Zambian foreign minister resigns over ‘Malicious’ Claims on business deal

Zambian Foreign Minister Stanley Kakubo resigned on Tuesday 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.