Police arrest 5 Zanaco staff in connection with missing cash during rebasing

Five Zanaco employees have been arrested and charged in connection with the over K2 billion (Kr2 million) that went missing during the Kwacha rebasing eve and process at the bank.

Early this year, (9th January 2013) Watchdog revealed that over K2 billion went missing during the rebasing that made Zanaco one of the banks that had serious challenges activating their Automated Teller Machines (ATMs) soon after currency re-basing. See story here

Polices sources revealed those arrested as Michael Ngulube, Robert Mwansa, Francis Mushota Charles Tembo, and Anderson Chengo jnr in connection with the money that went missing from Zanaco’s Lusaka Civic Center branch.

Lusaka Chief resident magistrate Joshua Banda will hear the case when the suspect appear in court soon.

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