The Lilongwe Chief Resident Magistrate Court has set October 23 2023 as the day it will hear an application by the State to have the bail granted to former chairperson of Salima Sugar Limited Shrieshi Betgiri revoked.
Betgiri was arrested in June this year on charges of money laundering and forex externalisation.
Among other things, he is accused of establishing a bank account in Dubai under the name Salima Sugar Company, which he used to obtain a loan worth $300 million.
Court documents that the State has filed indicate that Betgri was granted bail on the condition that he attaches his 51 percent shareholding certificate in Salima Sugar Limited.
He has allegedly failed to do that and, according to the State, he does not own any share in the company.
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The State argues that Betgiri only has shares in AUM Sugar, which, in 2014, the government identified as a partner from India to set up and run Salima Sugar Company.
Meanwhile, lawyer representing Betgri Gift Katundu has also moved the court to have his client’s bail conditions varied.
Documents that we have seen show that Betgiri is arguing that he never told the court that he holds 51 percent of shares in Salima Sugar Company and that it was the State’s lawyer who misled the court.
But in its response, the State has asked the court to revoke Betgiri’s bail, saying he was there in court when the alleged misrepresentation was made and that he at no point corrected the court on what the correct position is.
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Some months ago, the court ordered Betgiri to pay a K20 million bond and surrender his purported 51 percent stake certificate along with his travel documents.
The court also ordered that he should have two sureties that should pay K2 million each, and that if he jumps bail, they will be forced to pay K50 million in cash.
