By Suleman Chitera
Malawi’s financial governance is under intense scrutiny after George Partridge, Governor of the Reserve Bank of Malawi (RBM), delivered a scathing account before Parliament’s Public Accounts Committee (PAC), accusing the board of the Public Service Pension Trust Fund (PSPTF) of deliberately ignoring regulatory directives in the controversial purchase of Amaryllis Hotel.
In unusually blunt testimony, Partridge described the conduct of the pension fund’s leadership as not only reckless but potentially unlawful, raising serious concerns about the safeguarding of public workers’ retirement savings.
“They Ignored Us”
According to Partridge, RBM—mandated to regulate and oversee financial institutions—flagged multiple red flags in the transaction. These included procedural irregularities and elements deemed suspicious under standard financial compliance frameworks.
The central bank issued clear instructions: halt the deal pending further scrutiny.
Those instructions were ignored.
“We gave explicit guidance to stop the process. What followed was a rush to conclude the transaction. That level of defiance is shocking,” Partridge told PAC.
The revelation cuts to the core of corporate governance failure, where a regulated entity appears to have sidelined its own regulator in a high-value transaction involving public funds.
A Deal Pushed at Speed
Evidence presented suggests the acquisition of Amaryllis Hotel was accelerated despite outstanding concerns—raising questions about motive, internal decision-making, and whether due diligence protocols were deliberately bypassed.
Analysts warn that such conduct undermines not only institutional credibility but also investor confidence in Malawi’s financial system.
Banks Ordered to Reverse Funds
In a decisive countermeasure, RBM has moved to contain the fallout. Partridge confirmed that instructions have already been issued to:
- National Bank of Malawi
- CDH Investment Bank
to reverse payments linked to the transaction.
Simultaneously, the Financial Intelligence Authority (FIA) has been activated to investigate the deal, trace financial flows, and initiate prosecutions where necessary.
Accounts Frozen, Investigations Deepen
As part of the probe, the FIA has already frozen several bank accounts connected to the transaction—an indication that authorities suspect possible financial misconduct, including abuse of office or misappropriation of funds.
Freezing accounts is a significant escalation, typically reserved for cases where there is risk of fund dissipation or evidence tampering.
Board Faces Removal, Prosecution
Partridge issued a stern warning: continued defiance by the PSPTF board will trigger harsher regulatory action.
These include:
- Removal of board members from their positions
- Referral to law enforcement agencies
- Potential prosecution for financial crimes
This signals that the matter has moved beyond administrative disagreement into the realm of legal accountability.
Public Funds, Public Trust at Risk
At stake are billions in pension savings belonging to Malawi’s civil servants—funds expected to be managed with the highest fiduciary standards.
The unfolding scandal now raises uncomfortable but necessary questions:
- Why were regulatory warnings ignored?
- Who benefited from the rushed transaction?
- Were internal controls deliberately weakened?
As PAC continues its inquiry, the Amaryllis deal is fast becoming a defining test of accountability in Malawi’s public finance management.
If Partridge’s assertions hold, this may not just be a case of poor judgment—but a systemic breakdown with potential criminal implications.
The message from RBM is unequivocal: no institution is above financial regulation—and defiance will carry consequences.
- Malawi Seeks Increased AfDB Support as Mwanamvekha Holds High-Level Talks with Bank President in Congo
By Suleman Chitera Malawi Government has appealed to the African Development Bank (AfDB) for increased financial assistance to help the country navigate ongoing macroeconomic challenges that continue to affect the economy. The discussions took place on 27 May 2026 during the AfDB Meetings held in Brazzaville, Congo, where Minister of Finance Joseph Mwanamvekha met AfDB… Read more: Malawi Seeks Increased AfDB Support as Mwanamvekha Holds High-Level Talks with Bank President in Congo - Mo626 Intercollege Social Weekend shakes Mzuni
By Suleman Chitera The cool Mzuzu night refused to sleep at the weekend as the National Bank of Malawi (NBM) plc hosted the electrifying Mo626 Northern Region Intercollege Social Weekend, a celebration that transformed the city into a sea of music, lights, fashion and non-stop youthful energy.NBM plc repositions ‘NBM Smart Cover’ to ease upfront… Read more: Mo626 Intercollege Social Weekend shakes Mzuni - NBM plc celebrates Africa Day in style
By Suleman Chitera National Bank of Malawi (NBM) plc celebrated Africa Day on Monday with the assembly of a large collaborative artwork at Henderson Street in Blantyre, bringing together painted canvases created across its four Service Centres, Henderson Street, Capital City, Mzuzu, and Mangochi, into one unified map of Africa.NBM employees at Customs Road Service… Read more: NBM plc celebrates Africa Day in style - President Peter Mutharika Calls for Unity and Peace as Muslims Celebrate Eid al-Adha in Malawi
By Suleman Chitera Malawi President Peter Mutharika has urged Malawians to embrace unity, peace, and love for one another as the Muslim community across the country celebrates Eid al-Adha, one of the most significant religious festivals in Islam.Economy Shows Signs of Recovery Under President Arthur Peter Mutharika In a statement released during the celebrations, Mutharika… Read more: President Peter Mutharika Calls for Unity and Peace as Muslims Celebrate Eid al-Adha in Malawi - US Launches Fresh Strikes on Iran as Strait of Hormuz Crisis Deepens
