LILONGWE-(MaraviPost)-The former Malawi Central Bank Governor Dr Dalitso Kabambe was on Tuesday, June 29, 2021 charged with four counts bordering on money laundering, abuse of office, negligence, and causing loss of public funds.
Kabambe who is also opposition Democratic Progressive Party (DPP) Presidential hopeful was arrested on Monday after being on run on Sunday after the police issued a warrant of arrest on him.
The former Reserve Bank of Malawi (RBM) boss is together with his three co-accused persons Henry Mathanga, Rodrick Wiyo and the other on Tuesday appeared before the Senior Resident Magistrate Patrick Chirwa in the capital Lilongwe.
According to the court documents, the four have been charged in relation to the approval of payments to several companies including Mulli Brothers Limited.
It is reportedly in hiding following revelations that he authorised the transfer of MK4.3 billion to FDH Bank account number 1024883104001 the night before the Malawi Electoral Commission (MEC) announced results of the court-sanctioned Fresh Presidential Election.
The FDH bank account is held in the name of Chief Elections Officer, which corporate governance experts and commentators faulted.
The transaction provided credit to Muli Brothers and other firms without prior approval of the board, which is also abuse of office and the acquired MK8.3 billion while knowing that the said sum represented proceeds of abuse of public office.
Meanwhile, Magistrate Chirwa has reserved his ruling on the bail application to Wednesday, afternoon, June 30, 2021.
This means that Kabambe will spend another night on police remind.