Economy

Report: Nchito Benefitted from Ties to Bank of Zambia

Zambia’s Director of Public Prosecutions Mutembo Nchito has faced criticism since taking office, ranging from disputed cases against opponents of the ruling party to the controversial suspension of judges by the government who were involved in a ruling on debts owed by Nchito and other business partners to the Development Bank of Zambia.

Now, according to sources consulted by Zambia Reports, Nchito is alleged to have benefitted from close ties to Dr. Leonard Kalinde of the Bank of Zambia (BoZ). Kalinde, who serves as deputy bank secretary, is said to have pushed for BoZ to hire Nchito’s law firm to deal with the possession and liquidation of Access Financial Services Limited, AFSL.

Speaking to Zambia Reports, a highly placed source at the central bank has revealed that prior to the 2011 elections, Kalinde had over a period of time been passing ‘vital’ information to businessman Rajan Mathani, Mutembo Nchito, the Post Newspaper.

The source said, “Kalinde was used extensively by these people to oppose the takeover of Finance Bank by First National Bank to the extent that his work relationship with the then deputy governor operations became soured.”

Kalinde is believed to have received gratification from Mathani after President Michael Sata revoked the takeover immediately after he became president (Mahtani is a well known financier of President Sata). According to the source, Kalinde may have also been part of the forgery of Denny Kalyalya’s signature a few years ago that saw lawyer Sangwa appearing in court with Mathani. Kalyalya was deputy governor operations before he got a top flying job with the International Monetary Fund, IMF.

“Dr. Kalinde is expected to return from leave this morning but he has been spotted around with some of Mathani’s people and whatever he is up to will come out one day,” said the source. “These days he does not even hide his connections with Mathani, Mutembo and even Fred Mm’embe,” added the source.

President Sata allegedly offered to appoint Kalinde as deputy director general at the Anti-Corruption Commission, however the source says that he turned down this position until he could be offered immunity against future prosecution.

If the speculation currently making the rounds suggesting that Mutembo’s law firm has earned some K8 billion kwacha in legal fees by the Central Bank for the AFSL matters are any thing to go by, then Kalinde must also be smiling all the way to the bank, the source said.

2 Comments

  1. Rabid Dog

    Kalinde, Kalinde, Kalinde I always knew there was something wrong about you and the way you carry yourself around.

  2. Iyeee...

    I first met Kalinde in the late 80’s in woodlands extension.From then on,we found ourselves linking up through common friends.
    Take it easy breaker breaker and be careful.I wouldn’t want to see you throw your hard earned career into the drain.You have worked so hard to be where you are now a feat I dearly admire about you.
    I remember your smile when we call you breaker breaker.Good luck my guy!

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