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HomeBusinessMalawi's AHL firm managers conspired to siphon funds as MK46 billion vanishes

Malawi’s AHL firm managers conspired to siphon funds as MK46 billion vanishes

AHL offices

By Thandie Chadzandiyani

BLANTYRE-(MaraviPost) A forensic audit at AHL Group has revealed a deliberate loss of MK46 billion at AHL’S subsidiary firm, the Malawi Leaf Company, as managers conspired to siphon the funds.

According to the audit which Maravi Post has seen, the unprecedented loss was due to conspiracy by management and private companies to siphon money out of the company using hidden identities of customers buying tobacco outside Malawi

The report says the back the money through commissions paid by the said hidden companies.

“Mr Jimmy Kasamale (then General Manager) reported to Board that Malawi leaf will be making a loss of US$40.18 million for the year 2017.

The Board was surprised and became suspicious and requested an audit and the audit revealed suspicious involving sale of tobacco to Mauri Contractors and Master Freight Shipping Company who profited from the deal from 2014-2017 reads the report in part.

Meanwhile, understanding that Malawi Police Service has also concluded its findings on the matter and has since submitted a report to the office of the Director of Public Prosecutions

National Police spokesperson James Kadzadzera said he needed time to find out from the investigators before commenting

Ministry of Justice and Constitutional Affairs spokesperson Pililani Masanjala told The Sunday Times that the nation should wait until Monday next week for his comment.

Malawi Leaf Company Limited, wholly owned by AHL Group, started its operations in 2006 The group owns five other companies as well.

At that time, the company’s Board of Directors included Barron Andrew, Duncan Macoherdon, Lucas Kondowe and Evans Matabwa

AHL Group itself has been making headlines recently for all the wrong reasons.

A 2017 National Investment Trust (NITL) ple Annual report shows All recorded an after tax loss of MK44.44 billion in 2017 from a net loss of MK7.82 billion recorded in the previous year.

Among other details, the report also said administration casts for AHL increased by 83 percent in 2017 to MK63.2 billion from MK34.01 billion the previous year due to large impairments of bad debts amounting to MK20.1 billion.

AHL was also in the news in the recent past as employees went four months without salaries.

The rescue only came in January this year when All’s parent company, Admarc, released MK6 billion for the company to settle its salary woes.

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Maravi Post Reporter
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