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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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ATPSUZ HAILS THE 8 PERCENT SALARY INCREAMENT FOR WORKERS

 

The Agriculture Technical and Staff Union of Zambia (ATPSUZ) says looking at the prevailing economic fundamentals coupled with the covid19 pandemic, the 8 percent salary increment for public service workers is justifiable.

Union General Secretary Joe Kamutumwa notes that the negotiations came at a time when there is a serious crisis of the coronavirus pandemic.

Mr. Kamutumwa has underscored the need for the sector to rise above the challenges and save the economy.

Mr. Kamutumwa believes agriculture is a vital sector towards economic recovery which can enable the country to earn foreign exchange.

In the meantime, he has noted that the issue of unfreezing of frozen positions in the miniseries of livestock and fisheries and agriculture is very critical as it will go a long way in motivating their members.

He says the exercise will have multiplier effects on other conditions of service such as addressing the issue of acting positions.

"The Union is more more than ready to work with the two ministries to help in ironing out most of the grievances facing our members," says Mr. Kamutumwa.

The Union leader has since called for the review of the farmer's input support program and the electronic voucher system in view of changing times. 

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