Matrix of theft of $105 million at Ndola Lime

In June 2020 Gregory Chifire alleged that $105 Million had been stolen at Ndola Lime through a series of transactional activities he termed “Matrix of theft of $105 million at Ndola Lime”. To the initiated, these series of financial transactional activities and actions qualify to be one of the Anti-Money Laundering (AML) typologies worth being part of the case studies by Financial Intelligence Centres (FIC) and other Egmont Group type or model of Financial Intelligence Units (FIUs) and other Global Financial Institutions and Commercial Banks in the World.

The series of events were said to be as follows. Ndola Lime gets a loan to buy a Kiln. The Company sends qualified Engineers to Italy who settle for a Company called Terruzzi Ferlcax. The said engineers allegedly connive with the Italian MAFIA crooks to Buy a decommissioned kiln at a cost of $105 million. The Kiln in question was decommissioned (dismounted) because it was declared unusable, it had reached the end of its life span.

In Ndola, the Lime Company mounts the Kiln. The kiln fails to work. Upon receipt of the $105 million from Ndola Lime, Terruzzi Ferlcax, the company in Italy was declared bankrupt. Ndola Lime has no where to claim a refund or sue for any breach of contract since the supplier has been declared bankrupt and therefore non-operational/non existent. Meanwhile Ndola Lime had continue to service the loan.

We await for official position by the Engineering Institute of Zambia (EIZ) who Gregory allegedly claimed were conspicuously quiet about this high level scandal involving their members.

Before purchase of any significant engineering equipment experts say should be subjected to Factory Acceptance Test (FAT) which seem not to have been conducted in this transaction. Ndola Lime has since changed hands, the name to Limestone Resources with new shareholders and workers were declared redundant. Ndola Lime was a Public Company under the ZCCM IH with vested interest by Zambians. We will update with any unfolding information.

Published by Kemman

Regulatory and Independent Consulting Professional with expertise in Financial Crime Risk Compliance encompassing Anti-Money Laundering (AML), Countering Terrorism Financing (CTF), Anti-Bribery & Corruption (ABC – FCPA & UKAB), Global Trade & Sanctions, Bank Secrecy Act (BSA), Know Your Customer (KYC) and Customer Due Diligence (CDD), Internal Audit Testing, Reviews, Validation, Risk Assessment. Worked in Asia, Africa, Europe, the Middle East, North America (USA). Banking & FinTech, Anti-Sex & Human Trafficking Advocate, FOREX & Cryptocurrency trading, Travel & Tours, Telecommunications & Energy.

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