Malawi Police arrest Pakistani over K20bn ‘Bankgate’

Malawi police have finally arrested Cotton Ginners Limited (CGL) Chief Executive Officer Abdul Yasin Reiman who fled the country after his company swindled local commercial banks of about K20.9 billion .

Arrested: Abdul Yasin Reiman

Reiman, who sneaked out of  the country in June this year and was allegedly hiding in his home country of Pakistan, was arrested on arrival at Blantyre-Chileka Airport on Tuesday through an Ethiopian Airlines around 14hoursn

Nyasa Times witnessed the incident as Reinman was whisked away from the public eye by airport police with the help of airport security.

Reiman got various US dollar dominated loans from various banks in the country including a government supported lending arm, the Export Development Fund (EDF), which is supposed to support Malawian business people in accessing loans for export business.

Ironically, after getting the loans from the bank, CGL offices in Limbe were gutted by fire in June which insiders believe is meant to destroy some evidence connected to the loans.

Nyasa Times revealed in June that the government entity, Export Development Fund loaned CGL a whooping $5 million (approx K3.7 billion) while Standard Bank Malawi, Ecobank Malawi each loaned the cotton company $5 million each.

CDH Bank parted with $3 million while National Bank of Malawi loaned out the least amount of $1 million.

The banks and EDF realized that the companies abroad which were supposed to buy the cotton from CGL already paid for the cotton to CGL but the money was diverted, probably to Pakistani where Reiman allegedly fled to.

Head of Fiscal Section of Malawi Police, Isaac Norman, said they questioned  the Pakistani but resumed to disclose the charges against him, saying they were “complex”.

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Keen Observer
Guest

Poor Malawi. Kodi ndi chifukwa chani Amwene am a Hong Edward Mmalawi mwathumu? What is our problem? Are we captured by Amwene?

GONANI
Guest

He must be funding terrorist organisation elsewhere. Check him foreinsically

harry
Guest

These people in their countries when they steal they execute them but in other countries they are given VIP treatment.

Munthu
Guest

He came for a second round kkkkk. Inu mukakodzera kamodzi simumafuna kukodzeranso?

Chisomo Makapu
Guest

Apaja amwenye samangidwa ku Malawi kuno. Uyu palibepo nkhani apa. I wish I was a Malawian of Indian origin; whatever that is all about

mjiba
Guest

Ha ha today I am laughing and tomorrow I will laugh again. Tell me in form of statistics and finished court cases involving Malawians of Asian origin who have been convicted and sentenced by our crimianal justice system??? eh eh numbers please??? otherwise izi ndi madzi a mphutsi. Palibe chitachitike apa. A Police ndi a ku Judiciary apeza posusa msuzi wamkaka. ha ha

dinky
Guest

si bale wake wa osama binladen ameneyi koma ndiye akukolopolanitu muzichenjera

dinky
Guest

koma kulephera kutibwereka mwati mwenyeyo ndiye kunkongoza zambiri hahaha akulizani basi ife wokuda khungu mwati yayi sheee muboloka

Phiri
Guest

Just wait and see, Government will just deport him.

Wa DPP
Guest

Talembani zomveka…how can someone who fled to his home country sneak back to this poor country well aware that he is on a Police wanted list? Do more…this just doesn’t make sense!!!

wpDiscuz

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