Ex-Salima Sugar boss granted bail
Lilongwe chief resident magistrate Madalitso Chimwaza on Monday granted bail to former Salima Sugar Company former chairperson Shirieesh Betgiri on condition that he pays a bail bond of K20 million and attaches to the case his 51 percent shares in the company.
Delivering her bail ruling in Lilongwe, Chimwaza also ordered that Betgiri produces two sureties, pays K50 million bond each in case of breach of bail conditions comprising K2 million cash bond and K48 million non-cash bonds.
She had initially ordered the accused to pay K100 million bail bond considering that he has no property and lives in a rented house for a long time and that the court does not know the financial standing of the company and the value of the 51 percent shares.
The defence applied for bail but the State said there was a need to ensure that Betgiri attends court without fail.
“Considering the peculiar circumstances of the accused, it would be prudent to attach the shares he has in Salima Sugar Company [51 percent shares] to the case to ensure that he attends court without fail and does not run away from the country,” said State lawyer Dzikondianthu Malunda
Defence lawyer Wapona Kita did not object the propositions, but asked the court not to include any cash bonds apart from the attached shares considering that the accused has not been receiving a salary for the past six months.
The case has since been adjourned to September 4 2023 where the State will be required to update the court on progress of investigations and whether they will be ready to proceed.
Betgiri was charged with four counts, including fraud; obtaining execution of a security by false pretences and money laundering, among others.
