Former ZSIC 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.

Posted by Editor on May 8, 2013. Filed under LATEST NEWS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

6 Responses to Former ZSIC MD Muyenga Warned And Cautioned

kaingo Reply

May 8, 2013 at 4:52 pm

these people, are making the whole country look ******. this MD had all necessarily points, money, and solemn duty to perform her duty without fear or intimidation, i used to pay from my salary an insurance with them, after 3years i only got my money back. something fish was cutting. it is good i hope for the country and all best in the matter
Backward Reply

May 8, 2013 at 7:58 pm

This chi ma woman brought down Zambia State. Thieving , nepotism, corruption and all sorts. Chimangeni!
Reveal! Reply

May 9, 2013 at 7:37 am

At last the ZSIC financial irregularities will be revealed.There was to much mis application of clients funds.Muyenga became the major sponsor of one traditional ceremony.
barbra chanda Reply

May 9, 2013 at 2:08 pm

where was the investments committee when all this was happening? Fish them out and let them answer
Villager Reply

May 9, 2013 at 5:38 pm

Yaba tepapa
angel Reply

May 9, 2013 at 6:04 pm

mbambara,muyenga,and lawyer lisimba also responsible 4 woes 1991 retrenchees are going thru LAZ should submit your report now