Lilongwe chief resident magistrate Patrick Chirwa has accepted bail sureties of the four suspects in the K20.5 billion fraud at AHL Group Limited, formerly Auction Holdings Limited.
Chirwa had on Thursday granted bail to the four— former AHL Group chief executive officer Evans Matabwa, former Malawi Leaf Company general manager Jimmy Kasamale, former Malawi Leaf Company financial controller Francis Madona and Freight Shipping Company/ Global Tobacco owner Arthur Madikhula— but ordered that they remain in police custody pending examination of the sureties.
The sureties, two for each of the suspects, were required to deposit a sum of K2 million each as bail bond.
Following the examination, Chirwa adjourned the case to October 22 2021 and directed that disclosures be made before that date.
“Everything should be ready by that date,” he said.
Among other bail conditions, the four were ordered to pay a bail bond of K5 million each, produce two sureties each bonded at K2 million, surrender travel documents, report to police fortnightly.
The four are suspected to have conspired to defraud Malawi Leaf Company, an AHL Group subsidiary, of about K20.5 billion by engaging Madikhula Trading as Master Freight as a freight-forwarding company and allegedly under-declaring freight payments which resulted in the company losing the money.