A court in Lilongwe has denied bail former Salima Sugar Company chairperson Sherieesh Betgiri after the state indicated he might be slapped with more charges.
Betgiri is being accused of fraudulently obtaining a $300 million loan in Dubai in the name of Salima Sugar Company.
Former Salima Sugar Company chairperson
The court ordered that he be remanded at Maula Prison until July 3 2023 when the court will meet again to be briefed on the progress of the investigations by the State.
The State asked the court for more time to finish its investigations and also submitted that Betgiri is a fright risk and that he is a person of influence who can interfere with investigations if released on bail.
Principal resident magistrate Madalitso Chimwaza has since given the State seven days to conclude its investigations.
Senior State Advocate from the office of Director of Public Prosecutions (DPP) Dziko Malunda also informed the court that the State is likely to charge the suspect with more offences hence the request for additional time.
Betgiri applied for bail o Friday when he appeared before the court to take plea.
He has since pleaded not guilty to charges of tax evasion and money laundering.
Betgri faces four counts of Trustees fraudulent disposing of trust property, money laundering, fraud and execution of a security by false pretences.
Police established that Bitgiri also registered another company by the name Salima Sugar in Dubai.
While in Dubai, he also obtained a $300 million loan using the name Salima Sugar without involvement of all the trustees of Salima Sugar.
The State also accuses Bitgiri of being involved in criminal money.
Betgiri applied for bail o Friday when he appeared before the court to take plea.
Police established that Bitgiri also registered another company by the name Salima Sugar in Dubai.