A former Zambian commercial bank chief accused of money laundering over 16 million dollars was released on bail, a court official said Tuesday.

Rajan Mathani, the 62-year-old former chairperson of Finance Bank, was released on bail of 61 billion Kwacha (12.2 million dollars, 9.6 million euros) after he appeared at a magistrate’s court in the country’s capital and his trial was set down to start on October 28.

Mathani was arrested early in August by the Drug Enforcement Commission and the Anti-Corruption Commission, the country’s two investigations wings.

Apart from narcotics, the DEC also investigates white-collar crime.

Magistrate Charles Kafunda said Mathani was charged “for acquiring a beneficial interest in voting shares of a bank without prior approval in writing to the central bank contrary to the Financial Services Act”.

Mathani is also accused of links to business transactions that involved property acquired with proceeds of crime, money that was deposited into bank accounts of Finsbury Investments Limited over a six-year period.

Finsbury accounts were at Finance Bank, in which Mathani had more than 25% of the shares, contrary to the country’s Banking Act.

He pleaded not guilty to both charges.

Mathani was also in 1997 arrested for allegedly being involved in a coup attempt against Zambia’s ex-leader Frederick Chiluba, who was president from 1991 to 2001. Mathani was acquitted in that case.