High Court of Malawi Financial Crimes Division Judge Redson Kapindu has thrown out an application by UTM president Dalitso Kabambe.
Kabambe wanted the court to rule that criminal proceedings against him be stayed permanently.
The former Reserve Bank of Malawi (RBM) governor together with Henry Mathanga, Cliff Kenneth Chiunda, and Joseph Mwanamvekha are answering charges of conspiracy, making misleading statements, and money laundering.
In his application, Kabambe said he was immune from prosecution for actions taken in good faith during his tenure as Governor and Chairperson of the RBM Board between 2017 and 2020.
Citing Section 15 of the Reserve Bank of Malawi Act and Paragraph 4 of the institution’s Code of Conduct, Kabambe claimed he could not be held personally liable unless it was proven he acted in bad faith.
He said the Treasury Note transaction in question, worth USD 350 million and involving Afreximbank, was approved by the RBM Board and aimed at restructuring government debt to reduce interest payments.
