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Ex-Minister, Kakubo, to refund $300,000 for an alleged failed mining deal with Chinese investor


Former Foreign Affairs Minister, Stanley Kakubo, has agreed to refund the Chinese investor, Zhang Lianan of Lianan Mining Ltd, US$300,000 after an alleged failed mining partnership deal.

According to a consent judgement signed by High Court Judge Kazimbe Chenda, Kakubo would also hand over the Mercdez Benz with registration number ADE 6952 ZM to Zhang.

Read more: Foriegn Affairs minister, Kakubo, resigns amid corruption allegations

In the consent judgement, Zhang exnorated Kakubo that the former Minister was never paid any money or gifted the Mercedes as inducement for a mining deal.

The Chinese also agreed to terminate proceedings in the case against Kakubo and a company known as Hounslow Investments Zambia Limited.

At the time of the consent judgement on March 15, 2014, Kakubo had paid US$100,000 to the plaintiff.

The former minister would pay the remaining balance in installments of US$50,000 by March 31 and US$100,000 by May 31.

This is a matter in which Zhang sued Kakubo in the Lusaka High Court, demanding for a US$300,000 refund and damages for fraudulent misrepresentation .

In his statement of claim, Zhang stated that in May, 2022, he and Kakubo through his company Hounslow Investments entered into partnership and joint venture agreement for a Small Scale Exploration Licence No.25569.

He said that the former minister represented himself as the major shareholder of Houslow Investments.

Zhang said after the transactions were done and decided to get down to business, he was shocked to discover that the mining exploration license number 25569 was converted into a mining license which was in the process of being sold to Grizzly Copper Mining.

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