Rédaction Africa Links 24 with Taonga Sabola
Published on 2024-04-08 06:57:09
The High Court has recently made a decision regarding the K20.9 billion bankgate case, in which four of the country’s banks were allegedly defrauded. It has been determined that the case will not be restarted, but instead will continue from where it left off. This decision comes after a change of judges in the case, as the initial judge, Justice Sylvester Kalembera, was promoted to the Supreme Court in June 2022. The case has now been assigned to High Court Judge Anneline Kanthambi.
According to the Ministry of Justice, the case was brought before the court on Wednesday, where Judge Kanthambi ordered that the proceedings should resume from the point at which they had previously halted. The origins of the case date back to 2017, when it was alleged that a Pakistan national named Abdul Rehman Abdulla, who was a director at Cotton Ginners Africa Limited, fraudulently obtained loans totaling at least K20.9 billion from four commercial banks in Malawi. The banks affected by the alleged fraud include Standard Bank plc, Ecobank Malawi, National Bank of Malawi plc (NBM), CDH Investment Bank (CDHIB), and Export Development Fund (EDF).
Among the banks, Standard Bank Limited appears to be the primary victim, being owed approximately K8.6 billion. The other affected institutions include EDF (K4.1 billion), Ecobank Malawi Limited (K3.5 billion), CDHIB (K4.5 billion), and NBM (K250 million). A total of nine individuals are currently facing charges related to the case, with accusations ranging from fraud to forgery. The prosecution of the case is being handled by State lawyers from the Directorate of Public Prosecutions.
The accused persons involved in the case are Mahomed Farook Ibrahim, Rizwana Abdul Rehman, Zarina Mahomed Faruk, Abdul Kader Patel, Mahomed Faizal Patel, Spencer Zinyemba, William Kumwenda, and Wyson Tumba. Judge Kanthambi has stated that the dates for the continuation of the trial will be communicated to the parties involved by the court.
Abdul Rehman Abdulla was a director at Cotton Ginners Africa Limited before reportedly leaving for Pakistan with his family. Following his departure, Cotton Ginners Africa Limited filed for bankruptcy at the High Court Commercial Division in Blantyre. However, the affected commercial banks contested this action, as Rehman Abdulla had allegedly used the company’s property as security to obtain the loans.
In conclusion, the K20.9 billion bankgate case continues to unfold in the Malawian legal system, with a new judge overseeing the proceedings. The determination has been made to pick up where the case left off, as the various parties involved seek justice for the alleged fraudulent activities that took place.
Read the original article on The Times
