By Staff Reporter
The deepening scandal surrounding the controversial sale of Amaryllis Hotel has taken a dramatic turn, with authorities tracing a staggering K72 billion linked to the transaction—some of which has already been frozen, while the rest remains under strict preservation.
Kaluso Chihana, representing the Registrar of Financial Institutions, revealed the explosive details, confirming that financial investigators have moved swiftly to contain the suspected irregular flow of funds tied to the deal.
Chihana disclosed that on March 4, 2026, the Reserve Bank of Malawi cracked down on the Public Service Pension Trust Fund (PSPTF), slapping each trustee with a K40 million fine and ordering an immediate reversal of the hotel sale within seven days.
But in a shocking twist, authorities discovered that the deal had already been signed—raising serious questions about transparency and internal accountability within the pension fund.
Even more alarming, Chihana revealed that some trustees were completely unaware of the transaction, exposing what appears to be a breakdown in governance and decision-making processes at the highest level.
Regulators have since demanded full documentation from the fund to prove that proper procedures were followed before concluding the deal—a request that could further unravel the integrity of the entire transaction.
The unfolding developments now cast a dark cloud over one of the country’s most high-profile property deals, with pressure mounting for answers, accountability, and possible legal action against those involved.
As investigations intensify, the nation watches closely—awaiting justice in what is fast becoming one of Malawi’s most explosive financial scandals.
