LILONGWE-(MaraviPost)-The High Court’s Financial Crimes Division has dismissed an application by former Reserve Bank of Malawi (RBM) Governor Dalitso Kabambe seeking a permanent stay of criminal proceedings against him.
Kabambe, who is facing charges of conspiracy, making misleading statements, and money laundering alongside Henry Mathanga, Cliff Kenneth Chiunda, and Joseph Mwanamvekha, had asked the court to permanently halt the trial.
He argued that he was immune from prosecution for actions taken in good faith during his tenure as Governor and Chairperson of the RBM Board between 2017 and 2020.
Citing Section 15 of the Reserve Bank of Malawi Act and Paragraph 4 of the institution’s Code of Conduct, Kabambe claimed he could not be held personally liable unless it was proven he acted in bad faith.
He said the Treasury Note transaction in question, worth USD 350 million and involving Afreximbank, was approved by the RBM Board and aimed at restructuring government debt to reduce interest payments.
According to court documents, the conditions for immunity claimed by Kabambe were not sufficient to warrant halting the proceedings at this stage.