K20 billion ‘bankgate’ case revived – Capital Radio Malawi
29 May, 2024

K20 billion ‘bankgate’ case revived

The High Court in Blantyre is expected to announce new dates for the continuation of trial in the K20 billion bankgate case.

This is a 2017 case where four local commercial banks were allegedly defrauded of at least K20 billion.

According a Facebook post by the ministry of Justice, the banks affected by this alleged fraud include Standard Bank Plc., Ecobbank Malawi, National Bank of Malawi Plc., CDH Investment Bank and a government financing arm of exports, Export Development Fund.

“These banks were defrauded through loans obtained by a Pakistani national Abdul Rehman Abdulla, one of directors at Cotton Ginners Africa Limited. Mahomed Farook Ibrahim, Rizwana Abdul Rehman, Zarina Mahomed Faruk, Abdul Kader Patel, Mahomed Faizal Patel, Spencer Zinyemba, William Kumwenda and Wyson Tumba,” read the post in part.

Abdulla and nine other accused persons are answering charges ranging from fraud and forgery.

A new judge assigned to the case, Anneline Kanthambi, has ordered that the court would proceed with the matter from where it stopped.

“If the court had ordered fresh start of the trial, it would have meant recalling of witnesses who already testified.” she said.

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