‘Money in Mpundu trust is loan from Access bank’

‘Money in Mpundu trust is loan from Access bank’

President Michael Sata on Monday ordered the police to thoroughly investigate the US$ 1 million held in Mpundu Trust Account.

Those close to Sata says he thinks the money was stolen from government coffers by his predecessor Rupiah Banda.
Sata said his government has received Information that Mpundu Trust is holding over US$1 million with one of the local banks.
Sata said considering the colossal amounts involved it is only fair and prudent for the Drug Enforcement Commission (DEC), in liaison with other law enforcement agencies to professionally and systematically investigate the matter.
He explained that the decision to probe Mpundu Trust is without malice or ill-motive but to simply set the record straight by ensuring that the due process of the law applies.

What he did not tell the nation is the Mpundu trust if for the twin children of former president Rupiah Banda and his current wife Thandiwe, hence the name Mpundu.

A source close to the former president has told the Watchdog the money in Access Bank was a loan to the Banda family from Access bank itself.

The loan is meant for the construction of the family flats along Kabulonga road which the current government has also been trying to link to corruption.

The house in Kabulonga is said to be constructed for the twins hence the money in their trust account.

Trusts are held by other people, usually adults on behalf of others, in some cases their children.

Share this post