LILONGWE-(MaraviPost)-The Senior Resident Magistrate Court sitting in Lilongwe has ordered the unfreezing of Yusuf Investments Limited’s bank accounts trading as Amaryllis Hotel.
The ruling comes Anti-Corruption Bureau (ACB) failed to show sufficient cause to renew a restriction notice that has kept the hotel’s funds locked since March.
In his ruling, Shukran Kumbanie Senior Resident Magistrate in Lilongwe has dismissed ACB’s application to extend the restriction notice for another three months.
The court found that ACB did not meet the legal threshold of showing cause under Section 23(3) of the Corrupt Practices Act.
The bureau, through Counsel Phiri and Mlava, sought to renew the restriction on the grounds that investigations were still ongoing into the alleged withdrawal of K5.386 billion from Yusuf Investments Limited.
ACB however claimed the money was paid to three members of the Public Service Pension Trust Fund Board to fast-track a sale and purchase agreement and argued there was risk of dissipation if the notice lapsed.
But Magistrate Kumbanie ruled that mere assertions of ongoing investigations do not satisfy the legal test.
Respondent’s Counsel Kambale successfully argued that ACB had sufficient time to investigate but failed to identify any corrupt payment, gratification, trustee who received an unlawful benefit or public officer who gained an unlawful advantage.
The court agreed that mere withdrawal of money from a company account is not evidence of corruption.
The decision means the restriction notice issued on 19th March 2026 will not be renewed, effectively unfreezing Amaryllis Hotel’s accounts and allowing the business to resume normal financial operations after over three months of restrictions.
The Bureau retains power to issue fresh restriction notices if new evidence emerges, but the court stressed that renewal is not automatic and not as of right.
The development also come amid uncompleted probe over the hotel sale.