By Suleman Chitera The United States has launched fresh military strikes on Iran for the second time in three days, escalating tensions in the Middle East and raising fears that a fragile ceasefire between Washington and Tehran could collapse completely. According to US Central Command (Centcom), American forces targeted a military site in Bandar Abbas,… Read more: US Launches Fresh Strikes on Iran as Strait of Hormuz Crisis Deepens - Iran war live: US strikes Iranian site; Kuwait targeted by missiles, drones
By Staff Reporter This video may contain light patterns or images that could trigger seizures or cause discomfort for people with visual sensitivities. Sponsored • Malawi Freedom Network MALAWI FREEDOM NETWORK United for Freedom, Justice and a Better Malawi ❤️ DONATE NOW Airtel Money 0994095804 Mpamba 0881428759 BANK TRANSFER FDH Bank Acc No: 1400000670385 NBS… Read more: Iran war live: US strikes Iranian site; Kuwait targeted by missiles, drones - Malawi, IMF to Begin Extended Credit Facility Talks in June
By Suleman Chitera The Government of Malawi has announced that an International Monetary Fund (IMF) staff mission will visit the country from June 9 to June 18, 2026 to begin formal discussions on a possible new Extended Credit Facility (ECF) arrangement aimed at supporting the country’s economic recovery and reform agenda.Mwanamvekha Hails World Bank’s Nathan… Read more: Malawi, IMF to Begin Extended Credit Facility Talks in June - IMF Talks Return as Malawi Battles Economic Turbulence, Mwanamvekha Rules Out Devaluation Agenda
By Suleman Chitera Malawi is set for another critical round of economic negotiations with the International Monetary Fund (IMF) amid growing pressure on the country’s fragile economy, with Minister of Finance, Economic Planning and Decentralization Joseph Mwanamvekha assuring the nation that currency devaluation will not form part of the upcoming discussions.APM Leadership Revitalising the Economy,… Read more: IMF Talks Return as Malawi Battles Economic Turbulence, Mwanamvekha Rules Out Devaluation Agenda - Napoleon Dzombe Nears Completion of Fertilizer Factory in Dowa as Malawi Eyes Local Production Boost
By Suleman Chitera Prominent Malawian agriculture and business entrepreneur Napoleon Dzombe has announced that construction works for his much-anticipated fertilizer manufacturing plant in Madisi, Dowa District, are nearing completion, with fertilizer production expected to commence before the end of this year.Napoleon Dzombe: The Making of a Patriotic Industrialist in Malawi The development is being viewed… Read more: Napoleon Dzombe Nears Completion of Fertilizer Factory in Dowa as Malawi Eyes Local Production Boost - Eid Al-Adha Marked by 30-Cattle Donation from Dr Jane Ansah Foundation to Malawi’s Muslim Communities
By Burnett Munthali On Wednesday, the Dr Jane Ansah Foundation distributed 30 cattle to Muslim communities in Malawi to commemorate Eid Al-Adha. The initiative was aimed at assisting families observing the festival of sacrifice. Yusuf Nthenda, Executive Director of the Foundation, said the gesture highlights the organization’s commitment to supporting people during significant religious observances.Empowerment… Read more: Eid Al-Adha Marked by 30-Cattle Donation from Dr Jane Ansah Foundation to Malawi’s Muslim Communities - Malawi, IMF Set for Crucial June Talks on New Economic Reform Programme
By Suleman Chitera Malawi is set for high-stakes economic discussions next month as the International Monetary Fund (IMF) prepares to send a mission to the country from June 9 to June 18, 2026, for negotiations surrounding a new Extended Credit Facility (ECF) programme. Minister of Finance, Economic Planning and Decentralisation, Joseph Mwanamvekha, confirmed the development… Read more: Malawi, IMF Set for Crucial June Talks on New Economic Reform Programme - Corruption in Malawi’s Public Hospitals Undermining Health System, Journalists tell Parliament
By Burnett Munthali Investigative journalists in Malawi have told Parliament that corruption in public hospitals is weakening the country’s health system. Their testimony came during a session focused on exposing malpractice and identifying reforms to restore accountability in health facilities.Kalumo to Challenge Corruption Charges in Court, Cites Immunity and ACB Jurisdiction Appearing before Parliament’s health… Read more: Corruption in Malawi’s Public Hospitals Undermining Health System, Journalists tell Parliament - Will ADMARC Be Called The Granary For Farmers Again?
Story by Mabvuto Kalawa, Correspondent, Malawi News Network For many years, especially during the Kamuzu Banda era, the Agricultural Development and Marketing Corporation, ADMARC, was one of Malawi’s most respected parastatals.Chakwera faces low turnout at Mtakataka ADMARC stop It was widely known as nkhokwe ya alimi, the granary for farmers, for its role in buying… Read more: Will ADMARC Be Called The Granary For Farmers Again? - Muslims in Malawi to Observe Eid Al-Adha Tomorrow as MAM Calls for Support Amid Cattle Movement Restrictions
By Suleman Chitera Muslims across Malawi tomorrow, Thursday, May 28, will join millions of fellow believers around the world in commemorating Eid Al-Adha, one of the holiest celebrations in Islam, marked by prayers, sacrifice, charity and family gatherings. The celebration, also known as the Feast of Sacrifice, commemorates the devotion and obedience of Prophet Abraham,… Read more: Muslims in Malawi to Observe Eid Al-Adha Tomorrow as MAM Calls for Support Amid Cattle Movement Restrictions - Biography of Aaron Gadama
By Suleman Chitera Aaron Gadama was a Malawian politician whose life and career became closely associated with one of the most controversial and tragic political incidents in Malawi’s history. His story is deeply rooted in the political transformation of Malawi from colonial rule to independence and later into a one-party state under President Hastings Kamuzu… Read more: Biography of Aaron Gadama
MALAWI
FREEDOM
NETWORK
United for Freedom, Justice and a Better Malawi
Airtel Money
0994095804
Mpamba
0881428759
FDH Bank
Acc No:
1400000670385NBS Bank
Acc No:
10118988Thank you for your support!