“We should be arresting the Zambian banking sector and force its cartel, through institutional reforms, to make attractive investment packages for Zambians.”
Lusaka, April 22 – Golden Party Zambia (GPZ) president, Mr. Johnson Silavwe, has stated that Kamono Farm Initiative Limited and Kamono Cooperative Society Limited are victims of the banking cartel in Zambia because they are taking in more money than the bank deposits.
“In Zambia, we are our own enemies. The banking cartel in Zambia has gone after kamono because they are taking in more money than the bank deposits. The banking cartel in Zambia needs to be stopped and dismantled. This is the same cartel that influenced the closure of ONO and Comsave in Mazabuka and Heritage Coin Resources which was housed at Downtown shopping mall in Lusaka,” reads, in part, his Facebook post.
Also Read: Kamono Directors nabbed for money laundering.
Mr. Silavwe is of a strong view that what Kamono needs is support and not persecution.
“If it was my Government (GPZ Government), I would have instructed the attachment of both agriculture and business management experts to Kamono to study their business model in depth to seal up any loopholes and provide them with government funding to scale up their operations to benefit more citizens. Zambians want to invest in viable business ventures with good returns but who will invest in a bank investment plan where one invests K100,000 and get less than K10,000 (Less than 10% interest) per year?” he continued in his Facebook post.
The GPZ leader has observed that the mainstream Zambian banking sector lacks attractive investment banking packages like in other progressive countries and urgently requires institutional reforms.
“We should be arresting the Zambian banking sector and force its cartel, through institutional reforms, to make attractive investment packages for Zambians. What Kamono is doing should have been part of the investment packages from Banks,” the statement ended.
The Drug Enforcement Commission has arrested three Directors of Kamono Farm Initiative Limited and Kamono Cooperative Society Limited for fraud and money laundering involving over K134 million.
The Commission has also arrested the Chairperson and Treasurer of the Farm Initiative and the Cooperative Society Limited.
Commission Public Relations Officer, Hussein Khan, said DEC investigations have revealed that Kamono was a money circulation scheme perpetrated by unscrupulous individuals to defraud members of the public of their hard earned funds by promising unrealistic returns on investments.
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Putting news into perspective
I like your idea of seriously studying this kind of investment because banks are making a lot and paying very little to the investor.