By Martha Kachingwe Phiri–LILONGWE

Former Salima Sugar Company chairperson Sherieesh Betgiri has been remanded to Maula Prison until July 2023 after Principal Resident Magistrate’s Court in Lilongwe has denied him bail.

Police arrested him on Wednesday this week and is answering charges of money laundering and fraudulently obtaining a $300 million loan in Dubai in the name of the company.

Principal Resident Magistrate Madalitso Chimwaza declined to grant the accused bail after the state had pleaded with the court that it needed more time to conclude its Investigations on the matter.

In fact, Senior State advocate from the office of the Director of Public Prosecutions, Dziko Malunda told the court the state might be bringing more offences against the accused.

Again, the state submitted that Betgiri was a fright risk and with potential to influence investigations hence the request notto grant him bail.

Meanwhile, Chimwaza has given the State seven days to finish its investigations.