Court grants bail to 4 Fisd directors slapped with fraud charges
The Lilongwe Senior Resident Magistrate’s Court on Friday released on bail four directors of privately-owned Foundation for Irrigation and Sustainable Development (Fisd) Limited arrested over alleged fraud in its dealings with Malawi Government.
The four suspects as Moses Chirambo, 40, from M ’ doni Village , Traditional Authority (T/A) Chikulamayembe in Rumphi ; Frank Mwenechanya, 40, from Mwakaboko Villag e , T/A Kilipula in Karonga; Kondwani Namchukwa, 40, from Njilika Village, T/A Kapeni in Blantyre; and, Arthur Mpama, 35, from Sosola Village, T/A Msamala in Balaka. 40, from Njilika Village.
They slapped with charges of conspiracy to defraud, forgery, uttering false document, theft by public servant, obtaining money by false pretence and money laundering.
Presiding magistrate Shyreen Chirwa granted the suspects bail after each paid K100 000 cash.
She outlined other bail conditions as K10 million non-cash surety, surrender of travel documents to the court, cooperation in further investigations and seeking permission from prosecution and investigations offices before travelling outside duty station.
Fiscal Police Department was investigating Fisd company over alleged embezzlement of government funds
The development comes on the back of a protracted legal wrangle in the High Court of Malawi Commercial Division between Fisd Limited and government as well as the African Development Bank on the management of a water supply project contract the firm was awarded in Ntcheu.
Separate civil procedures surround the termination of the November 2017 contract by government through the Ministry of Water Development and Irrigation granted to Fisd Limited to rehabilitate and expand gravity water supply systems at a cost of K2.4 billion.
Fisd Limited is jointly owned by a team of Malawians with expertise in various fields.
