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CDH Bank Chief formally charged: Out on court bail

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The Anti-Corruption Bureau (ACB) has formally charged CDH Investiment Bank Chief Executive officer (CEO) Misheck Esau with three counts of  conspiracy contrary to Section 35 as read with Section 25 B of the Corrupt Practices Act (CPA); Failure to conduct due diligence and monitoring contrary to Section 29 of the Financial Crimes Act; influencing the use of public office for advantage contrary to Section 25B (2) of the CPA and money laundering contrary to Section 42 (1) (c) of the Financial Crimes Act.

Esau: Out on bail Esau: Out on bail

The Lilongwe Magistrate Court has since granted bail to Esau who was arrested on Tuesday by the ACB.

The arrest was in relation to  a case  of suspected dubious transactions in the K2.7 billion Malawi Police Service (MPS) food rations deal involving businessperson Zameer Karim  of Pioneer Investments.

It follows a leaked ACB investigations dossier which established that a police undertaking and commitment to CDH Investment Bank to facilitate a loan to Pioneer Investments that MPS would pay for the businessperson was fraudulent.

ACB already arrested and charged Karim and  police commissioner Innocent Bottoman and senior superintendent Grant Kachingwe in  relation to the case.

Karim of Pioneer Investments is facing three counts of theft of K466 million contrary to Section 278 of the Penal Code, uttering a false document presented to CDH Investment Bank to access a loan contrary to sections 356 and 360 of the Penal Code and acquiring proceeds of crime (K466 million) contrary to Section 42 (1) of the Financial Crimes Act.

On the other hand, Bottoman is accused of uttering false documents which the magistrate said he presented to CDH Investment Bank to enable Karim’s firm, Pioneer Investments, to access a loan.

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