Crime

Kabambe, friends charged with four counts

Former Reserve Bank of Malawi (RBM) Governor Dalitso Kabambe and three others have been charged with crimes relating to abuse of office and money laundering.

Kabambe was arrested on Monday, following the arrests of two former employees of the central bank over the weekend, and one other officer who is currently serving with the bank.

The arrests follow a forensic audit that the central bank conducted.

The four, who have not yet entered a plea, are facing charges of making a deposit of 4.3 billion Kwacha to FDH Bank without approval of central bank’s board of the directors.

They are also being accused of abusing their office by providing a credit facility to Mulli Brothers without approval of board of directors of the central bank.

Kabambe getting off from a Police van at Lilongwe High Court

The third charge is to do with neglect of official duty by establishing letters of credence for Mulli Brothers to acquire the said loan without conducting due diligence on money laundering and other financial crimes.

The quartet is also facing a fourth count of laundering money amounting to over 8.3 billion Kwacha.

The state has asked the court to consider the complexity of the case and that the accused be remanded for fourteen days while the state investigates and compiles evidence against the four.

But the defense team argues that there is no need to remand the four as the team will not in any way interfere with the ongoing investigations.

Presiding judge Patrick Chirwa has set Wednesday 30th June for ruling on the bail application.

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