Court freezes K1.5 billion Pioneer bank account

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Youth and Society (YAS) has obtained a court order to freeze a bank account held by Pioneer Investment over corruption allegations.

YAS through Ritz Attorneys on Monday successfully obtained an order to freeze an account held at National Bank that has K1.5 billion.

High court of MalawiCourt documents have demanded that the bank should not allow any transaction through an account 0001 0006 87027 held by Pioneer Investment until hearing of the matter is done.

“Until further order of the court, the second party cited should not transact any disposal, transfer or however termed the first defendant funds held in the account stated above,” reads part of court order signed today.

All parties are expected to appear in court on 3rd August, 2018 for hearing of the matter.

Recently, YAS obtained a court order freezing for the ruling Democratic Progressive Party (DPP) whose sole signatory is Malawi’s leader Peter Mutharika.

The freezing of the two accounts follows reports that Pioneer Investment deposited K145 million into the DPP account.

 

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