LUSAKA, Zambia
Zambian Foreign Minister, Stanley Kakubo, resigned early this week 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.
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