DAILY
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Vol. 6. Issue 2601
MILLIONS LOST IN INVESTMENT SHOCKER Price K10
Tuesday May 19, 2020
RETIRED ARMY GENERAL
By SILUMESI MALUMO
“That was my retirement money and I was counting on it to see my children through school. It really pains to move from financial security to destitution,”
R
ETIRED Army generals are among other private and corporate investors who may lose millions of Kwacha following among other things the seizure of 41 properties belonging to Madison Asset Management Company (MAMCO). More than K250billion in investment funding is at stake with the bulk from individuals who were lured by promises of secured high retains in favourable interest rates. Earlier this year, the Securities and Exchange Commission temporarily took possession of the financially distressed MAMCO with instructions that compliance with the securities act be strictly adhered to in order to salvage some value for investors.
According to documents availed to the Daily Nation, some of the prominent institutions which could lose money include parishes under the Roman Catholic Church, schools and some prominent individuals. Some of the properties siezed by the Drug Enforcement Commission
…hundreds lose savings in botched investment schemes. Page 3 761 Cases 10 0 0 900 800
Covid-19 stats
70 0
Total test
600
475
Cases
460,873
50 0
Recovered
15,515 7,006
Deaths
New Cases
264
1,160
7
8
South Africa
450
12,614
425 400 375 350 325
250 225 20 0 175
192
Zambia
Covid-19 update Cases
300 275
761
• • • • •
Deaths
…Fix maize floor price to avoid expensive mealie meal STORY ON PAGE 2
Discharged
761 total cases recorded 521 tested in the last 24 hours 4 patients discharged 8 new cases in the last 24hours 192 recovered
150 125 10 0 75 50 25 0 Days
Millers warn Government
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54
By PETER SICHALI
DELAYS by Government to announce the 2020 maize floor price will result in farmers selling their commodity to “briefcase” buyers at giveaway prices, the millers have lamented. The millers fear that once maize was in short supply, there would be an escalation in mealie meal prices. TO PAGE 2
Let HH answer privatisation questions - Tutwa 300 trucks roll out of Nakonde STORY ON PAGE 3
By SANFROSSA MANYINDA
ABOUT 300 trucks yesterday left Nakonde after the mandatory screening and disinfection process that has been going on in the border town since the weekend. To Page 4