Amaryllis Hotel
* Malawians should push for a deep dive forensic investigation that is fully independent to follow all payments both locally and internationally
* This will expose the entire operation of this saga. The beneficiaries, influencers and enablers are from both MCP regime and DPP regime
By Duncan Mlanjira
A concerned citizen contends that Malawians should carefully examine the purchase of the Amaryllis Hotel by the Public Service Pension Trust Fund (PSPT), saying there is need to “push for a deep dive forensic investigation that is fully independent to follow all payments both locally and internationally”.
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“The process started with a push from people from a previous regime of the Malawi Congress Party (MCP) and was finalised by some individuals from the current Democratic Progressive Party (DPP) regime.
The concerned citizen, whom we do not name, singled out an inquiry session of the Parliamentary Public Accounts Committee (PAC) involving former State House chief of staff, Prince Kapondamgaga on Thursday, observing that the whole situation around his “involvement into meetings that he was not legally required and mandated to be part — and him attending as an ‘observer’ — is a red flag of Executive pressure and interference”.
“So, Prince Kapondamgaga cannot say things he said to imply it was the current DPP government decision to proceed with the deal — they started this deal. This is a true case of collaboration of thieves from one regime to another, united by one purpose to steal at all cost regardless of political camps.
“If there is a case of relay race in corruption in the world, then this rates high. Prince Kapondamgaga, former Secretary to the President & Cabiner (SPC) Colleen Zamba, among others from the MCP regime, started this relay race of Amaryllis Hotel and the process was picked up by certain individuals from the DPP government to finalisation of payment.”
Prince Kapondamgaga at the hearing
He adds that pushing for a deep dive forensic investigation that is fully independent to follow all payments both locally and internationally, “will expose the entire operation of this saga”.
“The beneficiaries, influencers and enablers are from MCP regime and DPP regime. Kapondamgaga cannot pass the blame when he was part of the relay race from the start despite others completing it.
“The ‘observer can only be assigned with a responsibility to influence through intimidation by just their presence in a meeting that is not their line of duty.
“Malawians, let’s not be fooled — uwu unali m’memo wakuba gulu la anthu a MCP ndi ena a DPP (this was a free-for-all feast by a group of thieves from both the MCP and the DPP),” says the concerned citizen.
On Thursday, Kapondamgaga questioned why the government allowed the K128 billion Amaryllis Hotel purchase to proceed despite the November 2025 austerity measures banning high-value asset acquisitions.
Testifying to the PAC, Kapondamgaga highlighted the paradox of halting other, smaller state-owned enterprise projects while this transaction continued and noted the contradiction in the government’s stance, where a November 6, 2025, directive banned high-value asset purchases, yet the hotel deal, initiated by the PSPTF, was not halted.
PAC chairperson Steve Malondera (centre) during the hearing
As reported by The Nation, Kapondamgaga said: “This hotel is part of the high value assets. We are not there. I am not there. Decisions are continuing. Is it not a paradox that government halted National Economic Empowerment Fund (NEEF) services and others, but this thing is still continuing?”
He said on October 7, 2025, the government directed that all boards be dissolved and on October 10, 2025, a policy pronouncement halted all procurements by parastatals and State-owned enterprises.
The same day, he said government suspended all recruitments and promotions in the Civil Service while on November 4, 2025, stopped loan disbursements by NEEF.
He admitted to attending a March 6, 2024, meeting regarding the hotel deal in Mzuzu, but described his role as an observer representing the OPC, rather than an active decision-maker.
The meeting was also attended by former SPC Colleen Zamba, OPC legal advisor Chizaso Nyirongo, and PSPTF representative Boyd Hamela.
Colleen Zamba
During the hearing, Blantyre Chilomoni-Kabula-Nancholi legislator, Noel Lipipa read out minutes from that same March 6 2024 meeting, which resolved that a member of OPC should become a trustee and also agreed that the sale of Amaryllis Hotel should be concluded urgently and that weekly reports be submitted since the matter had reached the highest office.
Other resolutions included engaging a new investment manager within one month, submitting a comfort letter to the seller, Yusuf Investments Limited, within three days and resuscitating engagement with the new investment manager.
When asked to confirm the resolutions, Kapondamgaga said he could not commit because he had not seen the minutes and was unsure if they were approved and signed.
When lawmakers accused him that his presence during the meeting may have influenced the deal, Kapondamgaga responded: “I wasn’t there when decisions to sell the hotel were made. I wasn’t in government, but this thing was continuing.
“How could my presence have influenced decisions which happened later? I don’t believe my presence influenced the decision of the sale of the Amaryllis Hotel,” he said.
He also raised concerns about governance at the Public Service Pension Trust Fund, which bought the hotel for K128.7 billion using public servants’ pension savings.
“I’m not comfortable to be given action points for minutes which are not signed for. I want to emphasise to chair that this is a serious matter on governance.”
The hearing
His concerns echoed earlier testimony before the same committee, where former trustees revealed that the fund’s board had resolved in January 2024 not to buy the hotel. Surprisingly, the minutes documenting that decision have since gone missing.
The committee has been investigating the transaction for several weeks, which heard that NICO Asset Managers, one of the firms that analysed the valuations for the hotel, withdrew from the deal in December 2023 after warning the fund about liquidity risks and concerns that projected returns from the facility would not meet performance expectations.
Nevertheless, the fund went ahead with the purchase and made an upfront payment of K90 billion for the facility. The Reserve Bank of Malawi (RBM) has since traced at least K72.6 billion linked to the deal and frozen the bank accounts holding these funds.
It also imposed fines on Trustees after discovering that the fund had already signed the sale agreement despite regulatory directives.
Attorney General Frank Mbeta, Zamba and George Jim, the suspended principal officer of the pension fund, are among those still scheduled to appear before the committee.
The RBM revealed the PSPTF ignored a directive to stop the transaction, prompting a request to financial institutions to reverse the deal.
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