The Chief Resident Magistrate’s court in Lilongwe has granted bail to former chairperson for Salima Sugar Company, Sherieesh Betgri.

Betgri, who has been on remand at Maula Prison, was arrested two weeks ago on suspicion of tax evasion and money laundering and has since denied all the charges.

Delivering her bail ruling, Magistrate Madalitso Khoswe Chimwaza ordered Betgri to pay K100 million cash bond, surrender his 51%  stake in Salima Sugar and his traveling documents including two sureties bonded at a combined fee of K50 million non-cash.

However, the accused pleaded with the court to vary the cash bond, of which the court reduced the cash bond to K20 million and that his sureties be bonded at K2 million cash.

“We made an application for the variation of the bail which looking at the circumstances of the accused and the case, the court considered to vary the conditions.

“Right now, he [the accused] is running up and down through his relations if that money can be made available for him to be released, if that can’t happen then there are still other avenues which we can go through,” said Gift Katundu, lawyer representing Betgri.

In an interview, Chief State Legal Advocate Dzikondianthu Malunda said the State has made substantive progress in investigating the matter.

He said: “The matter will come again on September 4, 2023, where the State will be required to update the court on the progress of investigations and whether will be ready to proceed at an appointed day.”

According to court documents, the accused is alleged to have laundered money amounting to US$300 million and is being accused of obtaining a loan by deceit for the expansion of Salima Sugar Company Limited, between November 2017 and December 2020.