Two Chinese nationals jailed for laundering K500 million


Two Chinese nationals identified as Li Hao Yuan and Hua Qing Zhang have been sentenced to 6 and 8 years imprisonment for laundering money amounting to K500 Million.

Chief resident Magistrate Madalitso Chimwaza has handed a sentence to the two convicts who are a couple. Li has been given an 8-year sentence while Hua has been given a 6-year jail term starting from July, 2021.

A third convict, 25-year-old Lin Huixin, has been fined MK200,000 or in default to serve 12 months’ imprisonment.

The sentences come after the three pleaded guilty in January this year. They were charged with money laundering under section 42 (1) (b) of the Financial Crimes Act.

According to the state, Lin Huixin, Li Hao Yuan and Hua Qin Zhang between 1st September 2017 and 26th November 2020 deposited K379 million into a bank account even though they knew or had reasonable grounds to believe that the money was proceeds of crime.

The state added that Lin Huixin, Li Hao Yuan and Hua Qin Zhang together with Sri Lankan national Kankanige Anura Piyaratana Alwis between 5th December 2017 and January 2021, at a Casino in the City of Lilongwe, converted K128, 590,518.00 into gambling chips knowing or having reason to believe that it directly or indirectly derived from the proceeds of crime.

Kankanige Anura Piyaratana Alwis, pleaded not guilty to charges against him and he is expected to stand trial.

Senior state advocate Mathews Chione said the state was happy with the sentence.

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