Court refuses to unfreeze Cashgate suspect Mpoola’s bank account: Fails to withdraw K50m

The High Court has refused to open frozen bank account operated by businessman Stafford Mpoola, the man who is charged.

Cashgate suspect Mpoola coming out of court

alongside some civil servants—including former budget director Paul Mphwiyo—in a case in which they are accused of laundering public funds of about K 2.4billion known as Cashgate

Mpoola wanted to withdraw K50 million from FDH account for Image Investments but was told he could not cash the money because the account was blocked.

Image Investments was one of Mpoola’s businesses which prosecutors obtained a restraining order having declared it “a tainted property.”

Mpoola applied to High Court to allow him access his money as Financial Intelligence Agency (FIA) had no mandate under the law governing the freezing of bank accounts to direct FDH Bank to block his account as it did not extend the period of the restraining order as provided by the law.

Justice Charles Mkandawire  ruled that Mpoola, owner of Stadal Building Contractors,  had not furnished the court with enough facts  to prove that FDH Bank or FIA had violated his rights by blocking his access to the accounts.

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