Thom Mpinganjira, FDH holding’s Chairperson, the 75 percent shares buyer of Malawi Savings Bank (MSB) has hinted at Malawi’s Parliament, Civil Society Organizations (CSOs), and activists that jealousy was the main reason which perpetuated their anger to try and stop the sale of the MSB.
Mpinganjira was responding to Times Television Exclusive Program on Saturday, July 11, 2015 which the host, Brian Banda posed critical questions regarding to his courage to buy the bank despite numerous protests from Parliament, CSOs and activists against MSB sale.
The FDH holdings Chairperson responded majestically questions ranging from his connection to the ruling DPP elites and leadership, financial muscle in turning the bank loses to profit making entity, job security for MSB’s employees, the status of toxic loans and legacy left to Malawians.
Mpinganjira alleged that jealousy which reads in Malawi’s National Anthem and political system the country is coming from compelled section of the society of not allowing the bank’s sale though government was losing lots of millions.
He added that Malawians are better celebrating at someone’s failure than successes saying such attitudes and tendencies were contributing factors towards the nation’s shrugging development after 51 years of independence.
“We are coming from a political system which compels us that only one ruling family in the country should have worth not anybody else which we must change. Every Malawians has a right to participate in any economic activities to move this nation forward.
“Jealousy is still hunting many in Malawi as our own nation anthem reads. Malawians are full of vendettas of always celebrating when they hear that someone has stumbled rather when successes has been registered.
“It’s very unfortunate that blockage to the bank’s sale is coming when the buyer was a Malawian. If was an Asian or European buying the bank, there wouldn’t this much noise on this. Let’s start loving each other for the sake of mother Malawi’s growth. Just look at our neighbours on what they have achieved after their independence”, eludes Mpinganjira.
When asked his allegiance to the ruling Democratic Progressive Party (DPP) that President Mutharika was behind the sale only using FDH Holdings name, Mpinganjira trashed the allegation saying none of them were part of his financial entity though originated from the same home district-Thyolo with the President.
“What is the problem of coming from the same home district with the President? If I can change my home district today, will people going to say the same? I don’t belong to any political party. FDH holding is comprised of three financial entities including Old Mutual Insurance, Old Mutual Group and Mpinganjira Family. So, with such caliber of Old Mutual, do you think a politician can manipulate the whole financial power house?
“Of course, as a chairperson of the FDH Holding, I have been meeting President Peter Mutharika even the former head of state, Joyce Banda on the various economic issues affecting the nation to have my input. Remember, I am not a person from the street but someone with integrity to serve the nation.
“In fact the bank sale come into being with Former President Joyce Banda when she noticed its loses. This prompted us to try our luck in bailing out the bank from collapsing. The question could be whether we were favoured to win this bid from others. We met all requirements with vigorous consultations without favour from any politician apart from Public Private Partnership Commission (PPPC) which was tasked to carry the bank’s disposal”, challenges Mpinganjira.
Mpinganjira assured the general public of his capability to turn the bank’s misfortunes to a merger profit making financial house with MSB former employees’ their job secured and continuing with procedures put across of running the bank.
“We have what it takes from bailing the bank’s loses to profit making financial entity with the rural people in mind because it has been a family bank with a huge network. No one will loose a job and bank’s colour and operating days will be maintained until further notice.
“On toxic loans, as I speak, now, the bank has already recovered MK24 million which will go directly to Malawi government. This follows the past week’s court ruling that Mulli Brothers Properties must be sold to recover the loans. The Special Purpose Vehicle which as tasked to recover the loans will make sure that everything which taken from this bank is brought back to Malawi government”, assures Mpinganjira.
However, Public Affairs Committee (PAC), a powerful religious grouping in Malawi blasted President Mutharika’s executive arrogance for going ahead with Malawi Savings Bank (MSB) sale to FDH Bank despite Parliament recommendation of stopping the transaction.
Pac’s reaction comes amid series of accusations from the general public towards the bank’s sale when earlier the President suspended the sale to pave a way for consultations which according to commentators was a trick to allow Malawi Parliament to pass the 2015/2016 National budget then reversed the decision by going ahead with the sale.
The Malawi government through the Minister of Finance Goodal Gondwe on July 2, 2015 signed sale agreements with FDH Holdings Limited to buy 75 percent shares in the MSB bank at tune of MK9.5 billion.
The minister also signed another agreement with National Bank of Malawi (NBM) for shares in IndeBank as Thom Mpinganjira signed on behalf of FDH Holdings as its Chairperson while George Partridge signed on behalf of NBM.
