The Board Chairperson of Smallholder Farmers’ Fertilizer Revolving Fund of Malawi (SFFRFM) Majorie Maluwa Phiri has told a joint Parliamentary Enquiry team that only the Ministry of Agriculture made a decision to reach a deal and pay K700million to a bogus United Kingdom-UK agent to supply fertilizers without thier knowledge.
Maluwa Phiri then explained that they knew of the business transaction later when they visited different countries looking for fertilizers.
The Board Chairperson admits the existence of a cartel that manipulates fertilizer prices in the country and abroad.
She adds that K700million of money that was paid to a bogus UK agent was meant to lock prices of fertilizer, so that they buy at a low price.
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