Ex-ZISC MD MD Muyenga warned and cautioned

The Government Joint Investigations Team has warned and cautioned former Zambia State Insurance Corporation (ZSIC) Managing Director Irene Muyenga together with three other former senior management officials for abuse of authority.

Those warned and cautioned together with Ms Muyenga are Anock Mbambara former Corporation Secretary, Sandra Agyemang Treasury and Investments Manager and Florence Zyambo, Manager Fire, Accident and Engineering in the general Insurance Department.

GJIT public relations officer Namukolo Kasumpa has told QFM News in a statement that the four have been cautioned in connection with the manner in which they recommended and authorized Credit Guarantee Bonds amounting to K5 billion.

Ms Kasumpa says the four had also acquired short term loans amounting to K1.5 billion selectively in favour of Pelton Finance Limited a private Micro financing Company which did not have a Micro-finance License from the Bank of Zambia.

Ms Kasumpa explains that 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.