Friday, January 27, 2023
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.

The Maravi Post has over one billion views since its inception in December of 2009. Viewed in over 100 countries Follow US: Twitter @maravipost Facebook Page : maravipost Instagram: maravipost    
Maravi Post Reporter
Maravi Post Reporter
Op-Ed Columnists, Opinion contributors and one submissions are posted under this Author. In our By-lines we still give Credit to the right Author. However we stand by all reports posted by Maravi Post Reporter.

Most Popular

Recent Comments

The History of online Casinos – Agora Poker – hao029 on The History of online Casinos
Five factors that will determine #NigeriaDecides2023 - NEWSCABAL on Leadership Is Difficult Because Governance Is Very Stubborn, By Owei Lakemfa
Asal Usul Texas Holdem Poker – Agora Poker – hao029 on The Origins of Texas Holdem Poker
Malawi has asked Mike Tyson to be its cannabis ambassador - Techio on Malawi lawmaker Chomanika against Mike Tyson’s appointment as Cannabis Brand Ambassador over sex offence
Finley Mbella on Brand Chakwera leaks Part 1
Maria Eduarda Bernardo on The 2021 Guide to Trading Forex Online
Atsogo Kemso, Political Foot Soldier on Why MCP and UTM Alliance Will Fail
Em. Prof. Willem Van Cotthem - Ghent University, Belgium on Malawi army, National bank cover Chilumba barrack with trees
Christopher Murdock on Why dating older woman is dangerous?
Samantha The Hammer on Why dating older woman is dangerous?
Muhindo Isevahani on The Cold War Against TB Joshua
JCON/SCOAN/BKN(888/8885/8808) on The Cold War Against TB Joshua
Keen Observer on Jesse Kabwila, Then and Now
Francesco Sinibaldi on Advertising in 2020 and beyond