ACC INFLATING VALUE OF MY ASSETS - FAITH MUSONDA
LUSAKA Journalist, Faith Musonda has accused the Anti-Corruption Commission (ACC) of inflating the value of her properties in an attempt to justify their suspicion that the assets were illegitimately acquired.
Musonda urged the Economic and Financial Crimes Court to dismiss ACC’s application seeking a non-conviction-based forfeiture to the state of her seized properties worth over K17 million suspected to be tainted.
She contended that the applicant’s (ACC) case was devoid of merit and failed to establish any grounds for forfeiture.
Musonda denied ownership of plot no. LUSAK/in_24982/3 in Kingsland City, and stated that the transaction was not formalised.
“I must clarify that the assertion of purchasing the property for $180, 000 is inaccurate. While it is true that I initiated a transaction for the acquisition of this property, it is important to note that the transaction was not formalised due to financial constraints. Consequently, ownership of the property remains with the seller as the sale was not completed,” she stated.
The interested party also denied having any properties hidden under the names of Chimuka and Miyanda Milambo.
Musonda stated that she bought government bonds and Treasury Bills through an account with the Bank of Zambia with funds she obtained from the sale of one of her properties.
“It is important to note that the amount reflected in the affidavit in support represents the accrued value of these investments and the organic growth, rather than the initial amount I paid for the government bonds and the Treasury Bills,” she stated.
She also submitted that she acquired a fixed term deposit facility from Madison Finance Limited through revenues generated from multiple advertising contracts executed by Life TV.
She alleged ACC omitted several legitimate sources of her income which included those from her professional engagements.
“It raises significant questions as to how these resources, accumulated over a considerable period, could suddenly be perceived as proceeds of crime by the applicant, based on what appears to be a superficial investigation.
“The disparity between the thoroughness of my financial history and the cursory nature of the inquiry conducted by the applicant is indeed perplexing and only employed to justify the purported reasonable suspicion,” she stated.
According to ACC investigations officer, Mr Ferguson Kombe, Musonda purchased a farm in Chisamba, subdivision no. F/1504 at K4.6 million through her company Sela Property Investment Limited, paid in three instalments.
Mr Kombe also submitted that Musonda bought property in Ibex Hill at K170, 000 from Sam Mulozi but there was no change of ownership.
He alleged that Musonda had K3,140, 000 in government bonds and K1, 219, 000 in Madison fixed term deposit.
He said ACC also seized jewels worth US$5, 000 and agricultural equipment valued at US$54, 844.53.