The Reserve Financial institution of Malawi and the Monetary Intelligence Authority (FIA) have cleared the Victoria Foreign exchange Bureau of alleged unlawful banking transactions.
Each the Central Financial institution and the FIA have revealed that they aren’t conducting any investigation towards the workplace.
In current days, the media has been flooded with studies that the workplace’s proprietor, Zubair Osman, is utilizing the group as a entrance for an unlawful financial institution.
Nonetheless, the central financial institution’s spokesperson, Davie Ndege, stated that RBM has by no means carried out any investigation to recommend that Osman is concerned in unlawful transactions or any violation associated to the abuse of his license.
“RBM conducts common on-site inspections and off-site enterprise opinions of all licensed foreign exchange bureaus in Malawi to examine compliance with related legal guidelines and laws and now we have by no means discovered something improper with Victoria Foreign exchange Bureau,” he stated.
On his half, the FIA spokesperson, Masautso Ebere, stated 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 stated 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 informed PIJ. But they proceeded to publish what actually is by all requirements a really unauthentic story, a narrative with out a grain of fact.” , stated.
Gondwe challenged British Pakistani Max Pathan, on whose testimony the PIJ story relies upon, to face up for scrutiny.
“For starters, our consumer has it on good authority that Max Pathan would 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 day by day within the Nationwide Financial institution of Malawi Plc and we are able to present you financial institution statements with proof,” he stated.
Gondwe offered the Victoria Foreign exchange Bureau’s July assertion for Nationwide Financial institution, whose day by 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 cellular numbers quoted within the article are usually not 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 12 months.
“In any case, Mr. Zakir Mussa sued our consumer earlier than Justice Msungama, who clearly held that it seems that Zakir Mussa will not 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 stated.
Within the case, Zakir sought so as to add Osman to a case wherein he was suing the Mussa brothers, case quantity 226 of 2020 within the Industrial Court docket.
However Excessive Court docket Choose Msungama dismissed Zakir’s utility.
A part of the sentence reads:
“I get the impression that the plaintiff will not be certain who to look to in relation to the funds in query. In a single breath, the plaintiff claims that the defendants obtained the funds, and then again, he seems to be saying that the purported defendant didn’t observe the his directions when he obtained the plaintiff’s funds and didn’t cross 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 needs to harass Osman.
“Our consumer believes that every one this adverse publicity attributable to 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 court docket. Don’t resort to media harassment,” he stated.
For its half, PIJ says it appreciates the findings of RBM and the FIA, however says it can not remark additional.
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