The Chief Resident Magistrate Court in Lilongwe has released on bail Reserve Bank of Malawi (RBM) manager and seven others who are suspected to have stolen money amounting to K350 million from the central bank.

On 12th June this year the Malawi Police Service arrested Reserve Bank of Malawi Manager for Fiscal Operations, Charles Mchakulu and two other employees -Olivia Phiri and Rabeca Chisenga, on accusation that they were making unsupported transfers from government’s Other Recurrent Transaction (ORT).

Police also arrested enterprenuer Lucy Rachael Sukali trading as Ideal Stationery Shop on suspicion that her account was used to siphon the money.

Since then four more people were arrested in connection to the same case.

All the 8 were granted bail on Thursday on condition that they provide two sureties for each suspect and that each surety having a bail bond of K5 million non-cash.

Police prosecutor in the case, Superintendent Patricio Mikael Philimon said the release of the suspect on bail will not affect the case in either way as all investigations on the matter have been concluded.

“We are done with the investigations and there is no way their release may have an impact on the case.

“We are ready as state even if it means proceeding with the case today,” said Philimon.

According to Philimon they will make an application to commit the case to the high court for further hearing.