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

COMMENTS

WORDPRESS: 9
  • comment-avatar

    Are they related to madison life insurance?,These are criminals,a lot of poor civil sevarnts are crying because this company is chewing their money. Letters to terminate the the contract have been submitted but nothing has happened..They are scammers..

  • comment-avatar

    Lets me serious Zambians. Thats a Zambian company something went wrong and its common in business but mt question is why letting Zambian companies fall, cant that company be bailed out and sort the ownerships later?

    • comment-avatar
      Musumali Liyunga 2 weeks ago

      It would be immoral to use taxpayer’s money to bail a private company. There are financial mechanisms through which a company an economically viable company can be bailed out. In a situation where the company has not been prudent and is recklessly managed it is good to let it go under.

  • comment-avatar
    Chisha Banda 2 weeks ago

    Well done DEC. This company has been stealing from citizens with impunity. Now work hard to lock up thieves once and for all.

  • comment-avatar

    Nonsense everything u hear it’s lungu someone arrested because he o she was into drags lungu has hand in it why dont u have respect to the heard of state u people every countrys on earth on lock down because of covid lungu y u don’t have anything to say

    • comment-avatar
      Cat Power 2 weeks ago

      My God you must have missed a lot of schoolwork. Drags are not drugs and never known a heard of state. It’s is a heard of cattle or head of state. Mulelemba muchi Bemba obviously one. Lol. Forged education 

  • comment-avatar
    Kasonde waka 2 weeks ago

    Madison is one of the indigenous Zambian companies which we look to, especially us SMES. They have easly given out loans,and at a time when one really needed the money. It is a wait and see situation as the truth unfolds. It will be REALLY SAD if the company goes the POST/PRIME TV way.

  • comment-avatar

    Proceeds of PF theft lungu has a hand

  • comment-avatar

    Well, well, wht can one say except to wait and see. Whn u don’t know the facts, u keep your mouth shut. The British would say u maintain a stiff upper lip.