Zambian foreign minister resigns over Malicious business deal

Zambian Foreign Minister Stanley Kakubo has resigned amidst suspicions surrounding a business deal with a Chinese businessman, according to statements from the presidency of the southern African nation.

Having taken office in September 2021, Mr Kakubo declared his decision to step down in a letter, citing malicious allegations linked to a business transaction.

This move followed the circulation of a viral video showing two individuals counting bundles of cash on a table.

Furthermore, an online image of a handwritten and signed note emerged, indicating an exchange of $100,000 between a Chinese mining company and a Zambian mining company.

While the note featured the names of Mr Kabuko and a Mr Zang, additional details were not immediately accessible.

Chinese corporations play a crucial role in Zambia’s mining sector, a fundamental component of the former British colony’s economy.

Beijing serves as a primary importer of Zambian copper.

According to reports from the Chinese Embassy, in 2022, over $3 billion was invested by more than 600 Chinese companies in Zambia.

Additionally, China played a pivotal role in restructuring Zambia’s external debt after the country’s default on its sovereign debt in 2020 during the height of the COVID-19 pandemic.

Africanews/Hauwa M.