.

Share this post