RBM, Finance Bank battle on
About 13 years after government forced closure of Finance Bank Malawi Limited in 2005 under the administration of president Bingu wa Mutharika, government is still battling it out with the bank in court.
In a recent ruling last month by the Constitutional Court in Blantyre, judges Dunstan Mwaungulu, Chifundo Kachale and Rachel Sikwese, dismissed an application by the bank, which went into a voluntary liquidation, for an application to have the matter heard by the Constitutional Court.
The matter was at Commercial Court where RBM was claiming over K44.8 million with interest, but the Finance Bank raised constitutional issues which it wanted the Constitutional Court to address.
The bank, closed on allegations bordering on money laundering by the Mutharika administration, made a counter claim of K200 million and another amount in billions of Malawi kwacha, subject for assessment by the court, for loss of business.
