By Staff Reporter
The Anti-Corruption Bureau (ACB) has uncovered suspicious cash withdrawals amounting to K5.5 billion from an account belonging to Yusuf Investments Limited, intensifying investigations into the controversial purchase of Amaryllis Hotel.
In a statement released on April 3, 2026, the bureau revealed that the transactions occurred between January 27 and March 6, 2026, through a Yusuf Investments account held at the National Bank of Malawi. According to the ACB, the scale and pattern of the withdrawals have raised red flags, pointing to possible money laundering and corrupt practices.
The latest development comes as the bureau continues its probe into the acquisition of Amaryllis Hotel by the Public Service Pension Trust Fund, a deal that has drawn widespread scrutiny over the handling of public funds.
The ACB officially reopened investigations into the transaction on March 16, 2026. Just days later, on March 19, the bureau informed Parliament’s Public Accounts Committee that it had issued restriction notices on significant sums linked to the deal. These include K38.5 billion previously frozen by the Financial Intelligence Authority (FIA) from Yusuf Investments accounts, as well as K38 billion representing the outstanding balance of the hotel’s purchase price.
Investigators have also confirmed that the pension fund paid Yusuf Investments a total of K90.125 billion as part of the transaction.
The bureau says it is now following the money trail to establish how the withdrawn funds were used and to identify individuals who may have benefited improperly. This includes profiling public officials and private individuals suspected of being connected to the alleged financial misconduct.
The ACB has emphasized its commitment to ensuring accountability, stating that all those found culpable will face the full force of the law as efforts to unravel the high-profile deal continue.
