By Patience Longwe, Innocent Manda & Pickson Chipeso
LILONGWE-(MaraviPost)-The Reserve Bank of Malawi (RBM), George Partridge, has assured the Public Accounts Committee that about MK72.6 billion linked to the Amaryllis Hotel transaction has been frozen to safeguard PSPTF funds.
Speaking to journalists after engaging the committee, Partridge said the regulatory authority moved decisively to ring-fence the funds as part of ongoing enforcement and investigative processes surrounding the transaction.
According to Partridge, the intervention is anchored in regulatory compliance measures aimed at preserving financial system integrity while investigations into the conduct of the Public Service Pension Trust Fund trustees continue.
“We have taken steps to freeze approximately MK72.6 billion out of MK90 billion associated with this transaction to ensure that the funds are secured as investigations are underway,” Partridge said.
The Governor has also said the central bank had earlier issued explicit directives instructing trustees to halt all processes related to the acquisition, warning that any deviation constituted a breach of regulatory authority.
“What transpired thereafter was clearly an act of disobedience, where the pension fund trustees decided to proceed notwithstanding our directions, bordering on arrogance,” the Governor said.
Commenting on the matter, PAC Chairperson Baba Steve Malondela said the committee deliberately withheld public commentary at earlier stages to prioritise recovery of the funds and ensure institutional coordination.
Malondela further said the committee has maintained continuous engagement with key oversight and enforcement institutions, stressing that the focus remains on tracing the utilisation of the funds and strengthening accountability mechanisms without pre-empting ongoing investigations.
