Suleman Chitera 
By Suleman Chitera
10 September 2026
A Parliamentary investigation into the purchase of Amaryllis Hotel by the Public Service Pension Trust Fund (PSPTF) has raised serious concerns over the management of public pension money, describing the transaction as a major breakdown in governance, fiduciary discipline and investment prudence.
The Public Accounts Committee found that the hotel was initially valued far below the eventual purchase price. Independent property valuations by Garden City Properties and Knight Frank placed the property at about K48 billion to K50 billion, while FDH Bank valued the hotel business at between K26 billion and K35 billion. The final transaction, however, was valued at K128.7 billion.
The Committee further questioned the credibility of the valuation used for the final transaction, finding that EMJ Advisory relied heavily on financial models supplied by the seller and was engaged through what the Committee described as an irregular procurement process. The report also states that EMJ was not registered as a business valuer.
The inquiry found that the PSPTF Board had originally resolved in January 2024 not to proceed with the acquisition after its investment manager, NICO Asset Managers, raised concerns about insufficient technical scrutiny and the risks involved. The deal was later revived under different circumstances.
The Committee also criticised the speed at which the final transaction was pushed through and raised concerns about regulatory oversight, including the signing of the sale agreement shortly after a stop-order had been issued by the Registrar of Financial Institutions.
The report concludes that the Amaryllis transaction was not the product of a properly constituted investment process, citing governance disruptions, disregard of professional advice, external influence, procedural irregularities and weaknesses in oversight.
The findings have placed the spotlight firmly on accountability for decisions involving the retirement savings of public servants.
