LILONGWE-(Maravi Post)-Malawi’s controversial Amaryllis Hotel acquisition has entered another critical legal phase after the High Court ordered restrictions on MK90.125 billion held in four bank accounts linked to Yusuf Investments Limited and Amaryllis Hotel Limited.
Local media reports indicate that the Public Service Pension Trust Fund and Reserve Bank of Malawi (RBM), acting through the Registrar of Financial Services, separately secured court orders preventing transactions involving the funds as legal proceedings surrounding the hotel purchase continue.
The latest developments have intensified scrutiny of the K128 billion acquisition of Amaryllis Hotel in Blantyre, a transaction that attracted public criticism because of concerns about the hotel’s valuation and subsequently became the subject of a parliamentary investigation.
In an order issued on October 7, 2026, the High Court Commercial Division in Lilongwe prohibited the parties concerned from dealing with the K90.125 billion held in four accounts at National Bank of Malawi plc. Three accounts belong to Yusuf Investments Limited, while the fourth is registered under Amaryllis Hotel Limited.
The restriction will remain effective until the court determines the matter or issues another order.
In a separate proceeding, RBM Governor George Partridge, acting in his capacity as Registrar of Financial Services, obtained another court order on October 5, 2026, in Commercial Case Number 250 of 2026 before Judge Charlotte Malonda.
That order also restrained National Bank of Malawi from dealing with funds or assets held in the four accounts and added the bank as the 13th defendant in the proceedings.
The court interventions came shortly after the expiry of a separate restriction order previously obtained by the Anti-Corruption Bureau (ACB) over accounts associated with the transaction.
ACB Director of Legal and Prosecutions Chrispin Khunga said the bureau would continue investigating the matter despite not securing an extension of its earlier order.
Khunga explained that the bureau had insufficient time to complete the application for an extension, noting that the process involves serving the affected parties and allowing them an opportunity to respond.
The freezing orders are significant because they restrict access to a substantial amount of money while the legal processes continue. However, they do not, by themselves, establish criminal wrongdoing or determine the ultimate ownership of the funds.
The dispute centres on the Public Service Pension Trust Fund’s purchase of Amaryllis Hotel for K128 billion, a deal that generated questions about the price paid compared with earlier valuations of the property.
The transaction has attracted public attention because pension funds are intended to safeguard retirement benefits for public servants, making transparency and accountability in major investment decisions particularly important.
As the court proceedings and ACB investigations continue, attention is likely to focus on the circumstances surrounding the acquisition, the valuation of the hotel, the movement of the money and the responsibilities of the institutions involved.
The eventual outcome will depend on evidence presented through the relevant legal processes, with the courts expected to determine the issues brought before them.
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