Zameer Karim released on bail

Blantyre Magistrate Court has released on bail businessperson Zameer Karim of  Pioneer Investments, following his arrest over tax crimes and money laundering.

Karim was arrested after  Faizal Latif of Mapeto David Whitehead Limited has blown the whistle to Malawi Revenue Authority (MRA) over fake issuance of tax clearance certificate with a forged signature of MRA deputy director general Roza Mbilizi.

The bail conditions for Karim included a cash bond of K250 000, two sureties with K500 000 each not cash.

Zameer Karim is also answering charges  in which government paid K2.7 billion directly to Pioneer Investment against an undertaking by a public officer to pay the contract price to CDH investment Bank Limited.

It was reported the undertaking was through a forged signature by Karim.

The direct payment to the contractor saw the bank losing out; hence, the court action.

The investigation report also mentioned the governing Democratic Progressive Party (DPP) as a beneficiary of the proceeds as Karim deposited K145 million into its bank account at Standard Bank.