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Former Malawi President's money found on Isle of Man

Money salted away in the Isle of Man by a former Malawian president is forming part of a court battle in the country.

The government of Malawi claims Bingu wa Mutharika hid millions of pounds outside the country during his eight-years in office.

The government there is now pursuing his estate for billions of Malawi Kwacha in unpaid tax and has ordered his assets to be frozen.

This week a new report from a company contracted to value his property says it’s traced money to a frequently-used Manx bank account.

Ed Oldham reports.

Just before becoming president in 2004, Mr Mutharika said he was worth 150 million Kwacha – but investigators have so far found 61 billion Kwacha of assets.

Malawi’s deputy registrar general has written to banks holding Mr Mutharika’s fortune asking them to pay money to the government – although it’s not clear whether the Manx bank in question has been contacted.

Mr Mutharika was serving his second five-year term as president of Malawi when he died from a heart attack last April.

His will is being hotly contested by family members and the government amid accusations he’d plundered the Malawian economy.

 

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