By Moses Nyirenda:
The Chief Resident Magistrates Court in Lilongwe on Wednesday sentenced two Chinese nationals, Li. Hao. Yuan and Qui Zhang to eight years Imprisonment with Hard Labour (IHL) for money laundering offense and six years IHL for dealing in foreign currency.
The court has convicted the two on their own pleas of guilty and also after being satisfied with facts as narrated by the state and their admissions to the said facts.
After passing the sentences, Chief Resident Magistrate, Madalitso Chimwaza ordered the two to start serving the sentences from July 21, 2021 being the time they were charged for their offences.
It is reported that, between September 1, 2017 and November 26, 2020 the convicts were found in Lilongwe depositing and transacting money amounting to K200 million through account number 9100000342170 of Moni International Limited domiciled at Standard Bank Malawi.
In addition Li Hao Yuan and Qin Zhang between December 5, 2017 and January 2021 also converted K128, 590, 518.00 into gambling chips at Marina Casino in Lilongwe city.
The Chief Resident Magistrate said that the amount which the two were involved in laundering affected the economy of the country and the two needed a prescribed sentence of life imprisonment.
The magistrate, however said that the court was lenient with the convicts because they paid back K200 million and also pleaded guilty to their charges.
Speaking after the sentencing, Senior State Advocate, Mathews Chione applauded the court for its sentencing saying that it would deter others from committing financial offences.