LILONGWE-(MaraviPost)-The Anti-Corruption Bureau (ACB) has revealed that approximately K5.5 billion was withdrawn in cash from a Yusuf Investments Limited account between January and March 2026, as part of the ongoing investigation into the Amaryllis Hotel purchase.
The cash withdrawals, which took place between January 27 and March 6, 2026, from a Yusuf Investments account at the National Bank of Malawi, have raised suspicions of money laundering and corruption, prompting the ACB to launch an active probe.
The ACB reopened investigations into the Amaryllis Hotel purchase on March 16, 2026, following allegations of corruption and irregularities in the transaction.
The hotel was bought by the Public Service Pension Trust Fund from Yusuf Investments for K128.7 billion.
The bureau has issued a restriction notice on two amounts: K38.5 billion previously frozen by the Financial Intelligence Authority (FIA) from Yusuf Investments accounts and K38 billion representing the outstanding balance of the hotel’s purchase price.
The ACB has also confirmed that the fund paid Yusuf Investments K90.125 billion as part payment for the hotel.
Meanwhile, the bureau is tracing the money trail and profiling public officials and other individuals suspected of corruptly benefiting from the transaction.
The investigation has sparked controversy, with some questioning the transparency and accountability of the deal.
The ACB’s probe is expected to shed more light on the matter and determine whether any wrongdoing occurred.
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