Lusaka-Saturday 16th May 2020
The Drug Enforcement Commission (DEC) has seized 41 properties from Madison Asset Management Company ( MAMCo) Board Chairperson, Basil Dudu Nundwe.
In a seizure notice dated 29th April, 2020, the DEC stated that the properties have been seized pursuant to Section 15 of the Prohibition and Prevention of Money Laundering Act No. 14 of 2001.
MAMco is a subsidiary of the troubled Lawrence Sukutwa &Associated (LSA) Group of Companies which has been Zambia’s leading private sector diversified financial services group.
The DEC have since warned Mr. Nundwe that the seized properties may be forfeited to the State.
Nundwe is also Country Director of Inside Capital which he joined in 2014 as a Special Advisor to the Fund and part of the Investment Committee, and became a Senior Partner in June 2017.
Previously, Basil was the CEO of SCAW, an Aureos (now Abraaj) portfolio company involved in the production of grinding material for the mining sector.
He has over 16 years of Private Equity experience starting as an Investment Portfolio Manager and progressing to Partner, managing the Zambia Venture Capital Fund (ZVCF).
With Aureos Capital, Basil was in charge of Zambia, with responsibility for investments in Zimbabwe, Malawi and Angola, taking part in various sectors transaction.
He was also responsible for ESG issues for Aureos Africa.
Basil holds an MBA from the Golden Gate University of California and an MSC in Structural Engineering from Heriot Watt University of Scotland.
