High Court in Lilongwe has sentenced Cashgate convict Stanley Mtambo on charges involving K78.6 million and was convicted.
Mtambo was convicted on November 2 2016 when he pleaded guilty to a money laundering charge.
Judge Semi Chombo sentenced since sentenced Mtambo to 16 months in jail.
The convict opted to start his sentence immediately despite the Director of Public Prosecutions (DPP) Mary Kachale asking the court to put on hold proceedings into the sentencing of Mtambo until all the accused persons were sentenced in what is expected to be a lengthy trial.
And having served a large part of the sentence, he is expected to be out by first week of March 2018, his lawyer Andy Kawonga confirmed.
Kachale said prosecutors welcome a lenient sentence to Mtambo as it proportionate to the cooperation he rendered to investigating agencies and his decision to plead guilty early in the trial.
Judge Chombo also noted that Mtambo further helped the State about the availability of CCTV footage from Nedbank where his company, Walusako General Dealers, had an account and another Cashgate convict Leonard Kalonga and Mtambo had gone on one occasion to withdraw millions of cash “stashed in bags”.
But Mtambo will still be in dock as one of the accused persons in the K2.4 billion Cashgate also involving former budget director Paul Mphwiyo.
Others in the case include former accountant general David Kandoje and one Auzius Kazombo-Mwale and convicted civil servant Maxwell Namata denied various counts, including conspiracy to defraud, theft by a public servant, theft by a servant, negligence and money laundering, among others.
Others who pleaded not guilty to related charges were Steven Phiri, George Banda, Michael Mphatso, Samuel Mzanda, Andrews Chilalika, Clemence Madzi, Rosevelt Ndovi, businessperosn Stanford Mpoola, Fatch Chungano, Cecilia Ng’ambi, Gerald Magaleta Phiri, Sympathy Chisale and Ndaona Satema.
Businessperson Limumba Karim remains a fugitive of justice in the matter.
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