Ex-director arrested for money laundering

The Drug Enforcement Commission has arrested a  former chief executive of Fidelity Life Assurance 2009 (Z) Limited for money Laundering involving over K160, million.

Mwamba Karyn Ngandu, 33, was arrested together with Chitundu Siwale, 36, a director at Ritz Technical Services for illegally hijacking a contract awarded to First Systems Zambia Limited.

DEC spokesperson Jon Nyawali says Ms. Ngandu, whilst acting in her capacity as chief executive officer of Fidelity Life Assurance did forge a First Systems contract to supply goods and services to Fidelity Life Assurance  and directed that 70% of the contract fees be paid to Ritz Technical Services.

The duo received a total of K165, 880, 00 from the unlawful contract.

They have been released on bond and will appear in court soon.

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