The Lilongwe Chief Resident Magistrate on Tuesday dismissed the case which the Anti-Corruption Bureau (ACB) opened against CDH Investment Bank (CDH-IB) chief executive officer (CEO) Misheck Esau.

The development happens after the Director of Public Prosecution (DPP) Mary Kachale refused to grant ACB consent to prosecute Esau and CDH-IB. On the other hand, ACB cleared Mutharika of wrongdoing, saying the President did not personally benefit from the transaction. The governing Democratic Progressive Party later pledged to refund the money to Pioneer Investments.

During an interview after the court ruling, Esau described the situation as a sledge hammer on his banking career. Esau and CDH-IB were being accused of failure to conduct due diligence on Zameer Karim of Pioneer Investments who is being accused of theft of K466 million, contrary to Section 278 of the Penal Code, uttering a false document presented to CDH-IB to access a loan contrary to sections 356 and 360 of the Penal Code and acquiring proceeds of crime contrary to Section 42 (1) of the Financial Crimes Act.

the board of CDH has released a statement that is backing Esau as innocent of the charges pressed by ACB.

The statement boldly claims that contrary to the accusation that the CEO failed to conduct due diligence, he has not committed any wrong doing during the procurement deal between government and Pioneer Investments.

In march, released a statement, CDH-IB challenged the ACB’s investigation. “The Board totally refutes these allegations and they will be vigorously contested in court” said part of the statement.