ACB clears Matindi FM owner on cashgate: Lutepo has no stakes in Nserebo’s Agrofeeds

Anti-Corruption Bureau (ACB ) cleared Agrifeeds Limited and owner Elvis Nserebo, who also owns Matindi FM and Schools of any wrong-doing in the cashgate corruption scandal.

The clearance letter in Nyasa Times possession, dated 9th May, 2014, Ref No. ACB/DGG/8/10, was signed by ACB’s Deputy Director General Reyneck Matemba.

The letter clears rumours viral on the social media linking Nserebo and his companies to the theft of billions of kwacha at Capitol Hill.

It also seemingly dissociates the alleged ‘cashgate link’ to chief cas gate suspect, Osward Lutepo who is alleged to have siphoned 4.4 billion kwacha from the public purse and recently admitted in the media of wrong doing.

Reads part of the letter: “We have examined our records and established that currently the Bureau is not conducting any criminal investigations against either Agrifeeds or Mr Elvis Nserebo.”

It is reported that Nserebo’s companies under the banner Matindi Group, have been having bad businesses, with some clients allegedly severing ties with the conglomerate due to its alleged involvement in the cash gate.

And some officials privy to the group are confident that the clearance from ACB may revive some of the companies.

In the ACB clearance, Matemba urged Nserebo to conduct his businesses as appropriate.

“You may therefore proceed to transact your businesses as appropriate,” said Matemba.

Ownership

Major Companies under the Matindi Group which Nserebo chairs are Animal feed manufacturing company, Agrifeeds Limited in which his family has over 55% percent of shares as well as Matindi FM and Schools where his family has 100 percent stakes.

The Group has employed over 300 people.

Lutepo and Nserebo have been close allies for over fifteen years, but the two have no stake in each other’s companies.