Former ZSIC directors face arrest

The Government Joint Investigations Team have warned and cautioned Ms. Irene Muyenga, former Managing Director of Zambia State Insurance Corporation (ZSIC), Mr. Anock Mbambara Former Corporation Secretary, Ms Sandra Agyemang Treasury and Investments Manager and Ms. Florence Zyambo Manager Fire, Accident and Engineering in the general Insurance Department of the Zambia State Insurance Corporation Limited in connection with the Manner in which they  recommended and authorised Credit Guarantee Bonds amounting to K5 billion and short term loans amounting to K1.5 billion selectively in favor of Pelton Finance Limited a private Micro financing Company  which did not have a Microfinance License from the Bank of Zambia.

The guaranteed Bonds enabled Pelton Finance Limited to obtain loans from various commercial Banks of which it failed to pay back causing ZSIC to settle the loan amounts on their behalf.

The four have been warned and cautioned for the suspected Offence of Abuse of Authority of Office.

Namukolo Munyeme Kasumpa

 Public Relations Officer

GOVERNMENT JOINT INVESTIGATIVE TEAM

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