RBM and FIA clear Victoria Foreign exchange Bureau over unlawful banking claims – Malawi 24

RBM and FIA clear Victoria Foreign exchange Bureau over unlawful banking claims – Malawi 24

Each the Reserve Financial institution of Malawi and the Monetary Intelligence Authority (FIA) have sanctioned the Victoria Foreign exchange Bureau over allegations that it runs an unlawful financial institution.

This follows a narrative by the Platform for Investigative Journalism which alleged that the proprietor of the trade company, Zubair Osman, is utilizing the group as a entrance for an unlawful financial institution.

However central financial institution spokesman Davie Ndege mentioned RBM had by no means investigated the Victoria Foreign exchange Bureau for unlawful transactions or any violations associated to the abuse of its license.

“RBM conducts common on-site inspections and off-site enterprise evaluations of all licensed foreign exchange bureaus in Malawi to verify compliance with related legal guidelines and laws and we have now by no means discovered something incorrect with Victoria Foreign exchange Bureau,” he mentioned.

On his half, the FIA ​​spokesperson, Masautso Ebere, mentioned they aren’t conscious of any unlawful financial institution working with out a license within the nation.

In an interview, Zubair Osman’s lawyer Lusungu Gondwe of Ritz Attorneys mentioned he isn’t shocked by RBM’s assertion because it validates his earlier claims towards his consumer.

“We aren’t shocked that RBM discovered nothing to incriminate our consumer. That’s precisely what we advised PIJ. But they proceeded to publish what actually is by all requirements a really unauthentic story, a narrative with out a grain of reality.” , mentioned.

Gondwe challenged UK-based Pakistani Max Pathan, on whose testimony the PIJ story hinges, for use for scrutiny.

“For starters, our consumer has it on good authority that Max Pathan does not exist. He ought to simply produce his IDs so everybody can see the reality. The man is a ghost. He is PIJ’s main supply, although. Additionally, the our consumer doesn’t deposit K400 million every day within the Nationwide Financial institution of Malawi Plc and we are able to present you financial institution statements with proof,” he mentioned.

Gondwe introduced the Victoria Foreign exchange Bureau’s July assertion for Nationwide Financial institution, whose every day deposits ranged from €8 million to €40 million.

He added that one other situation that raises doubts about the entire story is that the cell numbers quoted within the article will not be Osman’s.

PIJ reported that British nationwide Zakir Mussa dragged Osman in addition to Moshin and Mohammed Mussa for allegedly defrauding him of the three billion Kóws he had lent to the Mussa brothers.

However Gondwe maintains that the case was already dismissed by Justice Msungama final yr.

“In any case, Mr. Zakir Mussa sued our consumer earlier than Justice Msungama, who clearly held that it seems that Zakir Mussa shouldn’t be certain who to go after. The decide dismissed Zakir Mussa’s request to proceed towards our consumer. Zakir Mussa was even ordered to pay prices to our consumer,” he mentioned.

Within the case, Zakir sought so as to add Osman to a case during which he was suing the Mussa brothers, case quantity 226 of 2020 within the Business Courtroom.

However Excessive Courtroom Choose Msungama dismissed Zakir’s utility.

A part of the sentence reads:

“I get the impression that the plaintiff shouldn’t be certain who to look to in relation to the funds in query. In a single breath, the plaintiff is alleging that the defendants acquired the funds, and however, he seems to be saying that the purported defendant didn’t comply with the his directions when he obtained the plaintiff’s funds and didn’t move the funds to the defendants. These two factual allegations are inconsistent with one another.”

Gondwe additional alleges that what is obvious is that Zakir Mussa merely desires to harass Osman.

“Our consumer believes that each one this unfavourable publicity brought on by Zakir Mussa is as malicious and capricious as it’s unhealthy religion. If Zakir Mussa believes he has a powerful case, he ought to pursue the identical in courtroom. Don’t resort to media harassment,” he mentioned.

However PIJ says it stands by its story, arguing it had gathered sufficient proof to lend credence to its story.

“We aren’t going to touch upon this situation as a result of we imagine that what we introduced was adequate.”

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