Malawi Leaf Company is a subsidiary of Auction Holdings Limited (AHL).
MPS Public Relations Officer, James Kadadzera said the three are: Jimmy Kasamale, the company’s former General Manager; Francis Madona, former Financial Controller and the former Chief Executive Officer Evans Matabwa.
The businessman has been identified as Arthur Madikhula who owns Master Freight Shipping, Mauzi Contractors and Global Tobacco companies.
“The theft is believed to have occurred at the company’s Kanengo headquarters, in Lilongwe, between 2012 and 2017,” said Kadadzera.
Kadadzera said the four will answer charges of Theft, Forgery and Uttering of official documents, Conspiracy, Abuse of office, Fraud, Pretence, Negligence and Money Laundering.
The suspects are currently being held at Lilongwe Police Station awaiting prosecution.
AHL is currently going through financial turmoil following the K42 Billion loss the company posted in 2017.
In July this year, the company announced plans to lay off 500 employees, but the plans have been put on hold as the company does not have the needed financial resources to finance the retrenchment.
Meanwhile, the Reserve Bank of Malawi (RBM) is on its neck for failure to remit pension deductions.
AHL plans to close down three of its subsidiaries namely: AHL Commodities Exchange, ICT Tech Africa (Malawi) Limited and AHL Chemicals and Steel, over the financial woes.