Jiya, tied up by the country’s financial obligations directives on customer confidentiality
* The proceedings were subsequently suspended to allow Public Accounts Committee (PAC) to consult relevant authorities on how the National Bank can provide the information, which PAC considers critical to its inquiry
* As RBM Governor revokes licences of the Board of Public Service Pension Trust Fund pension trustees in his capacity as Registrar of Financial Institutions
By Duncan Mlanjira, Maravi Express & Frank Humphreys, Malawi News Agency (MANA)
When National Bank of Malawi (NBM) appeared before the Public Accounts Committee (PAC) of Parliament today, April 30 — to provide testimony in the ongoing inquiry into the purchase of Amaryllis Hotel by the Public Service Pension Trust Fund (PSPTF), Chief Executive Officer, Harold Jiya invoked customer confidentiality obligations and other applicable financial laws that restrict the release of such sensitive financial information.
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A report by Malawi Parliament official Facebook page, indicates that PAC sought detailed information on the transaction, which NBM was involved, when owners of the hotel, Yusuf Investments Ltd cashed funds paid to it by PSPTF.
PAC wanted to find out the movement of funds after payment by PSPTF, and the identification of beneficiary accounts, along with the amounts received by each — but Jiya invoked applicable financial regulatory obligations of customer confidentiality.
“The proceedings were subsequently suspended to allow the Committee to consult relevant authorities on how the National Bank can provide the information, which PAC considers critical to its inquiry,” said the Parliament Media.
PAC is also considering contempt proceedings against Yusuf Investments Ltd after its chairperson, Shiraz Yusuf refused to continue testifying when he was denied a request for a closed-door hearing.
PAC vice-chairperson, Tulinje Muluzi said they had invited the company to clarify some issues surrounding the controversial sale, stressing that the matter involves significant public interest.
“We considered the appearance of the seller important to understand the full circumstances of the transaction, including the evolution of the purchase price and movement of funds,” Muluzi said, adding that Yusuf requested an in-camera hearing, citing security concerns and confidentiality.
“However, Muluzi said PAC found no sufficient justification to depart from open proceedings: “While we appreciate concerns on personal safety, we were not satisfied that adequate grounds were presented to warrant a private hearing in a matter involving substantial public funds.”
He emphasised that Parliament has constitutional authority to summon any person in the course of its oversight role and when the Committee insisted on a public session, Yusuf, declined to proceed.
PAC has since resolved that the conduct amounts to contempt of Parliament and is considering action under the law, saying: “This inquiry is about accountability and safeguarding the pension savings of ordinary Malawians.”
Meanwhile, the Reserve Bank of Malawi (RBM) Governor, George Partridge, as Registrar of Financial Institutions, has revoked the licences of 11 members of the PSPTF Board of Trustees for failing to comply with a directive to cancel a K128 billion hotel purchase involving public workers’ retirement savings.
In a statement also released today, April 30, the members are Chizaso Eric Nyirongo (chairperson), Chikondi Veronica Phiri, Idris Mdala Mwale, Maxwell Spencer Tsitsi, Ireen Chikapa, Arthur Manyunya, Precious Chimbamba, Yona Phiri, Richard Zimba, Brazio Mphepo and Bernard Nyondo.
Partridge indicated that the trustees did not reverse the acquisition of Amaryllis Hotel or recover funds already paid to Yusuf Investment Ltd, thus “defied a direct order” by the Registrar of Financial Institutions.
The public has been advised not to engage any of the named individuals in matters relating to the public service pension fund.
On April 22, PAC resumed the special public inquiry into PSPTF’s acquisition of the Amaryllis Hotel after its initial report was rejected by Parliament, citing that several individual figures related to the controversial deal did not appear before the committee’s hearings.
The inquiry has drawn in a cross-section of key stakeholders, all expected to shed light on the circumstances, decision-making processes, and possible irregularities surrounding the transaction, which has sparked widespread concern over transparency, due diligence, and value for money.
Former RBM Governor, Dr. Mafuta Mwale
Appearing before the Committee at the resumption of the inquiry was former RBM Governor, Dr. Mafuta Mwale, who is on record to have ordered-PSPTF-to-rescind-the-sale-agreement-way-back-on-November-14-2025/, which was five days before Malawi-Law-Society-petitioned-the-Attorney-General for an immediate suspension of the proposed acquisition, pending a full and transparent review.
Parliament Media reported that on resumption, PAC has lined up a series of high-profile appearances as it deepens the probe in the controversial sale, that also implicated former Secretary to the President & Cabinet, Colleen Zamba.
Colleen Zamba