Two gets 20 months and K1.9m each for forex externalisation
The High Court in Lilongwe has sentenced two to one year and eight months and fined them K1.9 million people each for forex externalization.
This comes at a time when the country is facing acute shortage of forex leading to failure by suppliers to import fuel and medicine.
The scarcity of forex is affecting the country’s economy, including infrastructure development as contractors are failing to continue with construction works.
Justice Chifundo Kachale has sentenced Treaser Kaiya Guta and Peter Guta for being found guilty on three different counts regarding forex externalisation.
The two were found guilty for using foreign currency which was contravening exchange control regulations.
The charge sheet says the convicts between May 7, 2016 and February 8, 2019 at Ned Bank and New Finance Bank in Lilongwe used foreign currency amounting to $6,011,500 (about K6 billion) as business allowances for their purported employees, for a purpose different from what was specified.
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