Category: National

* Despite the Board’s recommendation that it should not proceed with the investment and resolved to abandon the deal * As Parliamentary Public Accounts Committee PAC engages the PSPTF former board members as it continues interrogating key stakeholders over the controversial K128 billion purchase of Amaryllis Hotel * Meanwhile, President Arthur Peter Mutharika pledges his full support of PAC investigation and pledged that he will not shield anyone involved in corruption * He reiterated his administration’s commitment to transparency,…

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* Contained MLS’ comprehensive evaluation of Public Service Pension Trust Fund purchase of Amaryliss Hotel for Parliamentary Public Accounts Committee’s scrutiny * Whose red flags were raised by whistleblowers, who for security reasons, could not come forward publicly and MLS adhered to ensure their protection By Duncan Mlanjira In its comprehensive evaluation of Public Service Pension Trust Fund purchase of Amaryliss Hotel for Parliamentary Public Accounts Committee’s scrutiny, the Malawi Law Society (MLS) emphasised that the red flags on…

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* Based on the new evidence that the Bureau is receiving through Parliamentary Public Accounts Committee proceedings * To freeze the accounts linked to the transaction in order to preserve the funds while investigations are underway By Arthur Kaludzu, Patience Longwe & Innocent Manda, MANA The acting Director General of the Anti-Corruption Bureau (ACB), Gabriel Chembezi, has announced that it will reopen investigations into the controversial purchase of Amaryllis Hotel following the emergence of new information during ongoing Parliamentary…

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* As indicated in Malawi Law Society’s comprehensive evaluation of the sale for Parliamentary Public Accounts Committee’s scrutiny * The Office of the President & Cabinet (OPC) forms the third cohort of PSPTF’s licensed Trustees Board of Trustees * SPC Zamba is alleged to have stated that as the highest office it had received reports suggesting the PSPTF might be sued for breaching the acquisition agreement * After the PSPTF Board cancelled the deal following recommendations presented by Continental…

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Amaryllis Hotel * Our projection valued the property at K36.7 billion, significantly lower than the K48.7 billion estimated by the buyer and seller—Continental Asset Management * Inconsistencies and unacceptable practice have emerged raising questions about the transaction’s integrity—PAC chairperson Steve Malondera By Patience Longwe, MANA Continental Asset Management has revealed to the Public Accounts Committee (PAC) of Parliament that the Public Service Pension Trust Fund faces a daunting 36-year wait to recover the K128 billion spent on purchasing Amaryllis…

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* FDH Bank recommended that the hotel should be sold at around K30 billion, based on their 2023 assessment, but the hotel was ultimately sold for K128 billion * The transaction wasn’t particularly profitable compared to the investment made—FDH Bank Managing Director Noel Mkulichi By Patience Longwe, MANA & Duncan Mlanjira, Maravi Express The Public Accounts Committee (PAC) of Parliament has begun investigating the proposed purchase of Amaryllis Hotel by the Public Service Pension Trust Fund and today, it…

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