ONO SAVINGS AND CREDIT ASSOCIATION INVESTORS TO GET THEIR MONEY

The Drug Enforcement Commission (DEC) and the Bank of Zambia (BoZ) have made substantial progress in the matter regarding Ono Savings and Credit Association (OSCA) as A plea agreement has been concluded with the promoters of OSCA pursuant to which the seizure of the accounts has been lifted by DEC following a directive from the Director of Public Prosecutions (DPP).

Under the Plea Agreement, Ono Savings and Credit Association has been ordered to pay the investors the money they deposited into the company inclusive of interest.

OSCA is also required to recover the loans owed to the entity.

Other terms of the Plea Agreement include the requirement for Ono Savings and Credit Association to periodically report to the Anti-Money Laundering Unit of the Drug Enforcement Commission and to the National Prosecutions Authority (NPA) on the status of its obligations under the said agreement.

Members of the public with claims are advised to contact Ono Savings and Credit Association.

The Drug Enforcement Commission and the Bank of Zambia have called on the promoters of Ono Savings and Credit Association to comply with all the terms of the Plea Agreement and ensure that the interests of investors are duly protected.

And the issue regarding Comsave, the matter is still under consideration by the Director for Public Prosecutions.

The statement has been issued by the Public Relations Unit of the Drug Enforcement Commission and the Communications Division of the Bank of Zambia.

In July this year The Drug Enforcement Commission (DEC) in collaboration with the Bank of Zambia has seized the accounts of Comsave Credit Union (Comsave) and ONO Savings and Credit Association (OSCA) for alleged Money Laundering offenses.

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