Pakistani Fined K500,000 for Attempting to Externalize Forex
The Mkukula Senior Resident Magistrate Court in Dowa district on Monday convicted and fined businessman, Feroz Dawood Tahil, K500, 000 for attempting to externalize forex.
Tahil, a Limbe-based businessman of Pakistan origin, was arrested on 23 December 2019, at Kamuzu International Airport in Lilongwe.
The court, through State Prosecutor, Sub Inspector Jambo, heard that on the said day, Tahil was about to board Ethiopian Airlines on his way to Pakistan.
On being serached, he was found with $4, 922 but did not have supporting documents.
Tahil was charged on two counts; attempting to transfer foreign currency out of Malawi, contrary to Regulation 11 (1) of the Exchange Control Regulations, and being found in possession of foreign currency, contrary to Regulation 25 (1) of the Exchange Control Regulations.
The Pakistani pleaded guilty to both charges.
Senior Resident Magistrate, Cecilia Onsewa, then convicted and fined him MK500, 000 or in default go to jail for 24 months.
She further ordered the money be forfeited and be deposited with government.
Tahil, aged 53, paid the fine.