Top Zambian banker gets bail
18/10/2006 10:29  - (SA)  

Want to know more? Answerit can help.

Zambian top banker sentenced Zambian top banker sentenced

Lusaka - A top Zambian banker who was jailed for two years for corruption has been released on bail pending an appeal in the high court against his jail sentence and conviction, says his lawyer.

Mumba Kapumpa said Samuel Musonda, 52, a close ally of former president Frederick Chiluba, himself facing graft charges, was freed on a $10 000-bail after an order from Lusaka High Court.

Kapumpa said: "He has been released on bail pending the appeal."

Musonda, who served as managing director of the state-run Zambia National Commercial Bank, was found guilty last week of flouting banking procedures by giving Chiluba and the intelligence service unauthorised loans and overdrafts.

He was last week jailed for two years with hard labour.

The former banker told the court during trial that the loans and overdrafts totaling $2.5m had been paid back by Chiluba and the intelligence service.

- AFP

What is this? Yahoo Digg Del.icio.us Facebook Brought to you by OUTsurance Car Insurance
	News24 Headlines on your Facebook profile		News24 on mobile