Mkukula Senior Resident Magistrate Court in Dowa on Monday convicted and ordered businessman Feroz Dawood Tahil to pay a fine of K500, 000 for attempting to externalise forex.
Tahil, a Limbe-based businessman originally from Pakistan, was arrested on 23 December last year at Kamuzu International Airport.
The court, through State Prosecutor Sub Inspector Jambo, heard that, on that particular day, Tahil wanted to board an Ethiopian Airlines on his way to Pakistan.
He was searched and found with US $ 4, 922 without supporting documents.
Following his immediate arrest, he was charged with 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.
He pleaded guilty to both charges.
Senior Resident Magistrate Cecilia Onsewa proceeded to convict and fine him MK500, 000 (for both offences) or in default serve 24 months imprisonment.
She further ordered the money be forfeited to the government.
Tahil, aged 53, paid the fine to escape the jail term.
