Friday, March 1, 2024
FeatureLaw and order

Salima Sugar’s Dark Deeds Exposed: Directors Embezzle and Laundered Over K198 Billion

First things first: Salima Sugar Company Limited (simply Salima Sugar) is a public limited company registered under Companies Act, Malawi. The Government of Malawi owns 40% of its total shares while the 60% shares are held by Aum Sugar Company Limited, an international company from India. Aum Sugar, who are cited as promoters of the company, are responsible for the day-to-day running of the company including all operations and resource management.

It has been reported that the erstwhile DPP administration corroborated with the Directors of the company to loot K1.6 billion in favour of DPP and its key officials. While the Mutharika political troops were smiling away with K1.6 billion, the company’s directors, who are all Indians belonging to the Aum Sugar, a co-shareholder, looted over K198 billion and smuggled its forex equivalent to India.

A source privy to the audit report has hinted the figures to Shire Times following our initial coverage which reflected the K1.6 billion figure as the total amount that has gone missing from the books and coffers of the company.

For more of the pilferage , read the detailed story, as reported earlier on, by clicking     here.

 

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