ARMCOR chief nabbed

mitia on 6/18/13

By PRECIOUS SAKALA –
ARMCOR chief executive officer Gary Wadey has been arrested for allegedly adopting audited accounts for the security company without the approval of the firm’s board.
Lusaka police commissioner Joyce Kasosa confirmed the arrest of Mr Wadey in an interview yesterday.
Mr Wadey was apprehended on Monday for allegedly adopting audited accounts for Armcor Security Limited.
Ms Kasosa said the arrest followed complaints of alleged fraud involving financial documents at the security firm.
She said Mr Wadey had since been released on police bond and would appear in the Lusaka Magistrate Court soon.
“Yes, I can confirm that Mr Wadey was arrested and that the offence he is facing is contrary to Section 325 of the Penal Code chapter 87 of the Laws of Zambia. He will appear in court on July 30, this year,” she said.
The audited accounts for Armcor Security Limited were for 2009, 2010, 2011 and were alleged to have been adopted without convening a board meeting.
Ms Kasosa said Section 325 of the Penal Code states that if any person holding a position of a promoter, director, officer or auditor of a corporation makes and circulates an accounting statement with intent to defraud other members, shareholders or creditors, he or she commits a felo