By Racheal Julaye–LILONGWE

Former Salima Sugar Company chairperson, Sherieesh Betgiri has been released on bail and has had his cash bail bond reduced from the initial K100 million to K20 million.

Lawyer for the accused, Wapona Kita had prayed to the court to reduce the bail bond to anything not more than K10 million; arguing his client had no means raising such a huge amount.

Betgiri, 67, is answering four counts including fraud and money laundering.

He is also suspected to have opened another company in Dubai bearing the same Salima Sugar Company name. It is further alleged that he used the company’s property and assets to obtain a loan amounting to about K300 billion.

However, Chief Resident Magistrate Madalitso Chimwaza has mantained the other bail conditions including that Betgiri surrenders all travel documents and seeks consent before travelling outside the country, among others.

Police arrested Betgiri on 22 June this year.