The president’s office in Zambia said on Tuesday that Stanley Kakubo, the country’s foreign minister, has resigned, hours after he became entangled in a social media storm regarding purported transactions with a Chinese businessman.
In a letter, Kakubo, the foreign minister since September 2021, announced his resignation due to “malicious claims over a business transaction.”
A short while ago, a video of two people counting money wads heaped on a table went viral on social media in Zambia.
A picture of a handwritten note that was signed and dated July 8, 2022 was also posted online. The message stated that a mining company in Zambia and a mining company in China had “exchanged $100,000.”
The memo contained the names of Kakubo and a Mr. Zang, but it was not immediately possible to confirm the information.
“President Hakainde Hichilema has accepted the resignation of the honourable Stanley Kakubo MP from his cabinet position as minister of foreign affairs and international cooperation,” said an official statement.
It gave no reason for the resignation but added: “The president acknowledges the commendable work and leadership” of Kakubo in the government.
Kakubo, 43, quickly followed the announcement by releasing his own letter.
He announced his resignation, citing “the matter that is currently in the media regarding malicious claims over a business transaction between our business partner, with whom we still have good relations, and my private family business.”
He added: “This decision is to ensure that our government is not distracted from continuing to look for solutions for bettering the lives of our people.”
Kakubo could not be contacted to comment further on his resignation or the video.
The mining sector in Zambia, which is the backbone of the economy of this country in southern Africa, is largely controlled by Chinese businesses. China is a significant importer of copper from Zambia.
Nonetheless, Kakubo, an MP since 2016, declared he would stay “loyal” to the administration.
Hichilema “implores” the former minister “to continue to serve diligently in his capacity as member of parliament,” according to the president’s statement.
In 2022, the Chinese embassy reported that over 600 Chinese companies had made over $3 billion in investments in Zambia.
A significant participant in global efforts to restructure Zambia’s foreign debt has also been China. 2020 saw Zambia go into default on its government debt as the Covid-19 issue worsened.