By Chisomo Phiri
Lilongwe Magistrate court through Chief resident Magistrate Madalitso Chimwaza has on Monday released on bail former chairperson for Salima Sugar Company, Sherieesh Betgri, who is accused of tax evasion and money laundering.
Among other conditions, the court ordered Betgri to pay a K100 million bond and surrender his 51 percent stake in Salima sugar along with his travel documents.
The court also ordered that the accused should have two sureties where he should pay K50 million each and deposit half of the money to the court.
However, Betgri, pleaded not guilty to charges the state has levelled against him .
Betgiri is being accused of unlawfully obtaining a USD 300 million (about 300 billion kwacha) loan from Dubai in the name of Salima Sugar Company.
The Government of Malawi has 40 percent shareholding in the company through the Green Belt Initiative Holdings Limited.
