Kabambe granted bail

Former Reserve Bank of Malawi (RBM) Governor Dr Dalitso Kabambe and three other suspects have been granted bail.

Lilongwe Chief Resident Magistrate Patrick Chirwa has granted bail to the four today on condition that they each pay 5-million-kwacha bail bond and produce two million kwacha sureties.

The other three suspects are former RBM Deputy Governor Henry Mathanga, retired Director Rodrick Wiyo and one of the current Managers at Reserve Bank Leya Ndonga.

Supporters celebrating Kabambe’s release

Kabambe was arrested on Monday while the other three suspects were arrested over the weekend following the release of an audit report on transactions at the RBM.

The four have been charged with money laundering, two counts abuse of office and one count of neglect of official duty.

On abuse of office, the state argues that between October 2019 and June 2020, they allegedly abused the office by paying a compensation of K4.3 billion to FDH Bank without prior approval.

Another case of abuse of office involves provision of credit to Mulli Brothers and other firms without prior approval of the board, which is also abuse of office.

They are also accused of neglect of official duty and money laundering with the state arguing that they acquired K8.3 billion while knowing that the said sum represented proceeds of abuse of public office.

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