Exposed! Public Service Pension Fund buys Sigelege hotel within 3 months at MK20.5bn despite MK8.5bn evaluation

By Judith Moyo

LILONGWE-(MaraviPost)-Information the publication has shows that the Public Service Pension Trust Fund which is under attack for buying Amaryllis hotel at MK128 billion also bought Sigelege hotel in Area 10 in Lilongwe with rushed evaluations and analyses because of political pressure.

After the sale, the Fund renamed the hotel Lifestyle Boutique hotel.

The sale process started in December 2023 and within about three months all the evaluations and analyses were completed

The hotel was first pegged at MK8.5 billion but after devaluation, the price increased to MK20.5 billion.

Sources said the transaction was rushed because of political pressure as one of the owners was the late former vice president Salulos Chilima.

George Jim, the suspended Principal Officer who is suspected to be leaking information on the Amaryllis Hotel transaction, was the mastermind behind the Sigelege Hotel purchase..

The Sigelege Hotel purchase also calls for an inquiry.

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