Cornwell Muleya, the head of the Industrial Development Corporation in Zambia, faced criticism for his shoddy deals with a “Kenyan billionaire” investor who was exposed as a fraudster in the USA.
He falsely presents himself as a billionaire to lure unsuspecting individuals into investing in his dubious projects.
IDC CEO Mr. Cornwell Muleya met with US-based Kenyan alleged billionaire Mr. Julius Mwale and his delegation to discuss investment opportunities related to the introduction of the groundbreaking concept of smart cities in Zambia.
Mr. Mwale and his delegation were on a week-long visit to explore investment prospects in Zambia with the specific aim of replicating their visionary Smart City project in the country.
According to Muleya, this initiative draws inspiration from Mr. Mwale’s highly successful US$2 billion smart city project, Mwale Medical and Technology City (MMTC), located near the town of Kakamega in western Kenya.
Grand master plans were sold to unsuspecting retail investors, touting the success of that smart city, but it never took off as expected.
However, a couple has sued Mwale and his brother for defrauding them out of $1.7 million.
The Shaws assert that they misled Julius Mwale and his wife into believing they would invest the US$1.7 million in a geological survey in the Democratic Republic of Congo in 2022.
The purpose of the geological survey was to determine the feasibility of constructing infrastructure for a battery manufacturing plant in the area.
The Mwales assured the couple that they would consider the US$1.7 million as a loan with an annual return of 20%.
The presentations made by the Shaws also reveal that the Kenyan couple had falsely presented themselves as billionaires to lure them into investing in dubious projects.
